Rot in Akwa Savings

*  How MD is killing State owned financial institution
*  Company on the brink of total extinction
*  May be scrapped by CBN

Mr. Godwin Ekpo, MD of Akwa Savings and Loans Limited

BY KENNETH JUDE

In spite of Government’s concerted efforts to stamp out corruption in all sectors of the economy, states and the country at large, it appears the self-acclaimed MD of Akwa Savings and Loans Limited, Mr. Godwin Ekpo is neck-deep in financial mess, bribery and other fraudulent dealings within the company. A competent source within the establishment told THE INK in confidence that Mr.  Godwin Ekpo has succeeded in imposing himself as the MD of Akwa Savings and Loans Limited against all known law and has thus used the position to subject the workers to pains and untold hardship with his management style.  The position, we gathered was held by Mr. Effiong Akwa who is now the Personal Accountant to the Managing Director of NDDC, Barr. Dan Abia.

Sources within the company told our reporter that Godwin Ekpo’s continued stay as the MD  has left the establishment on the brink of collapse owing to his insensitivity to workers’ plight and outright refusal to pay them as and when due. A reliable source informed this reporter that some persons within the bank have long been due for retirement but have refused to quit the stage for young and vibrant workers to come in.
The likes of Obong Inyang Ekandem who is the Secretary of Akwa Savings and Loans Limited, Mrs Helen Okuibu and others who are part of the Godwin Ekpo-led executive are some of the names given as those who should have long retired but have remained against widespread angst and dissatisfaction among the staff. A source, who spoke with THE INK on the condition of anonymity due to the sensitivity of the matter, stated that it is worrisome and most surprising that those who are due for retirement have chosen to remain in service even when their productivity level is nothing to write home about. 
“What is happening in Akwa Savings and Loans Limited is outright wickedness. These people have served their time here over the years and having reached their mandatory retirement age have rather refused to live and have rather continued to hold tenaciously onto very vital positions in the company.’’
Another controversy that has turned the peace of the bank upside down is last year’s interview exercise which was meant to promote staff. The exercise, informed sources noted, was steeped in secrecy and high level selectivity as those who were interviewed and subsequently promoted were pre-arranged and configured to short-change some persons who are not in the good books of Mr. Godwin Ekpo.  A staff in the bank said: “during the 2014 interview for workers, the MD was selective since it was meant to promote some staff which will translate to increment of salaries. He deliberately skewed the process in favour of those he liked and left others behind. Those who were qualified were schemed out with no clear reasons. In fact, this is the main cause of all these problems.’’
It appears those who were screened and promoted are yet to have their salaries increased as those who were denied promotion have mounted a stiff resistance to increment of salaries for the promoted staff.  Another source informed THE INK that the Union Chairman, Comrade Bassey Mbede has failed in her capacity as a leader. According to the source, “the union leader has failed his colleagues and has failed to demonstrate at this critical period, the competence of a leader. She is supporting the payment of salaries to the promoted staff because she was among those promoted and was bribed too.’’ 
Mr. Godwin Ekpo is alleged to have pocketed the sum of N300, 000 which was earmarked for a sitting allowance in a joint meeting that was held recently. He is also said to have made away with N2m ‘touring’ allowance and has further compounded workers’ woes by refusing to pay salaries. An impeccable source maintained that the MD is only interested in his welfare to the detriment of staff. “He doesn’t pay us our salaries even when he is collecting enough money as his salary and other emoluments.’’
Workers in the bank say the crisis that has hit the company will persist if nothing urgent is done to arrest the situation. They also expressed dissatisfaction over the continued stay of the Manager Admin and Secretary who are old but management have remained silence on the issue. A reliable source within the bank while speaking on the matter, stated that what is playing out in the company is not known either to Governor Udom Emmanuel or Finance boss, Mr. Akan Okon.  “Governor Udom Emmanuel and Commissioner for Finance are not aware of the financial recklessness and insincerity that has taken root in Akwa Savings and Loans Limited because the MD has refused to brief them on the activities of the bank. Our only saving grace now is that CBN auditors are billed to visit us between 27-28 October, 2015 to thoroughly look at the workings in the bank.’’
It could also be recalled that then Governor of Akwa Ibom State, Godswill Akpabio had intervened and paid the recapitalisation during the dying days of his administration. THE INK learnt that the workers don’t know what is going on in that regard and have expressed fear that the bank may shut down if the shady deals that have taken root in the company is not tackled immediately. A staff in the bank told THE INK that most of the workers are already searching for work elsewhere as they no longer have faith in the management team of the bank.
THE INK learnt that the MD hurriedly had a meeting with members of staff of the bank state-wide recently with the aim of tackling some pertinent issues. The outcome of the said meeting was not immediately known at the time of going to press.
Meanwhile, efforts to have Mr. Effiong Akwa comment on the issue proved abortive as several calls and text messages put to his phone was not responded to.