Senate has commenced investigation over alleged uneven disbursement of half a trillion naira loans to the Micro, Small and Medium Enterprises scheme, (MSMEs) in the six geo-political regions by the Development Bank of Nigeria, (DBN).
The adhoc committee in furtherance of its mandate has summoned seven Ministries, Departments and Agencies, MDAs for interface over the alleged lopsided disbursement.
The MDAs summoned are the Ministry of Finance, Budget and National Planning; Ministry of Trade and Investment; Central Bank of Nigeria, (CBN) Development Bank of Nigeria, (DBN) Small and Medium Enterprises Development Agency, (SMEDAN); Bank of Industry (BoI) and the Bank of Agriculture (BoA).
The Senate had constituted an adhoc committee, following a November 16 resolution at the plenary on a motion titled: “Uneven Disbursement of half a trillion naira loan to six geo-political regions by the DBN.”
The mandate of the committee, chaired by Senator Sani Musa (APC Niger East) was to carry out a holistic investigation on disbursement of the loan by DBN since inception of the bank.
Speaking at the maiden meeting of the committee on Tuesday, Senator Musa said the purpose of the meeting was to map out strategies and modalities that would assist the committee execute the onerous assignment.
He, however, said although the investigation seems very daunting, with patriotism, cooperation and commitment, the committee would succeed.
Senator Musa explained that the establishment of DBN was to drive the effectiveness of MSMEs and the environment they operate, adding that its establishment was a good idea by the Federal Government and its development partners.
The chairman added that the key objective of the DBN was to tackle constraints faced by MSMES through provision of finance and partial credit guarantees to eligible financial intermediaries on a market conforming financial sustainable basis.
He, however, said that there are worries on the disbursement methodology employed by the bank and lack of awareness of its operation, saying that not every MSMEs in the regions , especially in the North knows about the bank.
According to him, the committee will effectively and thoroughly investigate activities and operations of the DBN to ascertain if it conformed to its establishment Act, followed due diligence in execution of its mandate.
Senator Musa said the committee was not out to witchhunt any one, but would evaluate the criteria that qualify MSMEs to access the loan and at what interest rate.
He said the committee would also review the total amount disbursed to beneficiary MSMEs from inception to date and total recovery if any.
The chairman also said the committee would examine the source of funding of DBN including contributions from development partners.
Presenting the motion on November 16, Senator Ali Ndume (APC Borno South), said the investigation was part of what was happening in the financial sector that government deliberately created to address poverty.
According to him, what happened in DBN was unfortunate, saying that his submissions on the motion on uneven distribution of the MSMEs loan was not an allegation but a fact that has not been disputed by DBN.
By: Nneka Amaechi-Nnadi, Abuja
Ikwerre Set To Deliver Two Projects Per Ward
The Chairman of Ikwerre Local Government Area of Rivers State, Engr. Samuel Nwanosike, has noted that his administration was ready to commission two projects in every ward before the end of January, 2023.
Nwanosike stated this when he received in audience the Rumuepirikom Kingdom Council Executive at his office, Isiokpo.
According to him, “My President did mention that we have done projects in all the political wards. I can announce to Mr. President that before the end of January, it will be clear that we have completed two projects in each of the 13 political wards.
“So, we have passed the stage of saying one project per political ward. As we speak, if not that we have entered the electioneering period, we would have had five projects lined up for commissioning”.
Nwanosike, while describing the courtesy visit as the most important since he assumed office on June 18, 2018, as chairman of Ikwerre LGA, thanked Governor NyesomWike for grooming and giving him and his team the opportunity to change the narrative of their people by managing their affairs.
He, however, narrated the achievements of his administration via the five-point agenda unveiled during his campaigns to the executive members of Rumuepirikom Kingdom Council.
