THE GUARDIAN, Wednesday December 28,2 Oil
MoneyLini Bank of Agric disburses Nl billion to youths BySukkyOlajide HTHE Bank of Agriculture l(BOA) and the Niger Delta Development Commission (NDDC) under a collaborative arrangement have commenced the disbursement of a Nl billion facility to youths involved in agriculture in the Niger Delia region. A statement signed by the bank's head of Corporate Planning department H. N Kolo said that the programme was flagged off recently at the liOA Zonal
Office in Port-Harcourt, Rivers State. Under the first phase of the programme 2,550 Niger Delta youths in 255 co-operative groups will receive foans for use in various enterprises ranging from aquaculture and feed formation, to poultry, rabbitry, snailry and food processing. Following the flag-off of the partnership tagged BOA/NDDC Credit and Entrepreneurial Development Scheme, the
youths who have been trained in various aspects of agricultural production under the NDDC Skills Acquisition Programme in the Niger Delta will receive varying amounts of money ranging from N100.000 to N250,000 individually as loans to stan them off in their various enterprises. The loans under the scheme are to be repaid within a maximum period of two years and have moratorium determined by project type.
Speaking during the flag-off ceremony, the Managing Director and Chief Executive Officer of the BOA, Dr. Mohammed Santuraki, who was represented by the Executive Director, Corporate Services, Mr. Sam Elibe, commended the NDDC Management for its efforts towards positively engaging the youths, Santuraki noted that the BOA, as a DEI, partners with institutions interested in the
development of the sector and its operators. He advised the beneficiaries to make good use of the loans given to them, considering the fact that the loans have to be repaid. In his address, the Managing Director/CEO of the NDDC, Dr. Chris Oboh, represented by the former Acting MD/CEO, Mrs. Osato Areyenka noted thatthe BOA/NDDC collaboration is one of the major milestones in the Commission's
efforts to tight poverty and the attendant economic difficulties that have limited the Niger Delta people's ability to participate in the economic development of the country. The NDDC helmsman urged al! stakeholders to put in every effort to ensure the success of the programme, while assuring all of the Commission's commitment to creating developmental opportunities for the people or the region.
FMBN to issue Nl2.9b mortgage bond From Nkechi Onyedika. Abuja
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E Federal Mortgage Bank "Nigeria (FMBN) has concluded plans to issue bond to refinance mortgages worth over N12.9 billion. To this end, the bank has appointed a new lead issuing house which is expected Co issue this 2na tranche bond immediately the yield rates on the local bond market fall to more acceptable levels. Minister of Land, Housing and Urban Development, Ms Amrna Pepple. wlio disclosed this yesterday in Abuja explained that government bonds are attracting rates of between iG-17-jpercenC which are extremely nigh for
transactions of this nature. She said that FMBN in 2007, commenced a NlOO billion mortgage-backed bond to refinance mortgages for the' acquisition of non-essential federal government owned residential houses sold in the Federal Capital Territory adding that the 1st tranche of N26 billion, covering 9,575 individual mortgages was successfully issued. According to the minister, the bond has retained "AAA" rating, stressing that not only that it is being backed a federal government guarantee, but also, for having recorded no defaults in payment obligations to investors to dale.
Pepple, who observed that the major focus of the FMBN is to integrate the informal sector into the National Housing Fund using cooperative housing structures said, " This comprises lowincome earners struggling to earn ttieir daily living outside formal employment structures. They include the bricklayers, roadside mechanics, market women, artisans and farmers. These are crop of people who are in need of affordable housing and can be more productively channeled^ to become stakeholders In the society when they are decently housed and economically integrated".
Head, Shared Services, Central Bank of Nigeria (CBN), Eyilope Malhew Daniel (left); Deputy Governor, Operations, Tunde Lemo: and Chairman, Committee of E-Banking Industry Heads (CEBIH). Cti urn a Ezirim, during a seminar on on 'Cash-lite Lagos,' in Lagos, recently. PHOTO: SUNDAY AKINLOLU
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