REGULATION and INVESTMENT review -

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23 févr. 2014 (il y a 3 années et 5 mois)

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A bi
-
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A & E Law Partnership
,

a
Nigerian regulatory, compliance and investment advisory law
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REGULATION and INVESTMENT review
-

Insights on I
nvestment Opportunities in Nigeria



Guaranty Trust Bank
acquires Kenya’s Fina
Bank




Guaranty Trust Bank (GTB),
a Nigerian bank has acquired
70 per cent of Kenya’s Fina
Bank, Prof Njuguna Ndung’u


governor of Central Bank of
Kenya (CBK)


who confirmed

this further stated that, the
approval for acquisition took
effect from November 8, 2013
and the resulting institution
shall be called Guaranty
Trust Bank Kenya Limited.”
Earlier this year, GTB joined
the United Bank of Africa and
Eco Bank to expand into
the
Kenya with its board of
directors approving the
majority takeover of Fina
Bank at an estimated $100
million.


GTB Chief Executive, Segun
Agbaje, who had earlier said

NASENI to partner
with Chinese Firm to
Build 3 Power Plants
in Nigeria


Nigeria’s National
Agency for Science and
Engineering
Infrastructure (NASENI)
has partnered with the
China Great Wall
Industry Corporation to
build three power
plan
ts estimated at
$171 million. The deal
aims to aid the Nigerian
agency in its equipment
and tools
manufacturing drive
and to also increase
electricity supply in
Nigeria. Two of the
plants would be for
manufacturing
transformers and solar
cells while the th
ird
would be a high voltage
testing laboratory. The

THREE
OUTSTANDING
PERSONALITIES by
Chienye Nne
nna
Chukwu


On the 11
th

of
December 2013, the
human rights
community in Nigeria in
collaboration with the
Pan African Lawyers
Union, Open Society
Foundations (OSF),
Nigerian Bar
Association Human
Rights Institute
(NBAHRI) and the
National Human Rights
the lender “will enter East
Africa through a multi
-
country
and scalable platform”,
con
firmed the takeover,
adding that it was part of the
bank’s effort to benefit from
the region’s booming
economies. GTB has
operations in Cote d’Ivorie,
Gambia, Ghana, Liberia and
Sierra Leone, and has over
200 branches in Nigeria.
Considered as one of the
m
ost profitable banks in
Nigeria, GTB in 2010 was the
third place behind

Zenith
Bank

and First Bank and in
2011 became the biggest
bank in the country by market
capitalisation.



$1.3bn approved For Deep
Seaport in Lagos, Nigeria

Nigeria has approved the
sum of N200 billion
($1.354bn) for the
development of the Lekki
Deep Seaport in Lagos, the
country’s commercial nerve
centre. The project which will
be implemented through a
Public Private Partnership
(PPP) arrangement is
expected to be Nigeria’s first
dee
p seaport since
independence and it is also
expected to put end to the
present congestions at
various ports in the country,
especially the Apapa Port in
NASENI Executive
Vice
-
Chairman and
Chief Executive Officer,
Dr. Mohammed
Haruna, said the three
plants were aimed at
transforming the
electricity sector. He
further said that. “In the
present dispensation

of
privatisation of the
power sector, NASENI
has a major role
because of its human
capacity and potential
to infuse endogenous
technical capacity,
research and
development, power
equipment and
technology, products
development for
generation and
distributi
on aspects of
the power sector.


On the funding of the
project, Haruna said
the Chinese
government will provide
85 per cent of the fund
through a loan from the
Chinese Development
Bank (CDB) while the
Federal Government of
Nigeria will provide 15
per cent
of the funding.
He explained that the
funding arrangement
emanated from the
Memorandum of
Understanding entered
into between the
Nigerian and Chinese
Government when
President Goodluck
Jonathan visited China
in July 2013.


Haruna
said the financial
details

of the loan were
being worked out with
the Ministry of Finance
while the technical
details of the plants
were being analysed
Comm
ission organised
a reception and award
dinner at Rockview
Classic Hotel, Abuja in
honour of three Nigeria
women who have made
huge and tremendous
contributions in support
of the protection of
human rights within and
beyond Nigeria.


These amazons are
Mrs D
upe Atoki, Mrs
Maryam Uwais and Mrs
Boma Ozobia, who was
represented by Mrs
Ozioma Izuorah, Vice
Chair NBA Unity
Branch Abuja.

