GOV DICKSON: IS BAYELSA #10BN BDIC INVESTMENT A CONDUIT PIPE?, DEI BADOU ASKS

(Dei B. Badou, a Public Affairs Analyst writes from Yenagoa – (08067480290) )

To start with, let’s give an operational definition of the acronym BDIC. BDIC is Bayelsa Development and Investment Corporation.

Therefore, Bayelsa, a State with a self-governing political Community occupying its own territory or a partly autonomous member of a political federation; Development is as a gradual unfolding by which something such as a plan or a method comes to be or applying scientific and technologic knowledge to create new or modify existing products and processes so they will best achieve stated performance and economic requirements; Investment is the use of money for the purpose of making more income or to gain income or increase capital or both with safety of its principal as an important consideration and  Corporation is a form of business organization that may have many owners with each owner liable only for the amount of his investment in the business or an artificial person created by a State or Federal Law.

Therefore the above definition explains Bayelsa Development and Investment Corporation with its aims and objectives as clearly stated are all about. It will be recalled that on 1st May 2013, Dickson approved #10bn for Investment Corporation’s take-off in Bayelsa State.
According to a press statement made by Daniel Markson-Iworiso, the Chief Press Secretary to the Bayelsa State Governor Hon Henry Seriake Dickson: Quote: “Bayelsa State Governor Hon. Seriake Dickson has inaugurated the Bayelsa State Development and Investment Corporation [BDIC] with an initial take-off grant of #10bn, saying that the gesture was to enable the State to diversify from oil and gas sector of the economy.

Disclosing this at the Inaugural Board Retreat of BDIC held at the weekend in Yenagoa, Governor Dickson said this would assist the corporation in performing its statutory functions, which include attracting local and foreign investors to the State, boosting its economic profile and providing an economic blueprint for the State.
Governor Dickson stressed the importance of the board members of the BDIC to participate in the present administration’s efforts to turn the economy of the State around, adding that it has become imperative for the State to diversify from the oil and gas sector of the economy in view of the non-renewable natural resource and emerging global economic market trends.
According to him, “The new Bayelsa that we all crave for, the new Bayelsa that we actually deserve, that new Bayelsa can only be founded on prosperity and security. Government is building roads and bridges, schools and so on, but in vain do we all of this, if these activities do not translate to economic prosperity and opportunities for our people.”

Stressing the need for active involvement of the Organized Private Sector [OPS] in the development process of the State, Hon Dickson said government should have little or no business in running commercial enterprise, adding that his administration believes in free enterprise.

“Our government is a believer in free enterprise. It believes that the private sector is best suited to promoting enterprise, creating wealth, sustaining development. Government should, therefore, have very little business in running business”, he said.

On the expected role of the BDIC, the governor pointed out that the corporation was to serve as a catalyst for economic growth and prosperity, and not to usurp the functions of the ministries, departments and other agencies of the government.

He submitted, the BDIC is not intended to take the place of the ministries in this State. It is not a body that is higher than the ministries and government of this State. The BDIC’s role is not policy formulation. That will continue to reside in the government and its formal organs. However, it will be the duty of the BDIC to drive those activities that are investment related. “It is the instrument for driving investment; attracting investment and, directly investing.

Also, because it is a creation of our laws, there will always be necessary collaboration with other organs of government”, he added.
In his bid to strengthen the economic base of the State and place it on a higher pedestal, Governor Dickson urged the management of BDIC to bring their wealth of experience to bear on the corporation’s mission, especially in the area of building a formidable conglomerate.

“We have instances of Odua Group of Companies and other similar bodies within this country. Outside the shores of the country, we have sovereign entities like Investment Development Corporation, [IDC], South Africa, and that of Rwanda and so many others.
“These models exist and that is the level we want to take our State to. Let me emphasize that going forward, all, capital investment that have business elements will be undertaken by the BDIC”.

On the issue of funding, the governor disclosed, that “the BDIC will enjoy from now till the end of the current budget year, a capital injection of between #5bn-#10bn from the Government of Bayelsa State. This is to enable the BDIC perform effectively”. End of Quote:

To Hon. Henry Seriake Dickson, the self-acclaimed TALK-NA-DO governor, he has said it all. But it is easier to say than done, because almost all the promises made to improve the lives of Bayelsans are yet to be realized.

They are all empty talks and promises from a governor that branded itself government a restoration administration. Bayelsans are totally disappointed at a government that told them it has come to restore what the caterpillar and cankerworms have eaten. But the amazement of Bayelsans the reverse is the case as water to date has not flowed to the household of Bayelsans in the past four years.

Even the projects he inherited have been left unattended to, not to talk of his projects he introduced that have been abandoned due to lack of foresight and cluelessness in executing them.

The question that requires simple answer from the Talk-Na-Do governor is; where are the gain-income, increase-capital and safety of principal made from the #10bn BDIC Investment in faraway South Africa and United Kingdom since its establishment in 2013? Bayelsans ask so because, in every business cycles there is a period of accountability, including account analysis on accrual basis.

From May 2013 to September 2016 is three years and four months plus, therefore Governor Seriake Dickson who claims to run a transparent administration should please tell Bayelsans the gain-income, increase-capital and safety of capital since BDIC was set up in those parts of the world since 2013 to attract additional income to Bayelsa State.

This is the only way; he will redeem his administration’s battered image from those he claimed to have allegedly run down the economy of the State, before his taking over the mantle of leadership in 2012.

Bayelsans want to know why his administration that received between #16bn and #18bn from 2012 to late 2015 is unable to save money as to pay workers, retirees and others their monthly salaries and wages.

He should also explain to Bayelsans what he has done with the #200m; he claimed to have been saving when he took over the mantle of leadership in 2012 to date in the State?

This will also enable Bayelsans to truly determine clearly the level of the administration’s restoration, transparency and accountability project as put forward by his restoration government. Nothing more nothing less!  Bayelsans are waiting!

Dei B. Badou, a Public Affairs Analyst writes from Yenagoa – (08067480290)