*Says ex-gov crashed companies shares
Former Governor Muhammad Umar Jibrilla, Bindow of Adamawa State has leased Adamawa Plaza located in Abuja and Adip hotels in Yola for 25 years and vandalised all shares belonging to the state, says the Adamawa State Investment and Property Development Company Limited.
The Acting Managing Director (MD) of the company, Paul Ishaya made the startling revelation on Tuesday while receiving the State House of Assembly Standing Committee on Finance, Budget and Appropriation led its Chairman, Hon. Kate Mamuno in his office.
According to the MD, the past government has leased both Adamawa Plaza, Adip hotels, and sold the developed and undeveloped properties, saying that projects on mini sugar manufacturing project at Loko, Song LGA, rice mill have been suspended, while ADIP packaged water and basic plastic product company are not working.
He disclosed that the company has no legal backing to enable it carry out its core mandate, inadequate capital base, over dependence on dividends from quoted companies, saying that the company’s share portfolio has been eroded.
He lamented to the Committee that the past 2 decades was characterized with difficulties in the establishment of industries as existing ones find it difficult to survive due to problems like power outage, fuel scarcity, high cost of foreign exchange currency to import plant and machinery.
Paul Ishaya, stated that the company was able to promote and commission a modern laundery and dry cleaning industry known as Cleanstar Services Limited which has been operating since 1997.
The Chairman of Committee, Hon. Kate Mamuno odered the acting MD to itemise all the challenges confronting the company for the House of Assembly’s action.