Cross River Seeks 1.5 Billion Naira Loan From Fidelity Bank

In Breaking News, Business & Economy, Reports

by crossriverwatch admin

fidelity bank

The Cross River State government is seeking the sum of 1.5 billion Naira from Fidelity Bank to finance outstanding contract liabilities to contractors handling Rural Roads Projects in the state.

A letter by the state governor Senator Liyel Imoke to the State House of Assembly to seek approval for the loan stated that a resolution by the State Assembly is imperative to source for the facility to fulfill the contractual obligations in the face of the dwindling finances of Government.

The letter signed by the Secretary to State Government, Barr. Mike U. Aniah, appealed to the House to grant approval for the Government to borrow and accept the term loan facility extended to the State by Fidelity Bank via letter dated 13th November, 2013 and equally secure the credit facility with an irrevocable standing order on the State FAAC Account domiciled with the First Bank.

The Assembly was also requested to authorize Rev. Takis Etim Caifas, Commissioner for Finance and Mr. Henry O. Ojogu, Accountant General of the state to accept the credit facility on behalf of the State and sign all documents related thereto.

In a related development, the State Appropriation Bill 2014 was read the second time and committed to the House Committee on Finance and Appropriation for in-depth study. The committee was given one month to conclude its assignment and report to the House.

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