JUST IN: Prof Barth Nnaji Writes Governor Alex Otti on Equity Stake by Ikpeazu Administration in Geometric Power.




There are indications that the Chairman/CEO of Geometric Power Prof Barth Nnaji, has written a formal letter to Governor Alex Otti to clarify the air on the arguments on the equity stake of the Abia State government in Geometric Power.

According to a release credited to Oseni Rufai @ruffydfire where he quoted the said letter of affirming that the former administration of Governor Okezie Ikpeazu actually made an equity commitments, which according to Prof Barth Nnaji, the Chairman/CEO of the Power plant, the State only paid 3.5% equity which represents $3.56m.

Oseni’s statement reads:

“The Chairman/CEO of Geometric Power has addressed a formal letter to Governor Alex Otti wherein he stated that the administration of Governor Okezie Ikpeazu actually paid for 3.5% equity representing $3.56m in the company. This was revealed by a reliable source working with Geometric Power who spoke with our correspondent.

This is coming on the heels of controversies started by Prof Nnaji who told newsmen on Friday that Abia State Government did not have any investment in the company but was countered by the former commissioner for Trade and Investment during the Okezie Ikpeazu administration, Chief John Okiyi Kalu who asserted that he had evidence that the sum of $3.56m was paid to Geometric Power by the administration through Stanbic Bank.

In the leaked letter dated 28th February 2024 and making the rounds in public space, Prof Nnaji confirmed its details as previously sent to Governor Ikpeazu.

Interestingly, Governor Alex Otti had already received this letter before his interview with Channels Television on Thursday night where he claimed that he had no evidence that the state had any investment in the Geometric Power Aba project. In that interview, he also claimed that he did not have documents to prove that any investment was made.

But Mr Okiyi in a social media post stated that the transaction was recorded in the handing over note given to Governor Alex Otti on May 29th 2023 and that all he had to do as Governor was to request for details from the state’s ministry of finance to confirm.

He further stated that the same details were published in the 2022 financial report of the state as circulated by the Otti administration and wondered how Governor Otti could have first denied the existence of the investment through his aides and later lied on national television about it whereas he already had possession of the letter from Prof Barth Nnaji confirming Abia’s investment in the project as consummated by former Governor Okezie Ikpeazu.

Responding to questions from our correspondents, Chief Okiyi asked Prof Nnaji to come clean on why he earlier denied the investment only to turn around to confirm its existence. According to him, “Prof benefitted immensely from the support given to him and his company by Dr Okezie Ikpeazu and I still wonder why he denied the investment in the first place and tried to belittle the magnitude of the interventions made by Ikpeazu.

“I am aware that it was Governor Ikpeazu that took him to China to meet with Rui Group that wanted to invest and later to Egypt and South Africa where a facility of $50m was finalized by AFREXIM bank for the project.

“In addition to that, Governor Ikpeazu also invested the sum of $3.56m on behalf of the people of Abia State in the Geometric Aba Power Project, yet Prof allowed himself to be corralled by a desperate glory hunting politician whose only contribution to the project appears to be supporting a loan for high profit facility in 2012,” Oseni Concludes.