N396.5bn Multilateral Fund for New Development Bank as FG Applies for CBN's Licence Ndubuisi Francis in Abuja
The federal government has formally applied to the Central Bank of Nigeria (CBN) for an operational licence to float the proposed Development Bank of Nigeria (DBN). The DBN, initiated in 2014
by the last administration, is being configured as a wholesale development institution, designed to provide Micro, Small and Medium Enterprises (MSMEs) with lower interests and longer tenor loans, which have been considered the missing links
in the development of the real sector. The Federal Ministry of Finance yesterday confirmed the completion of the recruitment exercise for the executive management team of the DBN, adding that it had also formally applied for
the issuance of its operating licence from the apex bank. "The DBN, was conceived in 2014. However, its take-off had been fraught with delays. The President Muhammadu Buhari's administration inherited the project with a determination to resolve all
outstanding issues and set a target of 2017 for its take-off," a statement by the ministry's Director of Information, Mr. Salisu Na'Inna Dambatta, said. The DBN will have access to $1.3 billion (N396.5 billion), which has been jointly provided by the
World Bank, KfW (German Development Bank), the African Development Bank (AfDB) and the Agence Française de Development (French Development Agency). The emerging bank, the Continued on page 8
NNPC Seeks More Royalty on Deep Offshore, Inland Basin PSCs... Page 11 Friday 13 January, 2017 Vol 21. No 7939. Price: N250
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ABUJA 16°C-33°C
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Southern Kaduna: Religion Will Kill Nigeria If..., Warns Soyinka Osinbajo laments government’s inability to bring bigots to justice
James Emejo in Abuja Nobel Laureate, Professor Wole Soyinka, yesterday warned Nigeria against the dangers of religion bigotry, saying the country could not step forward to its manifest destiny unless the growing fanatical approach to issues of faith was moderated. “If we do not tame religion
in Nigeria, religion will kill us,” he said emphatically at the launch of a book, Religion and the Making of Nigeria, by Prof. Ayo Vaughan, in Abuja, adding: “Many Nigerians have paid the ultimate price because of religion and religion is now embedded in our society.” Vice President Yemi Osinbajo Continued on page 8
Executive, Legislature’s Disagreement over Closure of Abuja Airport Deepens
Buhari submits lists of ambassadors, drops Mamora
Omololu Ogunmade and Damilola Oyedele in Abuja
A showdown between the executive and the legislative arms of the federal government appears imminent over the proposed six weeks closure for repairs of the Nnamidi Azikiwe International Airport,
Abuja. Although the Senate had on Tuesday advised against the proposed closure, the Minister of State for Aviation, Mr. Hadi Sirika, told the upper legislative chamber yesterday that the executive would be Continued on page 8
Slain Soldiers in Renewed Boko Haram Attacks for Burial Today.. Page 9
STRATEGISING FOR THE NEW YEAR...
L-R: General Counsel/Head Legal Regulation, Nigeria Stock Exchange (NSE), Ms. Tinuade Awe; Chief Executive Officer(NSE), Mr. Oscar Onyema; and Executive Director, Market Operations and Technology (NSE), Mr. Ade Bajomo, at the Nigeria Stock Exchange 2016 Recap and 2017 Outlook held in Lagos ...yesterday dan ukana