News
Senate Probes Development Bank of Nigeria ,DBN
The Nigerian Senate has launched a probe into the Development Bank of Nigeria, DBN
The investigation is to unravel the unequal share of N500bn loans by the bank
A Senate adhoc committee has been set up to carry out the investigation into alleged uneven disbursement of N500bn to the six geo-political zones
A Senate resolution from a motion sponsored by Senators Ali Ndume (APC Borno South) and Ibrahim Bomai (APC Yobe South) respectively called on the bank to ensure equitable disbursement of the loan to the respective zones and expand its facilities beyond sectors already captured.
Areas considered for the loan are oil and gas (42.0%), manufacturing (16.0%), agriculture, forestry and fishery (7.2%), trade and commerce (6.3%), and transportation and storage (3.5%).
Deputy President of the Senate, Senator Ovie Omo-Agege, who presided over Wednesday sitting, named the chairman, Senate Committee on Banks, Insurance and other financial institutions, Senator Sani Musa, to head the adhoc committee while Senators Ibrahim Danbaba (North West); Ayo Akinyelure (South West); Mathew Urhoghide (South South); Ali Ndume (North East); Uche Ekwunife (South East) and Sadiq Umar from the North Central as members.
The committee has two weeks to carry out the probe and report back
Debating the general principles of the motion, Senator Ndume alleged that there exist a huge disparity and uneven disbursement of half a trillion naira loan to the six geo-political zones and states in the country in 2021 by the DBN.
He cited Lagos State as the major beneficiary with 47 percent of the total loan while the entire Northern region got 11 percent.
Ndume said: “The bank’s Annual Integrated Statutory Report 2021 obtained on 13th July, 2022 from the organization’s website, the bank was able to disburse a loan worth N483,000,000 only out of which only 11% went to the 19 states of Northern Nigeria while 47% went to Lagos State alone.
“The 11% of the loan that went to the North totals about N53,130,000,000 and that the 47% that went to Lagos State alone totals N227,010,000,000 only.”
Senator Ndume expressed concern that “the loans were given to the the six geo-political zones, where the data showed that the South West accessed the lion’s share with 57% of the total loan, which is estimated to be around N273,740,000,000 only.”
He was also worried that “the South South accessed 17% which is roughly N81,940,000,000 only the Federal Capital Territory, FCT and the North Central accessed 11% which was N53,020,000,000 only, South East accessed a paltry 9% which was roughly N43,380,000,000 only, the North West, which has 5% accessed N24,100,000,000 only, while the North East accessed only 1%, the least share of the total loan at roughly N43,820,000,000 only.”
According to him, the DBN exists to alleviate financing constraints faced by the Micro, Small and Medium Scale Enterprises, MSMEs in Nigeria through providing finance, partial credit guarantees, and technical assistance to eligible financial intermediaries on a market-conforming and fully financially sustainable.
He, however, noted that lack of awareness of the existence of the loan or even the DBN, religious belief that precludes Muslims from taking interest loans, and lack of formalization of business as most loans require that one has a registered company, corporate bank account and a good business plan have hampered the uneven disbursement.
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…..Party Rescinds Sanctions
The Peoples Democratic Party (PDP) has rescinded sanctions slammed on former governor of Ekiti State, Ayodele Fayose, and ex-Senate President, Pius Anyim, over alleged anti-party activities.
Benue Governor Samuel Ortom, Ibrahim Shema of Kastina state and other party Chieftains also sanctioned got soft landings after a crucial meeting of the national working committee of the party yesterday in Abuja
Recall that the party top shots were suspended by the embattled Iyorchia Ayu leadership over alleged anti party activities
But in a statement issued by its National Publicity Secretary, Debo Ologunagba, yesterday Thursday, March 30, the party announced that its National Working Committee,NWC, has reversed the suspension of the party’s chieftains.
Ologunagba noted that the PDP NWC also reversed Governor Ortom’s referral to the party’s disciplinary committee.
