Following Governor Umo Eno’s directive to the Akwa Ibom Investment Corporation (AKICORP) to revitalize the state-owned Peacock Paint company, the advocacy group Open Forum has urged him to conduct a forensic audit to account for the ₦526 million invested in the company.

The investment, made during former Governor Udom Emmanuel’s first 100 days in office in 2015, aimed to revive the moribund company. However, no tangible results have been seen since then.

Speaking to journalists in Uyo, Open Forum founder Matthew Kofi Okono, also known as MKO, emphasized that further investments in Peacock Paint without a forensic audit would be premature. He called for accountability, urging those involved in the company’s management and AKICORP to explain the fate of the funds. He stated that individuals found culpable should be held responsible and made to refund any unaccounted amounts.

“The directive to AKICORP to revitalize Peacock Paint at Ikot Ekan, Etinan LGA, raises serious concerns,” Okono said. “The ₦526 million invested during the first 100 days of the Udom Emmanuel administration was a monumental waste due to alleged corruption. Proceeding with new investments without first auditing the previous funds would be like putting the cart before the horse.”

On the state’s power sector, Okono criticized unresolved scandals, including a ₦40 billion debt to gas supplier Accugas and the unaccounted $80 million provided to Ibom Power by the Federal Government. He also pointed out the lack of updates on a court case involving Ibom Power’s debts and the progress of the Power Policy Bill in the state assembly.

He called for the Boards of Ibom Power and AKICORP to provide transparency on these issues, noting that mismanagement could jeopardize the state’s ability to benefit from Nigeria’s deregulated power sector.

Additionally, Okono appealed to Governor Eno to tour major industries across the state, request status reports, and commission forensic audits. He emphasized the need to prevent the loss of public funds, assets, and opportunities to corruption or negligence.