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Tag: Loan

  • Delta youths protest against fresh loan request by Gov Okowa

    Delta youths protest against fresh loan request by Gov Okowa

    Hundreds of youths in Delta State took to the streets to protest against a fresh loan request by the State Governor, Ifeanyi Okowa.

    The protesters on Monday blocked the ever-busy Effurun/Agbarho section of the East-West Road in Delta State.

    The protesters specifically warned commercial banks in the country to desist from granting additional fresh loans to Governor Okowa-led government at the peak of political activities in the State.

    The youths under the aegis of concerned stakeholders from several civil society organizations (CSOs) warned that any bank still granting loans to Okowa-led government “is doing so at their own peril”.

    They alleged that such loans were being diverted to fund political activities at the detriment of the people of the State.

    They condemned the continued “borrowing spree” by the PDP-led government, saying that there was nothing to show for the huge loans and federal allocation that the State has received in the over seven and half years of Governor Okowa’s administration.

    The protest is coming on the heels of the recent N120 billion loan request by the State Government which has been approved by the State House of Assembly.

    Armed with placards with various inscriptions, which include, “don’t mortgage Delta,” “We say no to N120B loan”, they accused Okowa-led government of mortgaging the future Deltans yet-unborn over the high debt profile of the state.

    Addressing journalists at the venue of the protest, National Youth President, Urhobo Progress Union (UPU), Comrade Kelly Umukoro, said Delta State youths reject and condemned the recent loan by the state government.

    According to him, “We have seen that the present state government wants to sell us for the future of their children and themselves. You have few months to leave government, and you are borrowing another N120 billion.

    “Is it that we are sponsoring Okowa’s ambition to be vice president of Niger with Delta state money? Did we have any meeting as Deltans to say we want to use our treasury to sponsor Gov. Okowa who has not been able to improve the lives of Deltans?

    “No infrastructure, for eight years you have been able to do one flyover and you are celebrating it. What does he need this money for? The answer is simple, he needs it to oil his vice presidential ambition.

    “As critical stakeholders, we are saying no, never. We are saying our children cannot pay debt that was not used by their fathers. Okowa should have pity on us. Delta owns a State University in Abraka, school fee was increased. Delta state university is like a private university where students pay N250,000.

    “With all the ways of getting money, the governor is still interested in taking more loan. As Deltans we are saying any bank that gives loan to Okowa is doing that on their detriment. If they are doing giveaway, they should make it clear.

    “We are not going to pay. We are demanding that banks should not give Okowa anymore loan because the money in his coffers, he has not been able to use it judiciously”.

    Also speaking, the National President of the Committee for the Defense of Human Rights (CDHR), Prince Kehinde Taiga, lamented the underdevelopment of the state despite the huge borrowing by the present administration.

    Taiga wondered why Delta will to borrow despite huge allocations to the state as well as internally generated revenues when there’s nothing to show in the state.

    Another protester, Onoriode Emmanuel, expressed dissatisfaction with the level of development in the state, noting that despite the huge loans collected, there are no tangible projects to show.

    He described the Delta State House of Assembly of being rubber stamp, as they easily approve every loan sought by the state executive.

    However, the state government through the commissioner for information, Mr. Charles Aniagwu, said the loan recently approved by the State House Assembly was not a fresh loan.

    Aniagwu explained that it was only N20 billion from N120 billion that was approved by the legislature that is a fresh loan, saying the previous loan arranger pulled out of the earlier arrangement.

    He added that the loans were tied to specific projects which will engender rapid development in the state.

  • COVID-19 vaccines: World Bank approves $474m loan to S.Africa

    The World Bank on Tuesday approved a loan of 454.4 million euros (474.4 million dollars) to help South Africa fund COVID-19 vaccine purchases.

    The bank and South Africa’s National Treasury in a statement said South Africa has recorded the most coronavirus cases and deaths on the African continent, with over 3.9 million confirmed cases and more than 101,000 deaths.

    It initially struggled to secure vaccines due to limited supplies and protracted negotiations, but it was now well-supplied with doses.

    “This project will retroactively finance the procurement of 47 million COVID-19 vaccine doses by the GoSA (Government of South Africa),” the statement said.