He said: “The National Working Committee (NWC) of the Peoples Democratic Party (PDP) at its meeting today, Thursday, March 30, 2023, extensively discussed recent developments in the party.
“The NWC recognised the imperativeness of a total reconciliation among party leaders and critical stakeholders for a more cohesive Party in the overall interest of our teeming members and Nigerians in general.
“Consequent upon the above, the NWC reverses the referral of the Governor of Benue State, His Excellency, Dr. Samuel Ortom to the National Disciplinary Committee.
“The NWC in the same vein reverses the suspension of the following members of our great party: H.E Ibrahim Shema (Katsina State); Ayodele Fayose (Ekiti State); Sen. Pius Anyim (Ebonyi State); Prof. Dennis Ityavyar (Benue State); Dr. Aslam Aliyu (Zamfara State).
“This decision is without prejudice to the powers of the NWC to take necessary disciplinary action against any member of the party at any time pursuant to the provisions of the Constitution of the PDP (as amended in 2017).
“The NWC charges all leaders, critical stakeholders and teeming members of our party across the country to be guided by the provisions of the PDP Constitution (as amended in 2017) as well as the new spirit and necessity of reconciliation, unity, and harmony in our party at this critical time.
“The PDP must remain focused as we continue to take every necessary action to recover the stolen mandate freely given by Nigerians to our party and presidential candidate, Atiku Abubakar, on Saturday, February 25, 2023, at the Presidential Election Petition Tribunal,” the PDP spokesperson stated.
Civil rights advocacy group, Human Rights Writers Association of Nigeria, (HURIWA), yesterday said there was nothing wrong in applying legal means to stop the inauguration of the President-Elect, Bola Tinubu on May 29, 2023 because the February 25, 2023 election that produced him is still being actively challenged in court by leading candidates in the poll.
HURIWA, in a statement by its National Coordinator, Comrade Emmanuel Onwubiko, said the so-called alarm raised by the Department of State Services (DSS) on Wednesday that some politicians are plotting an interim government should not be used as an obstacle to stop the petitions filed by Atiku Abubakar of the Peoples Democratic Party (PDP) and Peter Obi of the Labour Party (LP) challenging Tinubu’s Victory
The DSS warning followed a petition by the Minister of State for Labour and Productivity, Festus Keyamo that the DSS should invite Obi and his running mate, Datti Baba-Ahmed, over their rejection of Tinubu as the President-Elect.
Similarly, Atiku had earlier in March led a protest to the Abuja office of the Independent National Electoral Commission (INEC) to reject the result of the February 25 poll declared by the electoral umpire.
Both Atiku and Obi alleged electoral malpractices in the poll and are in court to challenge the declaration of Tinubu as President-Elect by INEC.
HURIWA’s Onwubiko said, “The Department of State Services should not rope in powerful opposition forces such as Peter Obi and Atiku Abubakar with a view to finding some frivolous charges to hang on their necks to frustrate their formidable petitions against the outcome of the February 25 presidential poll.
“The DSS must work for all of Nigeria and not work as errand boys of Tinubu and his allies who only recently made claims that some persons want to stop his swearing in. By the way, there is nothing wrong in applying legal means to stop his inauguration because the election is being actively challenged. Nothing should be used as obstacles to obstruct Obi and Atiku’s petitions.
He advised that ,“The DSS should go after arm smugglers, kidnappers, bandits and terrorists and leave politicking for politicians.”
The Nigeria Union of Journalists (NUJ), Edo State Council has felicitated with Solomon Arase, a retired Inspector General of Police on his appointment as Chairman of the Police Service Commission (PSC).
In a statement signed by the union Chairman, Comrade Festus Alenkhe, the union described the appointment as well deserved.
The union expressed optimism that Arase will bring his wealth of experience to bear in his new assignment to his father land.
The union prayed God Almighty to grant him the knowledge and wisdom to reposition the Police Service Commission for better service delivery.
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