The Ikwerre LGA chairman listed the achievements as building and furnishing of health centres, return of peace and sanity through the help of the Governor of the state, Chief NyesomWike, and the security agents, sending the farmers back to farm, sending the youths back to school, building of police station at Ubima, building of markets at Elele, Omerelu and Apani, construction of more than 1.5km drainage at Elele, building of town halls at Isiokpo and Omagwa, building and furnishing of schools at Aluu and Omademe, among others.
He added that many more projects were under construction and would be delivered in due time, especially NYSC members Lodge at Isiokpo, etc.
“We don’t just talk; we do what we say we will do. Because if you don’t do it, the people will not understand that there is work to be done”, he said.
On the other hand, Nwanosike praised Wike for choosing a technocrat like Sir SiminialayiFubara to succeed him and continue the NEW Rivers Vision, reiterating that Ikwerre Local Government was already SIMplified.
He promised to assist in the renovation of Rumuepirikom Kingdom Civic Centre by giving his entire December imprest.
Speakingearlier, the Chairman of Rumuepirikom Kingdom Council Executive, Chief Emma Okas-Wike, said they were in Ikwerre to pay the chairman a courtesy visit on behalf of the Paramount Ruler and Nyewe Eli Rumuepirikom, Eze Barry OparaOwabie, in order to identify with him as one of their own and specially thank him for always supporting their son, ChiefNyesomWike.
Okas-Wike said, “It might not be easy for somebody to talk about the footsoldiers of our leader, the Governor of Rivers State, Chief NyesomWike, without mentioning your name because when this fight started about 2007, we did the first fight, did the second fight, you were one of those that were inside caucus, inner caucus of those fights.
“I want to thank you that you did not abandon our leader and our brother and our son. That’s why we felt that it is proper for us to come and pay you this courtesy call”.
He used the opportunity to congratulate Nwanosike on his infrastructural development, political and academic achievements, especially the acquisition of doctorate degree.
“Information available to us, not just us but to the public, shows that you have, just like the governor is doing, you have affected almost all the whole wards in Ikwerre Local Government. And when we look at the record, we find out that the projects you are executing are not just minor projects that will just be something that somebody will say what is this one, is it not what somebody can do? No. These are landmark projects and we want to commend you for that”, the chairman of Rumuepirikom Kingdom Council Executive avowed.
While saying that Nwanosikewas part of Rumuepirikom Kingdom, Okas-Wike encouraged him to do more in order for his name to be spoken more within and outside Rivers State.
He appealed for his financial assistance in the renovation of Rumuepirikom Kingdom Civic Centre.
Those present during the courtesy visit were the Vice Chairman of Rumuepirikom Kingdom Council Executive, Chief Raymond Owabie; the Secretary, Sir Chief AllwellEgwurugwu; the PRO, Engr. Kingdom A. Johnson; the Legal Adviser, BarristerAmadi G. Nyebuchi; the Rumuepirikom Youth President, Engr. Samuel John Amadi; amongst others.
Highlight of the visit was a tour of some projects, including the NYSC Lodge being constructed by his administration at Isiokpo.
CDC Chairman Warns On Likely Crisis In Rumuagholu
Community Development Committee (CDC) Chairman of Rumuagholu in Obio/Akpor Local Government Area of Rivers State, Comrade Amadi Okechukwu, has warned that there could be a breakdown of law and order in the community if the actions and utterances of certain individuals were not checked.
Okechukwu, who gave the hint while addressing journalists in Port Harcourt, yesterday, called on the Rivers State Governor,Chief Nyesom Wike, and security agents to call one NyegwaKiniganwo, to order to avoid breakdown of law and order in Rumuagholu.
Amadi said this had become necessary following recent radio announcement wherein Nyegwa addressed himself as Rumuagholu paramount ruler, while the matter was still pending in court.
The CDC chairman noted emphatically that Nyegwa’s actions could create serious crisis, if not checked.
Amadi said on no account should Nyegwa parade himself as a chief, let alone Rumuagholu paramount ruler.