    Ismail Momoniat, acting director-general of the Treasury said the loan was part of government efforts to cut debt-service costs by using cheaper funding sources in its response to the pandemic.

    As of Monday, just over 50 per cent of South Africa’s adult population of around 40 million people had received at least one vaccine dose.

    In recent months the vaccination campaign has slowed, despite efforts to boost take up.

  • Abramovich rejects UK government claims over £1.5bn loan

    Abramovich rejects UK government claims over £1.5bn loan

    Chelsea owner Roman Abramovich has rejected claims from inside the UK government regarding his £1.5bn loan to the club.

    PA Sport reports Abramovich expects his loan to Chelsea to be frozen when the club’s sale is carried out.

    Fears are thought to have been raised in the UK government that Abramovich could insist on his loan being repaid, which could jeopardise the entire sale process.

    Russian-Israeli billionaire Abramovich is understood to have been advised that the UK government sanctions against him block his plans to write off Chelsea’s debt.

    The 55-year-old pledged to wipe out his loan to Chelsea when confirming he had put the Stamford Bridge club up for sale on March 2, amid Russia’s invasion of Ukraine.

    Downing Street imposed sanctions on Abramovich on March 10, claiming to have proved the business magnate’s links to Russian president Vladimir Putin.

    The terms of those sanctions have left Chelsea’s parent company Fordstam Limited frozen, with the Blues operating under a special Government licence.

    And now Chelsea’s long-term owner expects his loan to the club to be frozen when the sale is completed.

    Abramovich vowed to create a new charitable foundation and donate all the proceeds of Chelsea’s sale to aid victims of the war in Ukraine when initially putting the Blues up for sale.

    The Government is likely to divert the sale proceeds to charitable causes, but Downing Street chiefs could yet also freeze those funds.

    Chelsea’s sale needs to be completed by May 31, when the Government’s special licence expires.

  • Delta Assembly approves Okowa’s request for N150bn credit facility

    Delta Assembly approves Okowa’s request for N150bn credit facility

    The Delta State House of Assembly on Tuesday approved a request by Gov. Ifeanyi Okowa for a bridging finance facility of N150 billion in favour of the State government.

    Governor Okowa’s request was contained in a letter which was read at plenary of the assembly by the Speaker, Chief Sheriff Oborevwori in Asaba.

    Okowa said: the requested credit facility which has Zenith Bank PLC as the “lead arranger, would be principally tailored toward defraying arrears of unpaid certificates earned by contractors with respect to completion of some critical ongoing legacy projects awarded by past and present administrations in the state.

    The governor also said that part of the loan would be tailored toward taking care of outstanding pension commitments to the state and local government areas pensions in the contributory pension scheme, amounting to N20 billion and N10 billion respectively.

    “The speaker and members of the state house of assembly, I wish to inform you that the state is expecting refund from the Federal Government, being Petroleum Subsidy Payments made without recourse to the 13 per cent derivation due to oil producing states from January 1999 to Nov. 30, 2021.

    “Delta state’s portion in this regard amounted to N270.6 billion.

    “Bearing in mind the administration’s resolve to finish strong, it is necessary for the state to capitalise on the refund to defray arrears of unpaid certificates earned by contractors with respect to completion of some critical ongoing legacy projects awarded by past and present administrations” the governor said.

    Consequently, the motion for the approval of the credit facility was moved by the Majority leader of the assembly, Chief Ferguson Onwo.

    The motion which was unanimously adopted by the house of assembly when put to a voice vote by the speaker, was seconded by the Chief Whip, Mrs Pat Ajudua.

  • Wema Bank debunks N1.7 billion money laundering claim

    Wema Bank debunks N1.7 billion money laundering claim

    Wema Bank Plc has debunked a money laundering and bribery allegation to the tune of N1.7 billion currently circulating in sections of the media.

    Wema Bank stated categorically that there is no merit in the report, stressing that it is a malicious publication against members of staff and the bank’s customer.

    According to a statement released by the bank, allegations are being peddled by an aggrieved 3rd party, who voluntarily released his property to be used as part of the collateral to secure a loan obtained by the bank’s customer.

    The statement reads: “The attention of the Bank has been drawn to recent reports in the media on money laundering and bribery allegations on certain customer’s transaction. The publication went ahead to mention the names of certain Wema Bank management staff to be allegedly involved in the said transaction.