Mrs
Dupe Atoki attended
Federal Government
College, Ilorin,
graduated from the
Ahmadu Bello
University, Zaria and
was admitted in
to the
Nigerian Bar in 1978.
An alumnus of the
Washington College of
Law and Oxford
University was also a
former member of the
Governing Council of
the National Human
Rights
Commission....
Read
M
ore


Naira strengthens
against dollar as CBN
sells $299.9m

Lagos. A debt finance
structure will be used to fund
$800 million of the project
cost while the balance

of
$554.5 million would be
contributed by equity,
Nigeria’s Minister of
Transport, Senator Idris Umar
said. He explained that the
Federal government will
contribute 20 percent equity;
Lagos State Government
18.5 percent; while the
private investors contri
bute
61.85 percent. He added that,
“council approved the
issuance of a Guarantee to
cover financial obligation of
the NPA to pay compensation
in the event of expropriation,
war, civil disturbance, breach
of contract and other event of
default as per the co
ncession
agreement for the
development of the port, as
$800million out of the project
cost is to be funded through
debt financing while the
balance of $554.5million
would be contributed by
equity.


The Lekki Deep Seaport is
designed to handle the
largest v
essels in the world
and would cover an area of
90 hectares with room for
expansion and 6 KM in length
which will be dredged by the
contractors. The width of the
Chanel leading to the port is
put at 200 meters to be
dredged to a depth of 17.5
meters, with a

width of 300
meters making it the deepest
in the West Africa. The port
would create over 162, 000
jobs and help to facilitate the
de
-
congestion at the various
ports built initially to handle
60,000 metric tonnes but
which are now handling over
100,000 met
ric tons per
annum. When completed, the
port will be able to hold 4
with officials of the
CGWIC. NASENI built
pole
-
mounted
transformers, 15KVA
stabilizers and
415/220V transformers
currently in use
in
NASENI and by other
clients. It plans to set
up an assembly plant in
Kogi State with the
state government
having a stake in the
project.


FCMB signs $150m
syndicated term loan
facility

First City Monument
Bank Limited (FCMB)
has signed a $150
million
senior
unsecured term loan
facility with
Commerzbank
Aktiengesellschaft and
Standard Chartered
Bank, acting as Initial
Mandated Lead
Arrangers and Book
runners. The
transaction marks
FCMB’s debut facility in
the syndicated loan
market. The facility,
which
was pre
-
funded
by Commerzbank AG
Data from Financial
Markets Dealers
Quotations (FMDQ)
have indicated that the
naira on the 10th of
December 2013 firmed
up against the US
dollar gaining 50 kobo
at the Nigeria Interbank
Foreign
Exchange
(NIFEX) market as it
closed at N158.26/$
compared to
N158.77/$, the
previous day. At the
foreign exchange (FX)
market, the naira
strengthened against
the dollar gaining
N0.39k as it closed at
N158.30/$ as against
N158.69/$, the
previous day. Analy
sts
are of the view that
naira appreciation at
both markets may be
as a result of enhanced
dollar supply from the
Central Bank of Nigeria
(CBN), as well as inflow
from Diaspora
Nigerians as they
return for the Christmas
festive celebration.


Diamond Bank

boost
million tonnes of cargo, said
the country’s Information
Minister, Labaran Maku.


Also, the Nigerian Ports
Authority (NPA) is expected
to earn over $9.3 billion made
up of $2.6 billion from

marines’ services and royalty
and $6.7 billion from share of
profits from the investments,
over the 45 years. Nigeria’s
Transportation Minister,
Umar, said other economic
benefits include the ripple
effects of operation of the
port from Custom charges
and

other economic benefits,
which will not be less than
$379 billion over the period of
45 years. He also said that
the port would automatically
revert to the Federal
Government at the end of the
concession period. The Lekki
Ports LFTZ Enterprise is
expected

to be completed by
2017. It would operate the
seaport for 45 years under
the concession agreement
dated April 21, 2011. Nigeria
is also in the process of
developing additional port
infrastructure, particularly the
deep sea port in Akwa
-
Ibom
State.


Dang
ote Sugar Assures
Shareholders

The new Managing Director
and Standard
Chartered Bank, was
launched at
$100,000,000 and
subsequently increased
following a highly
successful general
syndication phase.
Proceeds of the facility
will be used towards oil
and gas and general
lending pur
poses.
Standard Chartered
Bank will act as the
facility agent.


