The Delta House of Assembly has approved a request by Gov. Ifeanyi Okowa for a shareholders agreement between the state government and Adventium Global Delta Consortium Limited.
The agreement is toward improved funding of Songhai Delta Farms, Amukpe.
The Speaker of the state House of Assembly, Chief Sherriff Oborevwori, had read Okowa’s letter containing the request during plenary of the Assembly in Asaba.
Okowa, in the letter, explained that the agreement was part of efforts by the state to leverage the Public-Private Partnership (PPP) model of securing funding for the development of critical State assets/infrastructure.
He said that the initiative was also geared towards providing jobs for the teeming youths in the State.
”The State Government has entered into a 30-year arrangement with the company–Adventium Global Delta Consortium Limited.
”The arrangement is expected to inject in excess of N14 billion into the Songhai Delta Farms, Amukpe in Sapele Local Governnent Area of the state.
”The arrangement would ensure that the facility is run by means of special purpose vehicle,” the letter read.
The Majority Leader of the Assembly, Chief Ferguson Onwo, moved a motion for the Assembly to approve the governor’s request.
Mr Charles Emetulu, member representing Ndokwa West Constituency, seconded the motion.
It was unanimously adopted by the House when put to a voice vote by the speaker.
Also, the House approved a request by the governor for an amendment to the take-off month for the already approved N20 billion credit facility from Fidelity Bank PLC.
The facility will be used to finance the state government’s Investment of five per cent equity in UTM offshore Limited’s Floating Liquiefied Natural Gas FLNG Project under the Central Bank of Nigeria CBN real sector support Fund/differentiated cash reserve requirement window.
The Assembly had earlier approved the take-off from March this year, but it has been adjusted to April.
Okowa said that other conditions remained unchanged and appealed to the House to graciously approve the change in the take off month for the credit facility.
The motion for the approval was also moved by the Majority leader of the House.
Mr Dennis Guwor, member representing Warri South West Constituency, seconded the motion.
The motion was approved by the House following a voice vote.(NAN)
