Fund Stalls Electrical Village Project In Rivers

The multimillion naira Electrical Village Project at Iriebe in Obio/Akpor Local Government Area of Rivers State has been stalled by fund.

Checks by The Tide revealed that work on the project has been suspended for over eight months while the entrance gate remains sealed.

The only sign of human activity are some makeshift drinking joints near the entrance with a big sign post “Welcome to Electrical Village”.

A source revealed to The Tide that the construction company handling the project is having some disagreement with the bank financing the project.

According to the source, officials of the bank (names withheld) were said to have visited the project site last year and expressed dissatisfaction that the work on ground was not commensurate with the fund so far released.

Consequent upon this development, the source said, the bank suspended further release of fund for the project as it coincided with the period the Central Bank of Nigeria (CBN) was looking into records of banks in the country over failed loan facilities.

The bank representatives were, however, said to have met with members of Electrical Parts Dealers Association (EDA), Rivers State branch at Amba Plaza  in Mile One Diobu area to explain the situation of things as it concerns the project financing but members of EDA were said to have shunned the bank, saying they have no business with it and were not aware how it came about the financing role.

They were blunt that it was only the contractor they know, and advised the bank to discuss with the contractor who may have entered into the deal with it.

It was also gathered that desperate moves by the contractor and leadership of the EDA to convince members of EDA to contribute N100,000 each to, at least, get the work to a level commensurate with the fund released by the bank financing the project also failed because the members rejected the request.

The project, which started about five years ago, targets 800 shops at its first phase, and members are to pay N450,000.00 each to own a shop.

It was gathered that members, who agreed to pay their individual contribution instalmentally have paid N50,000.00 each for two installments amounting to N100,000.00 each on far.

About 90 per cent  the members of EDA with membership strength close to 1000 have paid the two installments.

Our source, who is a member of the association said EDA members are not willing to make further contributions because the level of work does not correspond with the contribution made. He hinted that some of the buildings were at foundation level while others have been decked but none has been roofed so far.

Attempts to get the state president of EDA to comment on the development failed as he neither picked his calls nor replied to notes dropped in his office. But an executive member of EDA, who pleaded anonymity, confirmed that work on the project has been on  hold for close to a year, saying that plans were on to commence work.

The electrical parts dealers and motor parts dealers operating along Okija and Ikoku in Diobu area of Port Harcourt, respectively, have for years possed a lot of environmental and security risks to Rivers Government and people, hence the plan to relocate them outside Port Harcourt City.

Chris Oluoh