Mainstreet Bank
appointed as
collecting bank

Mainstreet Bank
Limited has been
appointed the collecting
bank nationwide for the
Nigerian Social
Insurance Trust Fund in
line with the Employee
Compensation Act
benefits. This came on
the heels of the Federal
Government’s
determination to halt
the disturbing trend of
non
-
compensation of
employees involved in
workplace accidents.
The NSITF, by this
appointment,
empowers Mainstreet
Bank to receive
r
emittances under the
NSITF Employee
Compensation Act
scheme from
employers of labor
(both public and private
sector organisations) at
any Mainstreet Bank
branch nationwide.

SMEs growth

Diamond Bank Plc has
announced the
completion of its
financial literacy
training for artisans,
which is aimed at
boosting the growth of
the Micro Small and
Medium Scale
Enterprises in the
country. The scheme,
according to the bank,
is a
Corporate
Sustainability
Responsibility initiative
by the bank, and
organized in
collaboration with the
Lagos State
government. The bank
said the training
provided artisans and
small business owners
with basic information
on how to start, nurture
and grow
their
businesses. The bank
said beneficiaries were
enlightened on how to
translate their skills into
profitable businesses,
register their
businesses, raise
capital, access loans
from financial
institutions and reach
target markets.


NMRC to reduce
lendi
ng rate

The Federal
of Dangote Sugar Refinery
(DSR) Plc, Mr. Graham Clark
has said that he would bring
his experience in sugar
business to bear and deliver
returns that will meet
stakeholders’ expectations.
Clark, who h
as experience of
30 years in the African sugar
industry, was the MD of Illovo
Sugar Limited, Africa’s
biggest sugar producer, with
operations in six African
Countries, before joining DSR
recently. Speaking to
journalists in Lagos on his
plan for DSR, he sa
id working
with the board, management
and other members of staff of
the company, its position as a
leading sugar company would
be consolidated in the
market.


UN, Canada donate 6.2m
dollars maternal health
commodities to Nigeria

The UN Population Fund
(U
NFPA) and Canada have
donated maternal health
commodities and medical
equipment worth about 6.2
million dollars to the Federal
Government of Nigeria. In a
statement made by Mrs Kori
Habib, Press Officer, these
items will be formally handed
over to the Nati
onal Primary
Health Care Development
Agency (NPHCDA) for further
distribution to other health
service centres already
benefiting from the Midwives
Service Scheme and SURE
-

First Bank Nigeria
Heritage Fund Pays
N10 Dividend

Unit holders in FBN
Heritage
Fund are
happy as the fund on
the 10th of December
2013 paid its first
dividend for the year
ended March 31, 2013.


The heritage fund,
which offers investors
superior medium
-
to
-
long term earnings by
investing in a
diversified portfolio of
equities, bonds a
nd
treasury bills, was
created in April 2008.

Government’s Nigeria
Mortgage Refinance
Company (NMRC) will
reduce the interest rate
on mortgage loans by
commercial banks to
about 13 per cent from
between 18 and 22 per
cent, the Mortgage
Banking Association of
Nigeria has said. The
N
MRC, which was
inaugurated by
President Goodluck
Jonathan on the 12th of
December 2013 is a
Federal Government
Public
-
Private
-
Partnership initiative
aimed at reducing the
cost of mortgage
lending by providing
liquidity to fund housing
development.


Norwa
y to invest
$40bn on trade with
African countries

Mr. Svein Jensen, a
Norwegian
businessman and a
Managing Director of
PT Trading Ltd has
said that Norway had
earmarked about 40
billion dollars for
investment on trade in
Africa. According to
him, Norway is

controlling the world’s
largest investment fund
of about 800 billion
P in six focal states namely
Lagos, Kebbi, Cross River,
Kaduna, Adamawa and
Ebonyi.


It said the UNFPA’s
intervention was a
demonstration of government
and development partners’
commitment to scale up
access to life
-
saving
commodities that would
reduce maternal mortality. In
the statement made by Ms
Victoria Akyeampong,
UNFPA Resident
Repr
esentative, the
commodities to be presented
included Magnesium
Sulphate for managing
eclampsia in pregnancy,
Oxytocin drugs for prevention
of Postpartum Haemorrhage,
contraceptives, antibiotics
and medical equipment such
as Resuscitation Tables,
midwifery
kit, Abdominal
Retractors, Autoclaves for
sterilisation of surgical
equipment and surgical
gowns.


Ogun, Malaysia to partner
on agriculture

Governor Ibikunle Amosun of
Ogun State has declared its
readiness to partner with the
Malaysian government to
reva
mp the state’s
agricultural sector.


