An investment banker, Obiaraeri Nnaemeka Onyeka has urged Imo State Governor Hope Uzodimma to come clean on the proposed dredging of Oguta Lake/Orashi River.
Obiaraeri warned the people against allowing themselves into believing in something that would turn out to be a white elephant project.
In a post on his facebook wall, the Okigwe-born banker insisted on the governor showing the people the feasibility study and strategic work plan of the project.
According to him, the governor should produce the project design, structure and execution architecture as well as how he intends to secure funding for the project.
He regretted that the governor spent hundreds of millions of naira to flag off batymeric survey of a river channel and tagged it flag off of river dredging exercise.
Obiaraeri wrote; “The APC governor in Imo State, targeting the November 11, guber elections, wasted hundreds of millions of naira to gather gullible and complicit elders, to flag off batymeric survey of a river channel, tagging it flag off of river dredging exercise.
“Apart from the minister, none of the elders asked him to show a copy of the feasibility studies and strategic work plan schedule/documentation on the project detailing the project design, structure, funding and execution architecture. How will he secure the tens of billions of naira for the project? All na political bubu yaya”.
The banker also picked holes in some other projects being undertaken by the All Progressives Congress (APC) administration in Lagos State.
He also revealed how former governor of Rivers State, Rotimi Amaechi squandered billions of Rivers State fund in executing a phoney rail project when he was governor.
Recall that President Muhammadu Buhari in January 2023 commissioned the Lagos Blue and Red Light Rail project started by the Raji Fashola administration in 2009.
Obiareri requested from Lagos State citizens to know when they would start using the 27.5Km project.
According to him, the same light rail project undertaken by Addis Ababa Municipal, Ethiopia in 2009 with same Chinese technology and engineering was full-funded, completed and delivered in 2015/2016.
He regretted that after 14 years of political gamesmanships and squandering of almost a billion dollars, Buhari went to Lagos and commissioned an uncompleted light rail project which has no completion date.
The investment banker stated that Gov Nyesom Wike who took over from Amaechi not only abandoned the mono rail project but also made no efforts to either recover the project or funds wasted in it.
