The approval for the take-off of the N15 trillion infrastructure development company by the Nigerian government and the completion of the acquisition of Transnational Bank Plc of Kenya (TNB) by Access Bank Plc of Nigeria are some of the leading stories in Nigerian newspapers on Tuesday.
ThisDay reports that as part of efforts to stimulate infrastructural development across the country, the Central Bank of Nigeria (CBN) yesterday revealed that the federal government has approved the take-off of the establishment of a N15 trillion infrastructure development company (Infraco).
The CBN Governor, Mr Godwin Emefiele, who revealed this during a media briefing on the outcome of the Monetary Policy Committee (MPC) meeting, said that the Committee members also commended the federal government for the approval to establish the Infraco, which would leverage local and international funds for the rebuilding of critical infrastructure.
Emefiele had in a 27-page paper he wrote in April, proposed the Infraco as part of efforts to reposition the Nigerian economy and insulate it from external shocks after the COVID-19 pandemic.
The newspaper also says that Access Bank Plc has completed the acquisition of Transnational Bank Plc, of Kenya (TNB).
The bank made this known in a statement signed by its Company Secretary, Sunday Ekwochi, a copy of which was posted on the website of the Nigerian Stock Exchange (NSE) yesterday.
“Access Bank Plc is pleased to inform the investing public and the Nigerian Stock Exchange of the Bank’s successful completion of the acquisition of Transnational Bank (Kenya) Plc.
This follows the receipt of full regulatory approvals and fulfilment of all conditions precedent to completion,” the statement said.
The Punch reports that the Central Bank of Nigeria on Monday retained the country’s benchmark interest rate or Monetary Policy Rate at 12.5 percent.
It also held all other monetary policy parameters constant, as the bank stated that its interventions in the economy were yielding positive results.
The Governor of the CBN, Godwin Emefiele, said the retention of the MPR at 12.5 percent was the decision of the Monetary Policy Committee at their July 20, 2020 meeting.
He said the Committee also noted that increasing MPR at the current stage of the economy would be counter-intuitive and would result in upward pressure on market rates and cost of production.
“Given the foregoing, the committee decided by a majority vote to retain the Monetary Policy Rate at 12.5 percent and to hold all other policy parameters constant,
The newspaper says that about 20 projects valued at N26.28bn have been funded under the N100bn Central Bank of Nigeria credit support intervention for the healthcare industry, the Governor of the apex bank, Godwin Emefiele, said on Monday.
The CBN also said it had received over 27 proposals from researchers requesting for N67bn grant.
He said this in Abuja during the inauguration of the Board of Experts of the Healthcare Sector Research and Development Intervention Scheme.
“Currently, 20 projects valued at N26.28bn have been funded under the N100bn credit support intervention for the healthcare industry. “Some of the firms that have been able to obtain funding include hospitals, research centres and pharmaceutical industries,” he said.
The Nation newspaper reports that the Commandant of the Ekiti State Security Network code-named Amotekun, Brig.-Gen. Joe Komolafe (rtd), has said that the corps will use supernatural and modern security techniques to combat banditry, kidnapping and other crimes.
Komolafe spoke yesterday at Efon Alaaye during a sensitisation tour of Ekiti West, Efon Alaaye and Ijero local governments of Ekiti State in southwestern Nigeria.
The commandant said that the security outfit would use ancient Yoruba tactics of securing territories and fishing out criminals from their hideout.
He said that the neglect of local and ancient patterns of exposing criminals was one of the factors responsible for the rising case of crimes.
Komolafe urged the monarchs to deploy supernatural prowess to secure people’s lives and belongings.
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GIK/APA
