Connect with us


Delta Assembly approves Okowa’s N20bn loan request



The Delta State House of Assembly on Tuesday approved the request by Governor Ifeanyi Okowa for a N20 billion loan from Fidelity Bank Plc.

The governor’s request was contained in a letter read by the Speaker of the Assembly, Chief Sheriff Oborevwori, during the plenary in Asaba.

Okowa said the loan would be used to finance the state government’s five percent equity in the UTM offshore Limited Floating Liquified Natural Gas (FLNG) Project.

The project, according to him, is under the Central Bank of Nigeria (CBN) real sector support Find/Differentiated cash reserve requirement window.

The governor said: “The facility is in line with the state government’s intention to diversify its strategic portfolio by investing in a floating Liquified Natural Gas plant project.

READ ALSO: Delta State denies receiving £4.2m Ibori loot

”Delta is expected to invest in the project through a five percent share of the company.”

Okowa revealed that the facility would not only boost employment for the people of Delta but would also secure future cash flow for the state.

Consequently, the House Majority Leader, Mr. Ferguson Onwo, moved a motion for the approval of the governor’s request.

The motion was unanimously adopted by the House when put to a voice vote by the speaker.

Join the conversation


Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now