Business
NDDC Blasts Bank Over Funds Delay
The Regional Consultant for Niger Delta Development Commission (NDDC) in charge of the nine oil-producing states, Ethelbert Onuoha, has expressed concern over the delay by Diamond Bank in Cross River State to comply with the commission’s Entrepreneurial Development Scheme loan.
The consultant told newsmen in Port Harcourt that the case of over 160 youths grouped into 16 different cooperative societies who took part in NDDC’s vocational training, has become a source of worry, as the youths might soon run out of patience and become restive after many months of waiting.
He noted that he truly sympathises with these Cross River youths who were involved in vocational training of NDDC’s N500 million Credit Entrepreneurial Development scheme and are yet to receive the first tranche of their loans since the end of training in December.
Onuoha disclosed that Diamond Bank complained that they have a new management team that replaced those that signed the Memorandum of Understanding (MoU) last year, stating that the new management team is studying the MoU document, to take action in about two weeks.
The consultant said that although there was no hard-and-fast rule that all the states would commence loans disbursement at the same time, but that the bank’s excuse of change of management is weak.
The Tide gathered that the trainees, who were made to fill out loan application forms through the NDDC consultant at the Diamond Bank in October last year, are yet to receive the first tranche for over four months now while the trainees in other states have been paid by different banks.
Rivers State trainees received their loans through Union Bank in December, Bayelsa youths were paid through Fidelity Bank while Delta, Imo and Akwa Ibom used Oceanic Bank.
One of the trainees frowned at what he called the bank’s lack of commitment to disburse the loan.
The trainee who craved anonymity, said the officials of the bank keep telling them to exercise patience till a week, adding that this ‘a week stuff” has been repeated for five months now.
All efforts to get information from the bank proved abortive.
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