ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home National

Reps pass Maritime Bank Bill for second reading

26th April 2017
in National
0
Reps pass Maritime Bank Bill for second reading
Share on FacebookShare on Twitter

From: Kemi Yesufu and Ndubuisi Orji, Abuja

The House of Representatives has passed for second reading a Bill for an Act to establish the Nigerian Marine Development Bank.

The Bill, seeking to empower the bank to carry out the business of marine credit insurance and for other related funding interventions, is being sponsored Hon. Mohammed Gololo.

Gololo in his lead debate argued that it had become necessary to create a financial institution saddled with the responsibility of improving access to long term loans and insurance for investors.

Speaking in support of the Bill, Ossai Nicholas Ossai, opined that a fully functional Maritime Bank would lead to consistent investment in the sector, which would be of enormous benefit to the Niger-Delta region where a large number of maritime companies will operate from.

According to Ossai, a well-funded maritime sector would lead to many job opportunities in the Niger-Delta and subsequently reduces youth restiveness in the region.

Also asking for the Bill to be passed for second reading, Betty Apiafi  who noted that a vibrant maritime sector was critical to the Federal Government succeeding in its push for economic diversification, said with the government struggling with  huge budget deficits annually and commercial banks only offering short-term loans, the establishment of the Maritime Bank would go a long way to sustain businesses in the sector.

Apiafi noted that other development financial institutions, including the recently-created Development Bank of Nigeria, are more involved with assisting Small and Medium Scale Enterprises, hence the need to come up with institutions that can provide funding for large scale investments.

“If we are truly want to diversify the economy, we need to look at long term funding for sectors which have the potentials of diversifying the economy”, she stressed.

Throwing his weight behind the bill, House Minority Leader, Leo Ogor said the bank would provide Nigerian investors with the much needed funding to make them major players.

According to him, the Bill to establish a bank to finance the maritime sector is the kind of legislation that secures the future of the country, especially now that there a consensus on reducing government’s heavy reliance on oil revenue.

Disagreeing with calls for the Bill to scale through, Femi Fakeye said commercial banks and some other financial institutions provide tailor made packages for different sectors, maritime inclusive.

“We need to ask ourselves if we need to establish a bank for every sector”, Fakeye said.

When Speaker Yakubu Dogara put up the bill for a voice vote, it was unanimously adopted by members.

The Bill was then referred to the Committee on Banking and Currency as  well as the Committee on Maritime Safety, Education and Administration for further legislative action.

Segun Adio

Segun Adio

Related Posts

Enugu PDP governorship candidate faces disqualification over alleged forged NYSC certificate
National

Enugu PDP governorship candidate faces disqualification over alleged forged NYSC certificate

7th February 2023
Obi to win Feb 25 poll if voter turnout is high - Stears
National

Obi will win Feb 25 polls if voter turnout is high – Stears

7th February 2023
CARE commend INEC PWDs inclusion
National

CARE commend INEC PWDs inclusion

7th February 2023
Next Post
Sokoto Govt constructs 1,200 capacity Int’l Confab Centre

Tambuwal suffers setback in guber suit

Why Katsina communities reject polio immunization

Why Katsina communities reject polio immunization

FALANA

Falana to ruling class: You mastermind religious crises in Nigeria

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Action Alliance denies Kenneth Udeze

FG unveils new policy to track spending Feb 10

Bauchi: Atiku, Okowa, Ayi, governors flag off PDP campaign in North East

APC leadership admits internal forces working against Tinubu

Anambra: Ekwunife to Opponents: Compete with me on Devt’l projects not wealth ratings

Coffey, Foxx join BABUSA as board members

Trending

Enugu PDP governorship candidate faces disqualification over alleged forged NYSC certificate
National

Enugu PDP governorship candidate faces disqualification over alleged forged NYSC certificate

7th February 2023
0

From Godwin Tsa, Abuja The governorship candidate of the Peoples Democratic Party in Enugu State, Mr Peter...

Obi to win Feb 25 poll if voter turnout is high - Stears

Obi will win Feb 25 polls if voter turnout is high – Stears

7th February 2023
CARE commend INEC PWDs inclusion

CARE commend INEC PWDs inclusion

7th February 2023
Action Alliance denies Kenneth Udeze

Action Alliance denies Kenneth Udeze

7th February 2023
FG unveils new policy to track spending Feb 10

FG unveils new policy to track spending Feb 10

7th February 2023
ADVERTISEMENT

Follow us on social media:

Latest News

  • Enugu PDP governorship candidate faces disqualification over alleged forged NYSC certificate
  • Obi will win Feb 25 polls if voter turnout is high – Stears
  • CARE commend INEC PWDs inclusion
  • Action Alliance denies Kenneth Udeze
  • FG unveils new policy to track spending Feb 10
  • Bauchi: Atiku, Okowa, Ayi, governors flag off PDP campaign in North East
  • APC leadership admits internal forces working against Tinubu
  • Anambra: Ekwunife to Opponents: Compete with me on Devt’l projects not wealth ratings
  • Coffey, Foxx join BABUSA as board members
  • Tinubu begs for calm over fuel, new naira notes scarcity
  • Civil society groups protest Okowa’s N120bn loan
  • Wood, furniture sector of MAN faults lifting ban on wood, charcoal
  • New naira: Lawyers, CSOs hail court ruling
  • More knocks for Governor Okowa as group decries under-funding of DESOPADEC
  • African rights centre says court action on naira currency in order
  • Dabiri-Erewa: Killing of 16 Nigerians in Bukina Faso callous
  • Fuel tanker crushes student to death in Niger
  • Arewa, Ohanaeze, Yoruba youth leaders hail Judiciary
  • Buhari launches 2nd Nigeria’s review report, says peer review good for strong leadership
  • Cross River 2023: Bendeghe-Ekim community endorse Onor

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
  • The Sun Foundation

© 2019 The Sun Nigeria - Managed by Netsera.