By Frank Ulom
CALABAR (CONVERSEER) – Governor Bassey Otu approves N2.5bn for Cross River State Microfinance Bank restructuring during the 8th meeting of the State Executive Council (EXCO) on Thursday in Calabar.
Speaking on behalf of the Governor, Deputy Governor Peter Odey said the approval is for the strategic restructuring and optimisation of the state-owned bank, which has been lying idle since it was created by the last administration.
The new funding should be able to give the bank a massive boost in order to compete with its counterparts in the private sector, like Ekondo and UNICAL Microfinance Banks among others.
The council, chaired by Odey, also approved the release and disbursement of N445 million as cash empowerment for 200 trained farmers under the Ministry of Wealth Creation and Employment.
N1 billion was also released as counterpart fund for the implementation of the Nigeria Erosion and Watershed Management Project of the European Investment Bank (NEWMAP-EIB) in the state.
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In a communique signed by Dr Erasmus Ekpang, Commissioner for Information, the EXCO further approved the adoption of a Draft Bill for forwarding to the Cross River State House of Assembly for the enactment of the Cross River State Secondary Education Board Law 2025.
Approval was granted to the Ministry of Wealth Creation and Employment to embark on the Amnesty Training Programme for reformed Youths/Militants on Integrated and Innovative Agricultural Value Chain, a collaboration between the Cross River State Government and CSS Global Integrated Farms in Nasarawa State.
The rehabilitation, renovation, upgrade and construction of roads, hospitals, etc, were also approved by the EXCO.