He hinted that Nyegwa’s recent falsehood and blatant lies followed steps taken by the three communities that make up Rumuagholu to share some part of their land.
Amadi said the three communities: Rumuochukwuoke, Rumuowolu, and Rumuochukwualu, as a sign of indivisible entity, decided to work together to dispose some of their ancestral land.
The CDC chairman reiterated that Nyegwa’s action amounted to contempt of court, having been served court document to stop parading himself forthwith as a paramount ruler.
He said there was a court order instituted by Eze Bekwele Atam, stopping the accused from parading himself as paramount ruler, adding that until such orders are vacated, his actions and activities in respect of the land amounted to contempt of court.
Amadi warned the general public to desist from transacting business concerning the community with Nyegwa forthwith, and pointed out that anybody who transacted with him on behalf of the community did so at his peril.
He further hinted that such businesses should be channeled to him as the constitution empowered him as the CDC chairman to oversee the affairs of the community, including land issues.
He said Rumuagholu people were peace-loving but warned that such should not be taken for granted by Nyegwa and his cohorts, especially during this annual wrestling season which holds this week.
By: Chidi Enyie
FG Saves $300m Annually From Ban On Barite Imports
The Federal Government has said its ban on importation of Barite, an essential mineral in oil drilling, has saved the country $300million (about N195billion) annually.
The Minister of Mines and Steel Development, Mr Olamilekan Adegbite, disclosed this in Abuja at the ninth edition of the President Muhammadu Buhari’s Administration Scorecard 2015 to 2023 series organised by the Ministry of Information and Culture.
The scorecard series was launched as part of the efforts of the ministry to showcase the numerous achievements of the administration.
Presenting the scorecards of his ministry, Adegbite said the ban on barite importation was part of the efforts of the Federal Government to ensure the downstream mineral policies took effect.
“When we came into office in 2019, we realised that the oil and gas industry use barite in their oil drilling and they were importing the mineral from Morocco to the tune of $300million every year.
“We also realised that the country has abundance of barite deposits but the problem was that we were not processing it.
“So, the ministry took it upon itself as a project and in 2021, we were able to produce made in Nigeria Barite with American Petroleum Institute (API) standard.
“Now, nobody is importing barite in to Nigeria anymore saving the country $300million annually that was being spent on imports of barite to the country,’’ he said.
The minister said within a year of production, Nigeria had attained excess capacity of barite and making plans to export the mineral into places like Ghana and South Africa.
“These are places that have just discovered oil and of course they need barite as well.
“We will ensure they can get it cheaper to buy from Nigeria than to go to northern part of Africa,’’ he said.
The minister also disclosed that his ministry had discovered new minerals that they did not know existed in the country.
According to him, the minerals included nickel, cobalt chromium and tracks of lithium.
He said the newly discovered minerals were called the “Future metals’’, adding “this is where the whole world is headed’’.
The minister also disclosed that they were auctioning bitumen blocks to 26 serious investors which had shown interest in its mining.
Adegbite said the process would culminate in concession of some of the blocks to the investors which would be given fairly limited time to start producing in Nigeria.
He said the process would make the country sufficient in bitumen, lower the cost of building roads and create import substitution.
According to the minister, Nigeria has sufficient quantity of bitumen deposit in Edo, OgunOndo and Lagos states.
Rivers3 days ago
LG Boss Counts Dividends Of Democracy In Gure Community
News3 days ago
Wike, Ndu Bag Honorary Law Degrees, As RSU Graduates 4,982, Friday
Sports20 hours ago
NSF: Coach Blames Medics Over Boxer’s Death
News19 hours ago
FG Saves $300m Annually From Ban On Barite Imports
Business5 days ago
SON Plans Stiffer Penalties For Fake Products
News3 days ago
Minister Blames Incessant Building Collapse On Indiscipline
Rivers1 day ago
Community Rededicates Self To God
Agriculture20 hours ago
UN, FG Pick 13 States For Agric Scheme