    “The Bank wishes to state categorically that there is no merit in the article, and it is a malicious publication against members of our staff and the Bank’s customer.

    “The said allegations are being peddled by an aggrieved 3rd party, Timi Popoola, who voluntarily released his property to be used as part of the collateral to secure a loan obtained by the Bank’s customer.

    “Specifically, on Tuesday March 15, 2022, the case no. MIK/B/6/2022–Commissioner of Police vs. Adewole Isaac & Kingsley Ananwude, for alleged stealing and money laundering involving N1.7billion was struck out by Magistrate A.O. Layinka (Mrs.) of the Magistrates Court, Ikeja and the defendants discharged following the Legal Advice from the Office of the Director of Public Prosecution (DPP), Lagos State that no prima facie case has been established against the defendants.

    “We urge the general public to ignore the false information being circulated. The Bank has already engaged its solicitors to institute appropriate legal action”.

  • FCCPC comes hard on Online Money Lenders, institute criminal prosecution against them

    FCCPC comes hard on Online Money Lenders, institute criminal prosecution against them

    The Federal Competition and Consumer Protection Commission (FCCPC) says it will proceed to institute criminal prosecution against any digital money lender whose conduct is in violation of extant laws.

    Mr Babatunde Irukera, the Executive Vice Chairman of the FCCPC, said this in a document signed on behalf of the Joint Regulatory Task Force (JRTF) addressing ‘loan sharks’ in Abuja on Monday.

    Irukera said the Commission would also hold employees, collaborators or agents of money lenders accountable in line with extant laws in the event of any conduct violation.

    He disclosed that some money lenders under investigation and whose accounts were frozen had approached the Commission and expressed the desire to cooperate with the FCCPC.

    ”As a condition to acceptance into the cooperation framework, some of the moneylenders have been required to desist from contacting, including by text messages, people on contact lists/third parties of borrowers or defaulters.

    ”They are also required to discontinue further abusive, coercive and inappropriate language in communication with loan defaulters or borrowers.

    ”To also provide a mechanism for transparency regarding loan repayment fees, default or late payment charges as well as interest calculation to the Commission.

    ”The mechanism must include an open, accessible and responsive feedback and dispute resolution framework that complies with fair lending and loan recovery principles.

    ”The Commission reserves the prerogative to proceed in any manner consistent with prevailing law including but not limited to criminal prosecution of any digital money lender, its employees, collaborators or agents, whose conduct is in violation of extant law,” he said.

    The Commission also commended consumers for diligent cooperation in providing vital and meaningful information that had so far assisted the Commission’s investigations.

  • Delta Assembly approves Okowa’s N12bn loan request

    Delta Assembly approves Okowa’s N12bn loan request

    The Delta House of Assembly has approved Gov. Ifeanyi Okowa’s request for N12 billion bridging finance facility for the state.

    The approval was sequel to a motion moved by the Majority Leader of the Assembly, Chief Ferguson Onwo, during plenary on Tuesday in Asaba.

    Okowa, through a letter read by the Speaker of the State House of Assembly, Chief Sherriff Oborevwori, requested for the approval of the Assembly for the facility.

    Okowa said the state was expecting a bridging finance credit from the Central Bank of Nigeria (CBN) to cushion the effect of resumption of repayment of the Federal Government’s intervention facilities on the expiration of the forbearance period.

    “This bridging finance sum is to be received in six equal consecutive monthly instalments of N3.037 billion.

    “The House may further note that in a bid to defray arrears of unpaid certificates earned by contractors with respect to completion of some critical ongoing legacy projects awarded by this administration.

    “This will also help the state take advantage of the subsisting dry season to galvanise contractors toward completing and achieving significant milestone in the ongoing projects.

    “This became necessary to secure bulk funds at minimal costs, pending complete receipts of the Federal Government Nigeria(FGN) bridging finance credits in May 2022,” Okowa said in the letter.

    He said the state’s Executive Council at its first meeting on Jan. 20, 2022, considered and approved the request of state government to obtain N12 billion bridging finance facility from Zenith Bank Plc, against the expected FGN-CBN monthly inflows.