This he
said when he received a
delegation of the Malaysian

Biometrics as a
Game
-
changer for
Financial Inclusion

The Central Bank of
Nigeria (CBN)
Governor, Mallam
Sanusi Lamido Sanusi,
has said the proposed
biometric authentication
of banks ' customers,
point of sal
e (PoS)
terminals and
automated teller
machines (ATMs) will
be one of the game
-
changers for financial
inclusion in the country.
He also noted that this
policy which is
expected to commence
in 2015 would enhance
credit to the poor.
Speaking at the
opening o
f a forum
titled: “Promoting
Global Financial
Inclusion: Overcoming
Key Barrier through
Public
-
Private
Collection,” Sanusi said
the central bank would
launch the second
phase of the biometric
system contract by
February 2014 to link
all financial instituti
ons
dollars and is now
discussing to invest
through our investment
fund; about 40 billion
dollars in renewable
energy, gas, oil, trade
and tourism investment
in Africa which Nigeria
might be
nefit from by
virtue of its business
orientation.


Oando signs N1bn
pact with Germany to
boost LPG usage

Oando Marketing Plc, a
downstream petroleum
marketing company,
has recorded another
feat in its commitment
to switch the nation to
cooking gas. The
c
ompany’s unrelenting
efforts at having the
country embrace the
use of cooking gas got
a boost as it signed an
agreement with KFW, a
German government
-
owned development
bank based in
Frankfurt, to invest €5
million (over N1bn) to
further enhance
availabilit
y of cooking
gas to low income
earners in the country.
The agreement was
Ministry of Agriculture and
Agro
-
based Industry led by
the Secretary
-
General of the
ministry, Dato Mohammed
Hashim Abdullah in his Oke
-
Mosan, Abeokuta office.
Amosun assured his visitors
that his government would
get all the stakeholders of
agriculture to be part of the
collaboration in order to tap
from their experience to
improve agricultural
development in Ogun state.
The delegation leader,
Abdullah said that

the
Malaysian government was
also ready to collaborate with
the state government through
a reputable agricultural
private firm, Marditech
Corporation, while officials of
the Ministry of Agriculture
would coordinate the
collaboration.


In a presentation ma
de at the
meeting, the Chief Executive
Officer of Marditech
Corporation, Mr. Anas Ahmad
Nasarudin said that the
company was into
processing, packaging and
distribution of agricultural
products in many countries
across the world. He added
that the company w
as
collaborating with Ondo and
Kano states in the area of
rice production and food
processing. Areas of
collaboration between Ogun
State and Malaysian
government include rice
production and processing,
oil palm production, cassava
production and processing
,
establishment of
greenhouses for tomatoes
and pepper production and
the establishment of model
farm estates.

to a central data
system to resolve the
problem of customer
identification which had
long being a barrier to
lending to the poor.The
Central Bank of Nigeria
(CBN) Governor,
Mallam Sanusi Lamido
Sanusi, has said the
proposed biometric
authentication of
banks
' customers, point of
sale (PoS) terminals
and automated teller
machines (ATMs) will
be one of the game
-
changers for financial
inclusion in the country.
He also noted that this
policy which is
expected to commence
in 2015 would enhance
credit to the
poor.
Speaking at the
opening of a forum
titled: “Promoting
Global Financial
Inclusion: Overcoming
Key Barrier through
Public
-
Private
Collection,” Sanusi said
the central bank would
launch the second
phase of the biometric
system contract by
February 2014
to link
all financial institutions
to a central data
system to resolve the
problem of customer
identification which had
long being a barrier to
lending to the poor.

signed in Frankfurt by
KFW’s director of the
department, Africa
Regional Programmes,
Thomas Duve and
Abayomi Awobokun,
Oando marketing’s
CEO.


Nigeria, UK Sign
Energy Pathways
Calcu
lator Agreement

The U.K government
has signed an
agreement with the
Nigerian government to
implement the 2050
Pathways Calculator in
Nigeria. The 2050
Calculator, which would
allow users to look at
the potential effects of
different scenarios for
energy su
pply and
demand within a county
over the next forty
years, according to
British High
Commissioner, Dr
Andrew Pocock, “is a
modelling tool, which
can be used to create a
wide range of model
scenarios for energy
supply and demand,
and would also look at
what

effect each one
has on different long
term goals such as

EU to support Nigeria in
rural electrification

The European Union (EU)
has agreed to partner with
the Federal Government to
ensure the provisi
on of
electricity to rural
communities not captured in
the national grid. To this end,
the two have agreed to hold
further meetings with a view
to working out areas of
cooperation towards building
enhanced power
infrastructure and improve
electricity suppl
y to the
country. Minister of Power,
Prof. Chinedu Nebo informed
the EU delegation, led by
Ambassador Michel Arrion,
Head of EU Delegation to
Africa and ECOWAS at a
meeting that the Federal
Government had embarked
on a robust programme of
electrification o
f the rural
areas in Nigeria not captured
in the national grid.


