Niger Delta
SEC Okays Delta’s N50bn Bond
Director General, Security and Exchange Commission (SEC), Dr Aruma Oteh,has expressed satisfaction with the utilisation of N50 billion bond obtained by Delta Government for major infrastructural development in the state.
Oteh made the commendation on Wednesday, in Asaba, while speaking with newsmen at the end of an assessment tour of projects executed with the bond by the Delta Government.
It would be recalled that Delta Government had in December 2011, explained that it needed the funds to fast track development in the state.
It also stated that it chose the capital market for the credit facility because it provided cheap funds and had long moratorium.
“We are absolutely impressed with what we have seen and we are very excited that the Delta State government made the decision to establish a N100-billion-share programme.
“Through that share programme, the state has already been issued N50 billion. The reason we are excited is that we could see the impact of the capital market on the transformation agenda of Dr Uduaghan.
“In Warri, we had opportunity to see a number of model schools, including one for the physically challenged citizens that was really inspirational to us,’’ Oteh added.
According to her, the strategies adopted by Uduaghan in projects execution were in line with capital market’s belief on the importance of broadening the participation of Nigerians in the economy.
She lauded the education and heath programmes of the state government, adding that they had created opportunities for the people of the state.
She said that with the newly-constructed roads and other means of transportation, the state would be opened for investments.
SEC D-G added that the governor had been able to explain what he did with the N50 billion in the areas of agriculture, roads and housing.
“So, we know that when he is ready to come back to the market for the remaining N50 billion, there are already a number of projects on ground,’’ she said.
Some of the projects visited by the SEC boss in Asaba, were Asaba International Airport, new Government House, Saint Patrick’s Model College and the GRA Model Primary School.
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