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Rivers Signs MoU For N10bn Banana Plantation …Amaechi Assures Quick Gains For Investors
The Rivers State Government has signed a Memorandum of Understanding (MoU) with Union De Initiative SA DE CV of Mexico, for the establishment of a N10billion banana plantation in the state.
The commissioner for Agriculture, Mr Emmanuel Chinda who performed the ceremony on behalf of the state government in his office in Port Harcourt, said that the state government would contribute 40 per cent of the project sum while the Mexican firm will contribute the remaining 60 per cent.
Mr Chinda said that the plantation which will be sited in the Ogoni axis of the state, is meant to generate employment opportunities for the people of the state.
The Commisisoner also said that the plantation is part of the programme put in place by the government for the establishment of large-scale farms in the state.
“The state government is laying a lot of emphasis on large scare agriculture, we will re-examine all we have done in the area of agriculture so far, and try to raise the value chain of that sector so that it creates the necessary employment , that is supposed to be for our people”, he said.
He used the occasion to assure the Mexican investors of government’s preparedness to assist in the realization of the project.
Speaking on behalf of the firm, Mr Gabriel Airedondo said they were proud to partner with the state government in the establishment of the plantation, describing it as a historic event.
The Permanent Secretary in the Ministry of Agriculture, Mrs Jokotade Adamu thanked them for their interest and stressed the need for the establishment of a factory that will process the banana harvested from the plantation.
Meanwhile, the Rivers State Governor, Rt. Hon Chibuike Amaechi has assured prospective investors in the N250 billion Rivers bond of quick returns on their investment.
Governor Chibuike Amaechi gave the assurance, on Monday, when a team of Standard and Poors – an International public finance rating body led by its Director, International/Sovereign Public Finance, Mr. Lorenzo Pareja paid him a courtesy visit in Government House, Port Harcourt.
Governor Amaechi disclosed that the State has worked out modalities for paying back the loan. His words, “we assure all those who would invest in the bond that they would get back their money with good returns in good time.”
The Governor who reiterated the rationale behind going for the bond, averred that the bond is aimed at assisting government fund on-going projects such as the new M-10 Highway, the Greater Port Harcourt City, the Monorail, the New Mega Hospital, the new Rivers State University of Science and Technology complex and several other landmark developmental projects.
“What I’ve told them is, we must pay back within our tenure,” the governor said.
According to the Rivers State Chief Executive, the state government would not wait for the monthly revenue allocation to drive development.
“This administration needs money to complete its projects. Our target is to be able to fund capital expenditure. If we wait for Federal Government revenue, we may not be able to complete our projects on time.”
He added that, “in the next four years our projected revenue is estimated to be between 900 billion and 1 trillion naira.”
He disclosed that currently the internally-generated revenue has risen from N4.5 billion to N5 billion which makes the State viable to repay its debts without stress.
Earlier in his remarks, Mr. Pareja intimated the Governor that the team was in the State to carry out its yearly monitoring and assessment of the Rivers State credit ability.
So far, he said that the State has shown remarkable improvements in the management of its resources and governance in general.
Considering the current economic boom the state is witnessing, the Standard and Poor’s Director stated that the government could go ahead to issue the bond, noting that it is in line with the Rivers State capital expenditure.”
“We have heard of plans by the State to issue bond in the capital market. This is quite historic because it’s the first time Rivers State is doing it. N250 billion capital expenditure is a substantial investment.
“We hope that this very remarkable investment plan will have a lasting impact on the State and its internally generated revenue.” Pareja said.
The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.
The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.
Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.
The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.
She urged the beneficiaries to engage in activities that will make them find joy in old age.
“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.
On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.
She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.
Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.
The Nigeria Union of Journalists (NUJ), Rivers State Council, has urged the Economic and Financial Crimes Commission (EFCC) to expedite the prosecution of the Director of the now distressed MBA Forex Trading, Mr. Maxwell Odum, in the interest of justice.
The Rivers State NUJ made the appeal during a courtesy visit to the EFFC’s Ag. Zonal Director, ACE Hassan Saidu, in Port Harcourt, recently.
The council’s chairman, Comrade Paul Bazia, said the appeal became imperative after it considered the number of Nigerians and others involved in the financial misconduct.
According to him, it has caused hardship among many households in the country and should be given the attention it deserves.
He said that investors cannot come into a country or invest in an economy or nation ridden with fraud.
This, he said, has made it more imperative to arrest, prosecute and convict alleged fraudsters like the MBA Forex Director, who is alleged to have defrauded thousands of unsuspecting Nigerians, to serve as a deterrent to others.
The chairman also requested that while the trial lasts, part of the swindled funds should be given to the victims that suffered loss and trauma as a result of the fraud.
The NUJ reiterated its resolve to change the narrative of reportage from crisis to developmental communication.
According to him, the NUJ’s main focus is blue economy and tourism.
He expressed the readiness of the Council to partner the agency in the area of information dissemination.
“We believe you have a responsibility to fight financial crimes. We also know that you need the Press to publicize your activities and NUJ can provide that,” he said.
Responding, the Zonal EFFC’s boss commended the NUJ’s vision to change the narrative of reporting from crisis to developmental communication.
According to Saidu, the Western world have since imbibed such culture, hence the negative stories about them are carefully sifted to allow only positive ones to be released to the outside world.
As for the trapped funds to be released, the EFCC Zonal Director stated that only the court can authorize such action, stressing that the primary responsibility of the Commission is to arrest and prosecute.
He pledged to partner with the NUJ now that the leadership has visited the Commission.
The Head of the Legal & Prosecution Department, DCE Odiase Stephen, corroborated the Zonal Director’s position and stressed that it was only when the matter has been determined by the court that such funds can be released.
He further stated that once a matter is before a court of competent jurisdiction, it cannot be discussed outside.
By: King Onunwor
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