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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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News
Press Release : Okpebholo Denies Sacking Civil Servants As Alleged By PDP
The statement issued by the factional chapter of the PDP in Edo is a joke taken too far. The PDP is yet to recover from the crushing defeat it suffered during the 21st September governorship election in Edo State.
Governor Monday Okpebholo, since his inauguration on Tuesday, has since hit the ground running and trying to fix the mess created by the immediate-past MoU governor of Edo State, Godwin Obaseki.
For the records, the statement released on Wednesday by the Governor of Edo State, Senator Monday Okpebholo, did not sack any civil servants. Besides, no Governor sacks civil servants through a media pronouncement.
Those asked to go were appointees of the last administration in the State. The factional PDP in Edo State is ignorant, and its members need to be gainfully engaged.
Anyone in the State’s civil service that is an appointee has nothing to fear. But if you are a product of the last MoU government and appointed by Obaseki, the rule of law must stand.
Signed:
Fred Itua,
Chief Press Secretary to Edo State Governor
News
Edo Gov Directs Police Commissioner To End Cult Clashes Within 48hrs
…….Bans Drivers Welfare Association, Network Empowerment
Edo State Governor, Senator Monday Okpebholo, on Thursday, directed the state Commissioner of Police to halt the violent cult clashes in the State within 48 hours.
The Governor also banned Drivers Welfare Association and Network Empowerment in the State, in a statement signed by Fred Itua,
Chief Press Secretary to the Governor
He directed the Commissioner of Police to instruct his officers and men across the various formations to immediately swing into action and halt the unnecessary bloodbath.
On Wednesday, the Governor had ordered the immediate and indefinite suspension of collection of all revenues in Edo, especially in motor parks and others, until further notice
The Governor had noted that he would review the issues surrounding the collections soon and decide on the way forward.
“As the Governor of Edo State, cultism can not be allowed here. We must end it and very fast too. I have ordered the Commissioner of Police to halt the madness within 48 years. All those involved in the killings should be stopped.
“Some associations that are causing trouble in the State, especially in Benin City, cannot be allowed to operate here. They all remain banned, and the Commissioner of Police must ensure that his men carry out this instruction by giving teeth to this ban
“Edo must be safe. That was one of my key priorities during the campaigns, and I plan to ensure that we restore it at all costs. We will not fold our arms and allow them to create unnecessary tension,” the statement read.
News
Gov Okpebholo Orders Immediate Freezing Of State Bank Accounts
……..Abolishes Roads and Bridges Ministry, Reverts to Ministry of Works
Governor Monday Okpebholo of Edo State, on Thursday, ordered the freezing of all State-owned bank accounts with immediate effect, until further notice.
The Governor has also warned commercial banks, heads of Ministries, Departments and Agencies (MDAs) to comply with the order immediately without any delays.
In a statement signed by
Fred Itua, Chief Press Secretary to Edo State Governor, Okpebholo warned that anyone, including heads of MDAs and civil servants who flout the order will be severely punished.
“All bank accounts in all the commercial banks have been frozen. Commercial banks must comply with the order and ensure that not a dime is taken out of the confers of Government until there is a further notice.
“Heads of Ministries, Departments and Agencies must comply with this order and ensure that there is a full compliance without any further delays.
“After the necessary investigations and reconciliations, the Governor will do the needful and decide on the way forward. For now, this order stands,” the statement read.
In the meantime, the Governor has asked the relevant Government agencies to reverse the Ministry of Roads and Bridges to the Ministry of Works. The reversed infamous name was conceptualised during the administration of Godwin Obaseki.
Governor Okpebholo, said since no bridges or good roads were constructed by the administration of Obaseki, it is therefore absurd to maintain such a name.
The Governor, has therefore ordered relevant government agencies to implement the new order and immediately reflect the new name.
“It is funny how you can call a Government institution Ministry of Roads and Bridges. Ironically, no single bridge was built by the same administration. Not even a pedestrian bridge.
“In the coming days, we will look at more actions taken by the previous administration and more decisions will be taken that will be done in the best interest of the State,” the statement concluded.
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