He also said that the EU
countries had a golden
chance to plunge their teeth
into the huge chunk of
opportunities being provided
in the area of rural
electrification, particularly in
explorin
g investment
initiatives, provision of
expertise and assistance in
capacity building of
renewable energy on which
the fresh initiative, which pilot
projects have already begun

NLNG Flags off $1bn
Finance Scheme


Nigeria

Liquefied
Natural Gas Company
(NLNG) has
est
ablished a $1 billion
Local Vendor Financing
Scheme that will
provide domestic
contractors with easy
access to bank loans at
affordable rates. The
scheme was flagged off
after deal was signed
between the company
and 5 participating
banks including Access
B
ank, First Bank of
Nigeria, Standard
Chartered Bank, United
Bank for Africa and
Zenith Bank. It is aimed
at reducing barriers
such as high operating
cost and inadequate
mobilization capital,
which limits local
contractors in
effectively executing
projects.


The scheme is in line
with Nigeria’s bid to
increase local content
participation in the oil
and gas industry.
Following its launch,
registered indigenous
contractors can
approach any of the
participating banks for
a loan request with
improving energy
security, matching
supply and demand, or
reducing greenhouse
gas emissions.”


Pocock also stated that
the 2050 Calculator will
provide valuable
evidence, which the
Nigerian governme
nt
and members of the
public alike will be able
to use, to better
understand how Nigeria
might meet its future
energy needs. The
calculator would be
made fully available to
the public in a year’s
time and would be
handled by the Nigeria
Energy Commission,
in
partnership with the UK
Department of Energy
& Climate Change. The
two departments are
expected to collect and
process the data which
will form the backbone
of the Calculator.


Old Mutual Targets
Nigeria for Major
Expansion

Old Mutual Investment
Group
, a financial
service provider has
disclosed plans to
expand its investments
in Nigeria by venturing
into the power,
housing, and
agricultural sectors in
the next three to five
years. The Group
intends to launch an
is hinged, to enable the
programme succeed. He also
notified the delegation that

such assistance could also
come in the area of energy
conservation, stating that
since about 90 per cent of the
energy usage in the country
was dedicated to lighting, it
would be good to develop
energy efficient bulbs, which
he believed the EU countries
h
ad the expertise to achieve.


Assuring them that the
demographic indicators on
investment in Nigeria were
quite encouraging to
stimulate their interest, he
said it was necessary for the
body, which members were
Nigeria’s old allies to invest in
the develop
ment of critical
infrastructure in the sector.
Ambassador Michel Arrion,
while acknowledging that the
EU had the capacity to assist
in the areas outlined above,
assured Nigeria of the
possibility of a robust
relationship. He added that
his team was interes
ted in
developing an enabling
environment for investment
through the provision of funds
from its grants to match other
funds from financial
institutions and other
multilateral agencies for the
execution of power projects.



Merry
proof of an NLNG
awa
rded contract.


WACL to Build $50m
Ceramic Tile Factory
in Nigeria

West African Ceramics
Ltd. (WACL), a leading
local manufacturer of
standard ceramic tiles,
has announced plans
to invest over $50
million in the
establishment of a
state
-
of
-
art ceramic ti
le
factory in Ogun State,
western Nigeria. The
plan to establish a
ceramic tile plant in the
nearest future was
necessitated by the
rising demand for
European standard
quality tiles in Nigeria
and across the sub
-
Saharan West African
region, said WACL’s
Gro
up Executive
Director, Alhaji Lawal
Idirisu. According to
Idirisu, “The market
demand for quality tiles
as obtainable in
European countries
such as Spain and Italy
is rising on an alarming
rate owing to the trends
in the home, property,
and real estate
ind
ustry. Although the
company’s factory in
Ajaokuta, Kogi State is
fully operational to
capacity, meeting both
domestic demands and
export to the West
infrastructure fund in
Nigeria by 2014 an
d
hopes to raise $50 to
$100m from global
investors. Proceeds
from the fund will be
deployed
predominantly in
energy and transport
infrastructure projects
in the West African
nation. Nigeria has
earlier, been a major
beneficiary of Old
Mutual’s $5 billion
emerging market
expansion funding
which saw the
successful acquisition
of Oceanic Insurance
Life and its general
business licence from
Ecobank.


