Ifere Paul|7 March 2016|5:00am
Governor Benedict Ayade has been out of the country for nearly 3 weeks now. The professor who left the country to the US in search of loans to finance his budget of deep vision may have been disappointed with the time he spent in the US trying to convince investors to partner in his quest to drive to reality his signature projects.
The Ambassador Capital Group, the company used in the negotiations of loans from investors told Ayade just yesterday that they may not be able to secure a loan for him.
Governor Ayade who approached Ambassador Capital Group to help source for 3 billion dollars on behalf of his government, has paid every fee to the company ahead of the anticipated financial services that will be provided. It is not that Ambassador Capital Group failed it part of the bargain to provide the needed expertise. It is true that Governor Ayade does not have what it takes to secure such a massive loan.
Ambassador Capital Group has powerful investors from China, Switzerland, Malaysia, Germany, etc. All these investors are willing to sink in 3 billion dollars or more as loan for Governor Ayade if he can provide them with sovereign guarantee from the federal government.
The federal government through its budget office has refused to offer any sort of guarantee to the government of Professor Ben Ayade. It is true that CRS has a debt of 413 billion naira hanging on its neck. That alone disqualifies it from accessing some financial prompts from the federal government.
Governor Ben Ayade who left the US in the evening hours is now in Zurich, Switzerland. With him is the bill that was passed to law, giving him the right to acquire a loan facility to finance his budget. Without a sovereign guarantee, acquiring such a big loan from international investors would be an impossible task.
However, I am wishing the governor the of best of luck.
***************************
Ifere would breaks the news here when the loan is acquired. Stay tuned.
Ifere Paul
Is a Public Policy Analyst and Environmental Activist
