Bayelsa Times

Delta Assembly approves Okowa’s request of N25bn credit facility


The Delta House of Assembly on Tuesday approved a request by the State Governor, Sen. Ifeanyi Okowa for an offer of a banking facility to the tune of N25  billion.

The governor’s request is contained in a letter which was read at the plenary of the Assembly by the Speaker, Chief Sherriff Oborevwori in Asaba.

Okowa said that the credit facility which  would be sourced from the First Bank Monument Bank Plc,  would be tailored towards oil palm development in the state.

He said, ”the oil palm development, proposed to sit on a capacity of 17,345.5 hectares, is in line with the state government’s participation in the ongoing Central Bank of Nigeria (CBN) oil palm development initiative.

“The honourable speaker and members of the Delta House of Assembly may I wish to recall as part of State participation in the ongoing CBN oil palm fevelopment initiative programme.

”The House via a reference DTHA/TD/Volxx/23 dated November, 2021, approved for the State Government to accept a cumulative bridging finance of N657 Billion only at an all-in rate of 15 per cent per annum from First City Monument Bank limited or any other commercial Bank willing to accede to the approved terms and conditions of DELCO COOP.

“The essence is to enable DELCOM COOP defray the monthly interest during the first one year moratorium on the facility pending receipt of the proceed from cassava intercrop.

“The Honourable House may wish to nite that First City Monument Bank Plc has presented an offer of N25 billion loan for the development of 17,345.5 hectares of oil palm in the first phase.”

Consequently, the motion for the approval of the governor’s request was moved by the Majority leader of the State House of Assembly, Chief Ferguson Onwo.

The motion which was unanimously adopted by the assembly when put to a voice vote by the speaker, was seconded by the Minority Leader of the Assembly, Mr Innocent Anidi.

Also at Tuesday’s plenary, the House received two bills forwarded to it by the State Governor.

The bills are contained in a letter which was read by the speaker during the plenary.

The bills;  a Bill for a law to improve the administration of Justice by prescribing fair and transparent procedures for State administrative agencies to propose and issue regulations and, a Bill for a law to repeal the arbitration law 1918, Cap A13 Laws of Delta State and to Enact the Arbitration, pursuant to an arbitration agreement; to make other provisions relating to arbitration and arbitration awards; and for connected purposes.

Also at Tuesday’s Plenary, the House received a letter from the State Governor, nominating three persons, Bashorun Ogieh, Mr John Nani and Mr Daniel Mayuku for appointment into the Delta State Oil Producing Areas Development Commission (DESOPADEC).

The nominees were, however screened and confirmed for the appointments as Managing Director and Executive Directors of the Commission.

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