    According to Okowa, the purpose of the letter is to seek authorisation of State House of Assembly, for the state government to accept and utilise the loan facility from Zenith Bank Plc with terms and conditions.

    Also, to issue an appropriate Irrevocable Standing Payment Order (ISPO) to defray the loan.

    Consequently, the Majority Leader moved a motion for the approval of the governor’s request and the motion was unanimously adopted by the Assembly when it was put to a voice vote by the Speaker.

    Meanwhile, the Assembly on Tuesday received a bill for a law to provide for the collection and processing of data of persons commuting in public/commercial transport within, into and out of Delta.

    The House also received a bill for a law to repeal the Delta Development and Property Authority Law, 1960 and re-enact the Delta Development and Property Authority Law to exercise the functions of property development authorities.

    The bill for a law to repeal and re-enact the waterways tax, control and licensing of boats law was also received by the Assembly.

    The three bills were sent through a letter by Governor Okowa.

  • Assembly to invite Anambra Commissioner over N1.5bn loan

    Assembly to invite Anambra Commissioner over N1.5bn loan

    The Anambra House of Assembly says it plans to invite Mr Nnamdi Onukwuba, the state’s Commissioner for Agriculture, to explain the utilisation of the Central Bank of Nigeria (CBN) N1.5 billion loan by the State Government.

    Mr Ebele Ejiofor, the Chairman, House Committee on Economic Planning , Sustainable Development Goals and Donor Agencies, stated this after leading his committee on an oversight tour of some project in the state.

    Ejiofor expressed dissatisfaction with the quality of work done by the contractors at the 600 fish ponds, hostel blocks and farm houses.

    The projects were located in Aguleri and Adazi Nnukwu communities in Anambra East and Aniocha Local Government Areas (LGAs) of the state.

    He also threatened that the lawmakers might ask the government to revoke some contracts due to slow pace of work as well as poor quality of work done by the contractors.

    “In Adazi Nnukwu, only 150 fish ponds had been done and the project was not properly executed.

    “The 50-bed hostel in Aguleri is still at the foundation level, while there is nothing to show that this amount of money has been released.

    “I think we will invite him to come and explain some of these things,” he said.

  • Roma make loan cash offer for Arsenal midfielder

    Roma make loan cash offer for Arsenal midfielder

    Serie A club Roma have made a move for Arsenal midfielder Ainsley Maitland-Niles.

    The Daily Mail says Roma have offered a six month loan deal for Maitland-Niles with the prospect of the transfer becoming permanent for £8.4million.

    Jose Mourinho’s club held discussions last week and have stepped up negotiations with an offer as they look to secure the 24-year old’s signature next week.

    Maitland-Niles was frustrated to see a move to Everton fall through in the summer after Arsenal blocked the transfer and has been keen to play regular football.

    Roma are offering a loan fee of around £600,000.

    Maitland-Niles has found game time hard to come by at the Emirates this season despite being blocked from leaving back in the summer.

  • Lagos Assembly approves Sanwo-Olu’s N18bn loan request

    Lagos Assembly approves Sanwo-Olu’s N18bn loan request

    The Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s request for approval of the bridging facility loan offered by the Federal Ministry of Finance, Budget, and National Planning to facilitate the speedy completion of the Regional road and Lekki-Epe Expressway project.

    The House which is currently handling budget defence by MDAs recently called for a plenary to grant the governor’s request.

    In furtherance to the request, the House granted the approval for the sum of ₦3,750,000,000.00 for the Regional road project and the sum of ₦15,000,000,000.00 for the Lekki-Epe Expressway project respectively, totaling to the sum of ₦18,750,000,000.00.

    Speaking on the report, Hon. Rotimi Olowo, Chairman, House Committee on Finance, submitted that the interest rate is 5% in the first two years and 9% in subsequent years, giving it a two-year moratorium.

    Lending his support on the approval, Hon. Setonji David noted that the loan is a single digit with a repayment period of 30 years under which the project will drive sustainable economic growth and development in the State.

    Other lawmakers in support of the request commended the State Government proactiveness, saying that it will bring immense infrastructural benefits to Lagos State.

    The Speaker, Rt Hon. Mudashiru Obasa directed the Acting Clerk of the House, Mr. Olalekan Onafeko therefore sent a clean copy of the approval to Governor Sanwo-Olu.