Geometric Power Plant: Prof Barthe's Compelling Letter Vindicates Ikpeazu, Refutes Gov Otti's Oblivious Claims to Abia Equity Stake(Document) | #NwokeukwuMascot

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....Letter from Prof Barthe to Gov Otti Contravenes Claims of Not Knowing About Abia Equity Stake | #NwokeukwuMascot 

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In a surprising turn of events, a letter from the president/chief executive officer of Geometric Power Plant (GPP), Aba, Professor Barthe Nnaji, a renowned energy expert, has emerged, contradicting the claims made by Governor Otti regarding his knowledge of Abia Equity stake in the Geometric Power Plant. The letter, dated Feb 28, 2024, sheds new light on the controversy surrounding the power plant and raises questions about the transparency of the government's dealings.

According to the letter, Prof Barthe explicitly informed Governor Otti about the Abia Equity stake in the Geometric Power Plant during a meeting held in the Governor's office. The contents of the letter suggest that Governor Otti was fully aware of the investment made by the Abia state government, despite his recent statements denying any knowledge.

The Geometric Power Plant, located in Abia State, has been a subject of debate and controversy in Abia. The plant, which has the capacity to generate substantial electricity, was expected to alleviate the power shortage in the state and subsequently contribute to the overall power supply of the country.

Governor Otti's denial of knowledge about the Abia Equity stake in the power plant on Channels Television on 29th February has raised suspicions among the public and further fueled the ongoing controversy. Many believe that the Governor's claims are an attempt to distance himself from any potential accountability or responsibility for the issues faced by the power plant. While others believes some people may have connived to convert the shares into a private investment.

The emergence of the letter captioned; Abia State Equity Investment in Aba IPP from Prof Barthe adds a new dimension to the controversy. It not only contradicts Governor Otti's statements but also raises concerns about the transparency and integrity of the Abia LP government's dealings with the power plant. The public anwaits answers from the Governor, calling for a thorough investigation into the matter.

The letter addressed to H.E Alex Otti, OFR, Executive Governor, Abia State says; “Your Excellency, Thank you again for all your assistance during the commissioning of the Aba Integrated Power Project (Aba IPP).

“As a follow-up to our discussion regarding the Abia State equity investment in the Aba IPP, 1 was under the impression that it was included in the handover note to your administration. Having found out from you that it was not, I hereby formally provide clarity to the investment for your government's records.

“In 2020 when Geometric Power needed to raise additional equity in order to complete the funding gap for the Aba IPP, the Abia State government under Gov Ikpeazu's administration indicated an interest to take 5% equity at the base nominal rate of $1m for 1% equity position in the project.

“This was the standard rate for all the investors. The government officials insisted that they would pay for the equity in naira, and at the CBN rate of N395.00 to US$1.00 for a total amount of N1.97billion at that time. However, the government paid only NI.4billion for 3.5% equity position in the project. The government was not able to pay the balance before the deadline and subsequent financial closing date for the transaction.

Copy of the letter

“Geometric Power therefore was compelled to make up the balance through other sources, as the lenders insisted on the complete equity capital being fully funded before the Aba IPP could be funded by the bank. We remain grateful and appreciative of the support that you and your government have been giving to the project.

“We are committed to supporting your effort to make Aba and Abia State great. Yours sincerely, Prof. Bart Nnaji, CON, NNOM, Chairman/CEO.” It ended.

As the situation unfolds, it remains to be seen how Governor Otti’s led Abia state government will respond to the letter and the growing public outcry. The outcome of this controversy could have significant implications for the future of the Geometric Power Plant and the reputation of the government.

In the meantime, the citizens of Abia State and the Nigerian public at large are left to wonder about the true nature of the government's involvement in the power plant and the impact it will have on their lives.