Fidelity bank card banner Emerald Energy Institute Camano banner

Reps query BOI boss over N500bn Airline Fund

By News Express on 24/01/2017

Gmail icon

Views: 1,590

•BOI Acting MD Waheed Olagunju.
•BOI Acting MD Waheed Olagunju.

The House of Representatives on Monday queried the Acting Managing Director of the Bank of Industry (BOI), Mr Waheed Olagunju, over the N500 billion power and airline intervention fund (PAIF).

The PAIF was established by the Central Bank of Nigeria (CBN) in 2009, but is domiciled and managed by the BOI

Chairman of the House of Representatives Ad hoc Committee investigating activities of Development Finance Institutions (DFI), Rep. Emeka Anohu (PDP-Anambra) gave Olagunju, a 72–hour ultimatum to furnish them with details.

The chairman said that Olagunju should get details of all the airlines that benefitted from the loan and their level of indebtedness.

Anohu, who made these demands at the ongoing investigation where the acting managing director was queried, said it was necessary to know how the DFIs had impacted on Nigerians.

“The DFIs were established to stimulate the economy and one of the ways to know to what extent this has been accomplished is to find out how many Nigerians have benefited from the various intervention funds in these institutions.”

Members of the ad-hoc committee insisted that the BOI should account for how the fund was utilised.

Rep. Chukwuemeka Ujam (PDP-Enugu), Rep. Darlington Nwokocha (PDP-Abia) said respectively that N500 billion was a huge sum of money and private companies that benefited from the policy must be made to account for it.

In his defence, Olagunju said: “We have been able to invest about one trillion naira since 2001, in addition to managing the N500 billion Power and Airline Intervention Fund (PAIF), set up in 2009 on behalf of the Central Bank of Nigeria (CBN).

Also, from the four billion naira approved for Micro Finance banks, we have been able to disburse N3.1 billion till date.

To show how healthy the BOI is, 97 per cent of our disbursed loans are performing.”

Olagunju also informed the committee that the bank was on the verge of completing 100 million dollars solar power project facility from the African Development Bank (AfDB).

He explained that a pilot project would commence in the six geo-political zones before going national with six export-based companies already shortlisted to benefit from the loan facility.

According to him, because commercial banks cannot play the role of DFIs; and for entrepreneurs and investors to minimise cost of production and other risks, it is BOI’s mandate to support projects in high priority areas by paying lots of attention to game changing projects.

Asked about the position of the management of BOI on the proposed Development Bank of Nigeria (DBN), Olagunju said based on the official explanation offered on the proposed bank; BOI was not opposed to it.

“BOI is not opposed to the proposed bank because the official explanation was that the DBN would source for funds and retail it to DFIs.

“The proposed bank would be a great development because DFIs would have opportunities of accessing funds for their various intervention projects.”

The Committee, however, requested BOI to make available to it full details of beneficiaries of its various intervention facilities.

The investigation continues on Wednesday, Jan. 25. (NAN)

Source News Express

Posted 24/01/2017 12:28:08 AM

 

 

CLASSIFIED ADS

 

You may also like...
New militant group rises in the Niger Delta,...

Group calls Davido, girlfriend and Dele Momodu to...

Hajj: Pilgrims’ security a top priority, says Minister...

HELP! ABA IS DYING! •Residents send SOS over...

Extend war against corruption to APC members, Rev....

85-year-old Biya wins Cameroon’s presidential election again

Gunmen storm Catholic seminary, shoot priest

2015: Senator Osakwe endorses Obuh as next Delta...

Crisis hits National Conference, adjourns till Monday

Metele Attack: Army confirms 39 soldiers killed by...

Investigate Saraki, Ekweremadu, Dogara, Lasun for fraudulent conversion...

2 lawmakers suspended for harassing Governor

 

Latest News Port Harcourt serial killer unmasked Buhari sacks Head of Service Oyo-Ita Another suspected Port Harcourt serial killer nabbed Alleged rape: Adamawa teacher, 12-year-old schoolgirl are lovers — NUT chairman Pandemonium in Onitsha market as Police officer shoots vigilante chief 5 killed, several injured as gunmen attack Taraba communities Champions League: Man City win convincingly in Shakhtar, PSG beat Real Public outcry over N5.5bn voted for lawmakers’ utility vehicles nonsensical, says Senate Dickson fires aide over misconduct Governors meet over N614bn bailout deductions, others Nigeria, South Africa, xenophobia and the United Nations, By Bashir Maidugu RIWAMA issues final warning to defaulting service providers

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (541,489 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (443,418 views) Shameless Genevieve Nnaji exposes breasts in public (389,772 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,896 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,920 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,765 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,942 views) 10 cars more expensive than Jets (238,624 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,637 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,681 views) Lagos plane crash: Journalist releases victims’ names (196,000 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,583 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,451) Business Verdict (80) Columnists (1,110) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (812) Global Business Monitor (442) ICT Monitor (63) International (3,963) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (414) News (51,468) Opinion (1,360) Pidgin (17) Politics (11,453) Religion (1,102) Sports (2,170) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera