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The Delta State House of Assembly (DTHA), has approved a request by the State Governor, Senator Ifeanyi Okowa, for an offer of a banking facility to the tune of N25 billion.
The credit facility which would be sourced from First Monument Bank PLC, according to the Governor’s letter conveying the request as read at Tuesday’s plenary by the Speaker of the State Assembly, Rt Hon Sheriff Oborevwori, would be tailored towards oil palm development in the state.
According to the Governor’s letter, the oil palm development, proposed to sit on a capacity of 17,345.5 hectares, is in line with the state government’s participation in the ongoing Central Bank of Nigeria (CBN) oil palm development initiative.
The letter reads in part; “The Honourable Speaker and Members of the Delta State House of Assembly may wish to recall as part of Delta State’s participation in the ongoing Central Bank of Nigeria (CBN) oil palm development initiative programme, the House via a reference DTHA/TD/Volxx/23 dated November, 2021, approved for the state government to accept a cumulative bridging finance at an all-in rate of 15 per cent per annum from First City Monument Bank limited or any other commercial bank willing to accede to the approved terms and conditions of DELCO COOP.
“The essence is to enable DELCOM COOP defray the monthly interest during the first one year moratorium on the facility pending receipt of the proceed from cassava intercrop.
“The Honourable House may wish to note that First City Monument Bank PLC has presented an offer of N25 billion loan for the development of 17,345.5 hectares of Oil Palm in tye first phase” the Governor said in the letter read by the Speaker, Rt Hon Sheriff Oborevwori.
Motion for the approval of the Governor’s request was moved by the Majority leader of the State Legislature, Hon. Ferguson Onwo just as it was seconded by the Minority Leader, Hon. Innocent Anidi even as it was unanimously adopted by the House following a voice vote called by the Speaker, Rt Hon Sheriff Oborevwori.
Also at Tuesday’s Plenary, the House received two separate Bills forwarded to it by the State Governor, Senator Ifeanyi Okowa.
The letters conveying the Bills which include; A Bill for a law to improve the administration if Justice by prescribing fair and transparent procedures for State administrative agencies to propose and issue regulations and, A Bill for a law to repeal the arbitration law 1918, Cap A13 Laws of Delta State and to Enact the Arbitration, pursuant to an arbitration agreement; to make other provisions relating to arbitration and arbitration awards; and for connected purposes, was read at Tuesday’s Plenary by the Speaker, Rt Hon Sheriff Oborevwori.
Also at Tuesday’s Plenary, the House received a letter from the State Governor, Senator Ifeanyi Okowa nominating three persons, Bashorun Askia Ogieh, Hon. John Nani and Hon. Daniel Mayuku for appointment into the Delta State Oil Producing Areas Development Commission (DESOPADEC)
The nominees were, however screened and confirmed for the appointments as Managing Director and Executive Directors of the Commission.
The House adjourned plenary to Tuesday, next week.