Business
Delta Coy Disburses N640m Loan To Indigenes
Delta Government-owned Universal Investment and Development Company (UIDC) last Thursday disbursed N640 million credit facilities to indigenes between 2010 and 2011.
The Commissioner for Finance, Mr Bernard Okumagba, who disclosed this at a news conference in Asaba said that the beneficiaries were employees in both public and private organisations in the state.
He also said that apart from credit facilities to employees, the company also supported 60 enterprises in agro-allied businesses.
Okumagba said that the essence of the support was to promote micro, small, medium enterprises (MSMEs).
He said that the company, which is a non banking financial institution, was established to facilitate development in the state.
He said that the company’s paid-up capital increased to N120 million while its total assets stood at N981.9 million.
According to him, the company, with four subsidiaries, posted a profit before tax of N66.6 million in 2011.
The subsidiaries are UIDC Securities Ltd. UIDC Beverages Ltd., UIDCMerchandise Ltd. and UIDC Haulage Ltd.
The commissioner also said that the company was operating two farms which specialised in piggery, poultry and fishery.
He said that the farms were located in Ughelli North and Ika South local government areas of the state.
Okumagba said that the state also operates a Trust Mortgage Finance Ltd. (DTMFL), which is also a subsidiary of the ministry.
“The DTMFL provides funds to individuals and institutions that meet the requirements for obtaining housing loans to build, renovate or purchase property on a long term mortgage repayment basis.’’