Rivers State Governor, Nyesom Ezenwo Wike has directed the removal of Joint Account Allocation Committee (JAAC) from Banks that gave unauthorised loans to some Local Government Chairmen in the State. Governor Wike directed the State Attorney-General and Commissioner for Justice to take legal action against the defaulting Banks. Governor Wike said both the Banks and the Councils that defaulted would suffer the consequences of the illegality.
He noted that the Banks cannot seek refund of the loans because they contravened extant Laws of the State. “We have taken a decision that for all those loans taken without approval, the affected accounts must leave the defaulting banks. I have told the Attorney-General and Commissioner for Justice to take necessary steps. The Banks cannot go and seek for refund from the Local Governments. When you default the Law, you suffer for it. Council Chairmen who want to take loans from Banks must get official approval. You cannot take loans that will mortgage the future of the people”, Wike reiterated.
