nos; ,i! y.,A.UI,1A.1. .VI\Ol31110iJW ,路e:-';'t'.~nm:;~~ ~ ";>1; ., Vanguard, WEDNESDAY, JANUARY 5, 2011 - 21
j I
N200bn Agric fund: CBN releases N96bn .for 86 projects By Babajide Komolafe e Central Bank of Nigeria (CBN) has released N96.8 billion to finance 86 agricultural projects across the country under the N200 Commercial Agricultural Credit Scheme (CACS). "Since inception of the Scheme, the CBN has released the sum of N96.811 billion for disbursement to 86 projects/ promoters and 18 State Governments," the CBN said in in its report of the activities of the scheme in December 2010. CACS was established in 2009 for promoting commercial agricultural enterprises in Nigeria by providing concessionary lending for commercidl farmers. The N96.8billion fund was released through 11 banks and 18 state govern- . ments. The banks and amount released through them are as follow: Access Bank Pic (N5.176 billion). Fideliry Bank {N3.50billiOn!, First Bank. of Nigeria {N9.135 billion, and Guaranty Trust Bank (N4.250 illion). Others are Bank, Oceanic Bank pic (N2 billion), Skye Bank (N6 billion), Stanbic IBTC IN 1.3,5 0 billion). Union Bank of Nigeria (Nl0.903 billion), United Bank for Africa (N35.162 billion). Unity Bank Pic (N5.50 billion). and Zenith Bank Pic (N13.835 billion). The 18 state governments are Adamawa, Anambra, Bauchi, Enugu, Gombe, Kebbi, Kogi, Imo, Kwara, Nasarawa, Niger, Ondo, Sokoto, Taraba Zarnfara, FCT, Akwa Ibom and Riv-
TI
ers.
K
On the other hand the CBN had withdrawn from. N13.934 billion undisbursed fund from three banks as follow namely, UBA (Nll.353 billion), GTBank (N581 million) and Skye Bank (N2 billion). The CBN disclosed this in its report of the activities of the scheme in necember 2010. The report stated, "Under the 2nd Tranche, eighteen (18) State Governments namely; Adamawa, Anambra, Bauchi, Enugu, Gornbe, Kebbi, Kogi, Imo, Kwara, Nasarawa,
NLC
VOWS
Asset Management Company 01 Nigeria (AMCON) recently signed agreement with 21 banks to issue N1.3 trillion worth 01 bond in exchange for their non-performing loans. Pix shows (l-r) AMCON Acting Company Secretary Mr Kofo AbdusaJam-Aiada, D-G Debt Management Office The Presidency, Dr Abraham Nwankwo and Chairman of AMCON, Kola Aliyu BeJgore at the event.
Niger, Ondo, Sokoto, Taraba Zamfara, FCT, Akwa !born and Rivers accessea Nl.OO billion each for on-lending to farmers' co-operatives and other areas of agricultural interventions in their various States. Details of the participation of State
Governments by sponsoring banks under the scheme is shown below: Fidelity Bank Pic (Anambra, Enugu and Sokoto- N3 billion), Union Bank Pic (Gombe, Kwara and Niger, FCT -N3.5 billion), United Bank For Africa Pic ( Bauchi, Kogi, Nasarawa, Ondo, Zamfara, Akwa Ibom and FCT-N6.5
to resist privatisation of PHCN, deregulation in 2011
By VictOl~Ahiuma-Young IGERIA Labour Congress, NLC, has re-affirmed it opposition to full deregulation of the Down Stream Sector of the nation's Petroleum sector, as well as the 'planned privatisation of the Power Holding Company of Nigeria, PHCN. The umbrella body for industrial unions and some senior staff associations in Nigeria lamented that Nigeria remained the only major oil prod ucer whose domestic fuel consumption was based on importation. saying "this scenario is not only harmful in social and economic. terms; it is equally perilous in the context of our national security." In a New Year Message to Nigerian workers, President of NLC, Comrade Abdulwaheed Omar said: "The Congress remains opposed to the auctioning of the refineries in the name of deregulation. For us, the continuing crisis in the downstream sector of the petroleum industry with such symptoms as products scarcity, nori-functioning of our refineries, inefficiency and corruption in the regulatory agencies and total dependence on importation of fuel is
N
not only a national disgrace but is completely unacceptable. Our country remains the only major oil producer whose domestic fuel consum ption is based on importation. This scenario is not only harmful in. social and economic terms; it is equally perilous in the context of our national security." "We wish to explicitly restate that we are unequivocally opposed to any reform that would only lead to., increases in the prices of petroleum . products with its attendant spiral effects on the entire economy. The fact that the year 2010 enjoyed steady supply of petroleum products at official rates, which is highly commendable, shows that it is possible to ensure the improvement of the welfare of people with commitment from government. It also reveals that if there is the will and commitment from all and sundry, things can work smoothly in Nigeria. We can only ask that this steady and adequate supply of petroleum products be sustained." On the planned privatisation of PHCN this year, Comrade Omar declared: "The issue of power generation and distribution remains
a daunting challenge. The sector has equally gulped billions of naira without commensurate improvement in services. This sad situation has led to the closure of factories or relocation of many businesses from Nigeria to neighbouring countries where there exists improved power supply. In the face of this lack of improvement, and largely due to the failure of virtually all privatized public companies, NITEL being the most glaring example, Congress is opposed to the planned privatization of the Power Holding Company of Nigeria (PHCN). In this regard, we will support and strengthen the struggle of the electricity workers against the privatization of the electricity sector in the country. Congress will also resist the planned increment in electricity tariff which we see as putting the cart before the horse, the logical step to take is to first improve the generation of sufficient power before the question of increasing tariff." He added that" The NLC wishes Nigerians a happy New Year and promises to continue in the struggle for the emancipation of our people from poverty and want in the midst of plenty."
billion), Zenith Bank Pic (Adamawa, Kebbi, Rivers and Taraba- N4.01, Access Bank Pic (Imo- N1.0 billion) '. The scheme is financed from the proceeds of the N200 billion bond to raised by the Debt Management Office (DMO) and is managed by CBN in collaboration with the Mimstry of Agriculture and Water Resources. The Fund can only be accessed bya commercial farming enterprises, which according to the operating guidelines is, ':.<\ny farm or agrobased enterpnse with agricultural asset (excluding land) of not less than N350 million for an integrated farm with prospects of growing the assets to N500 million within the next three years and N200million for non-integrated farms/ agroeenterprise. "
AGRIC COMMODITIES
CURRENCYBUY1NG CENfRAL SElliNG CFA EURO
0.2891 0.2991 198.3996 199.0691 199.7386 230.0191 230.7953 231.5715
RIYAL SDR S.FRAN DOLLAR WAUA YEN
39.512 228.1818 158.352 148.17 226.302 1;8209
39.6454 39.7787 228.9518229.7218 158.8864 159.4208 148.67 149.17 227.0657 227.8293 1.8271 1.8332
CBN Exchange rate as at 03/01/2011
.. ( ,..
-