Asset-Sharing Stagnates Operations Of Pabod Finance

Asset-sharing for the Pabod Finance and Investment Company Limited (PFIC) between the Rivers and Bayelsa States of the old Rivers State has been fingered as the reason for the delay recorded in various areas of operations and management of the company.

Speaking while reacting to questions on the state of affairs in the company in his office over some delays recorded in the operations of the company for some years now, the acting General Manager of the company, Mrs. Stella Walker Ordu, stated that the asset-sharing of Pabod Finance has not been concluded.

“All that I can say about the state of affairs of Pabod Finance is that, “the matter is now in the Supreme Court and there is nothing more for now, and I have no power to speak on a matter that is in the Supreme Court,.” she said.

Mrs. Ordu opined that whatever thing that has delayed will be over when the matter gets through at the Supreme Court, stressing tha, she can only give account of stewardship to the appropriate authority.

The Tide had gathered that staff of the company have not been promoted for the past 10 years and that the managers are working in acting capacity due to the non-constitution of the company’s board.

Meanwhile, the company has been surviving through proceeds from its block  moulding subsidiary, the PF block moulding, and income from rentage of its few properties in Lagos and Port Harcourt.

Pabod Finance was established 35 years ago by the old Rivers State government now split into Bayelsa and Rivers State; and its major area of investment has been real estate and mortgage finance.

Corlins Walter