Affected individual bondholders to engage government over debt exchange – Martin Kpebu
Some affected individuals by the debt exchange programme are being led by Private Legal Practitioner, Martin Kpebu, to engage the government over the inclusion of individual bondholders in the debt exchange programme.
Although individual investors were initially not part of the debt restructuring exercise, government decided to include individual bondholders in the debt exchange programme some days after pension funds were exempted from the programme.
Martin Kpebu said in an interview on Joy FM’s Super Morning Show that they will, first of all, engage government in negotiation, but should that fail, a class action lawsuit against the government will follow.
According to the legal practitioner, government can generate more revenue if it cuts down on some projects highlighted in the 2023 Budget.
“I don’t believe government doesn’t have money. I have looked at the budget and straight away if I look at the projects we intend to do, I believe government can cut back,” he is quoted by myjoyonline.com.
“It’s not like people are asking for freebies, it is their hard-earned money that they lend to government and it is time to pay and government is like no”, Martin Kpebu added.
He also stated that the affected investors do not want any ‘haircut’ on their matured investments.