Old Mutual’s strategy
for Africa is to carry on
with expansion into the
growth markets of the
South African
bus
inesses and
beyond. The three
countries of immediate
focus are Nigeria,
where it already has a
presence through
Ecobank; Ghana,
where it recently
bought Provident Life;
and Kenya, where it
bought a controlling
stake of Faulu
Microfinance Company.


Accordin
g to Old
Mutual’s Head, capital
raising, infrastructure
and impact funds, Rojie
Kisten, “we are
sourcing for $50 million
for infrastructural
development, out of
which $15 million has
come in and this we
hope to complete
before the end of 2016.
christmas
and a
prospero
us
new
year!




African market; the
company has been
proactive based on
consumer and industry
insight, and research to
esta
blish another
production plant.”


Besides, Idirisu noted
that availability of raw
materials in large
quantity in Ogun State
makes it a potential
commercial hub for
industries, and with an
enabling climate and
good governance to
improve its distribution
sys
tem, it will spur
economic growth.
Established in Nigeria
under the name Royal
Ceramics in 1995,
West African Ceramics
Ltd is the premium
producer of porcelain,
vitrified and glazed tiles
in West Africa.


With
over 1,000 Nigerians
directly employment
and o
ver 28,000
involved in its raw
material supply,
product marketing and
sub
-
dealers, WACL’s
Ajaokuta factory is the
third largest factory in
Africa. It produces
Royal ceramics floor
tiles, Royal Wall Tiles,
VIT Porcelain Vitrified
Tiles and Royal
Roofing Til
es which
meet international
standards.


She stated t
hat the
company is currently
discussing with the
Nigerian government to
contribute to funding
ongoing reforms in the
power sector, which,
according to her, will
unlock the Nigerian
economy for growth.
Nigeria is not the only
country that will benefit
from
this new
investment;


Malawi,
Namibia and Kenya will
benefit from the phase
one of the housing
project, while Nigeria
would be part of the
second phase pending
when the regulatory
documentations are
concluded, the team
said.


BOA, BOI TO
DISBURSE N9.9
BI
LLION CASSAVA
FUND

The federal
government has said
the Bank of Agriculture
(BoA) and Bank of
Industry (BoI) are to
manage the
disbursement of its
N9.9 billion cassava
bread fund.

The
Minister of Agriculture
and Rural
Development, Dr.
Upcoming
Business Events


Past Editions


Akinwunmi Adesina,
dis
closed this at the
signing of a
Memorandum of
Understanding (MoU)
with the BoA in
Abuja.

According to the
MoU, BoA is to manage
N2.4 billion of the fund
in collaboration with 13
key private
stakeholders, while
N4.3 billion would be
disbursed by the BoI to
support Small and
Medium scale
Enterprises (SMEs),
which are actively
involved in cassava
processing. Out of the
N2.4 billion, about
N912 million would be
spent on farm
mechanisation support
for cassava farmers;
N780 million to support
the farmers on plant
ing
materials, while N796
million would be used
to assist in providing
agro
-
inputs such as
seeds and fertiliser,
among others.


He explained that each
division of the N2.4
billion would be
disbursed like the
Growth Enhancement
Support Scheme
(GES), such th
at 50 per
cent of the fund would
be given to farmers as
loan and the remaining
50 per cent would
serve as grant from the
federal
government.

According
to him, the Managing
Director of BoA, Dr.
Mohammed
Santunraki, was
leveraging money for
the states throug
h the
bank's agreements with
the governors. It will be
50 per cent grant, 50
per cent loan. The
Permanent Secretary of
the Ministry, Mrs.
Ibukun Odusote, noted
that the inclusion of
cassava flour in bread
making was aimed at
partially substituting
huge whe
at import with
High Quality Cassava
Flour (HQCF).



In Partnership with Nigerian Investment Promotion Commission (NIPC) and Securities and Exchange
Commission (SEC)

Editor:

Chienye
Chukwu
;




Administrator:

U
gochi Ekwueme

Copyright © *DEC 2013* *
A & E Law Partnership
*, All rig
hts
reserved.

Contact
:

*office@aandelaw.com*

*www.aandelaw.com
*




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