Some hectres of land belonging to Pabod Finance and Investment Company Limited in two different locations around Port Harcourt are yet to be developed after about 30 years of its acquisition.
The hectres of land, The Tide gathered, are situated at Eneka in Obio/Akpor Local Government Area of Rivers State and Akpajor in Eleme Local Government Area.
Administrative bottle necks have been fingered as responsible for delay in development of these lands, even when the company was managed in the old Rivers State, irrespective of the dare needs and inadequate supply of housing in Port Harcourt.
The Tide in the course of investigation gathered that Pabod Finance for over 10 years now has no substantive management team as well as board, while the officers manning operations are all on acting capacity.
It was also gathered reliably that everything is on a standstill, while the company now manages to pay staff through income generated from their properties in Lagos and Port Harcourt.
When contacted for comments on the state of affairs in the company, the Acting General Manager of the company, Mrs. Stella Walker Ordu said she would not speak on matters that are not ripe for her to speak.
All that she could state was that the asset sharing matter of the company between the Rivers State government and that of the Bayelsa State is not yet over, pointing out that the matters is now in the supreme court, and that she has no power to state anything, other than that the matter is in the Supreme Court.
It would be recalled that Pabod Finance and Investment Company was established by the old Rivers State government and currently the Bayelsa and Rivers States, but it appears the asset sharing modalities have created loopholes in the management of the company for some years running.
The core area of its investment profile has been in the real estate sector and it would have been very much beneficial to Rivers people if the said parcels of land at Akpajor and Eneka had been developed, and this would have given some leverage to better housing in Port Harcourt and its environs.