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Home |   About Us |   Contact Us |   Members |   Search |   Subscribe |   Disclaimer |   THE GUARDIAN CONSCIENCE, NURTURED BY TRUTH LAGOS, NIGERIA.     Wednesday, August 04 2004   news   editorial/opinion   policy & politics   focus/record   business   sports   capital market   metro   arts   money watch   energy   maritime   Guardian Chat Click to join the chatroom Bill proposes N60b capital base for maritime banks From Azimazi Momoh Jimoh, Abuja AS banks continue to gasp under the N25 billion capital base requirement of the Central Bank of Nigeria (CBN), the Senate yesterday began looking into a bill to provide for a Maritime Development Bank with a capital base of N60 billion. Sponsored by Senator Ibiapuye Martyns Yellowe, the bill entitled "Maritime Development Bank of Nigeria" will ensure that the maritime banks provide fund for stakeholders in the maritime industry. The bill, which went through its second reading at the Senate yesterday, will also enable the maritime banks to source monies from within and outside Nigeria for the purpose of funding stakeholders in the nation's maritime industry. According to Yellowe, the maritime banks would take off, each with a capital base of N60 billion. They would be owned by the public and private sectors on 40 to 60 per cent basis. Said he: "For the cabotage industry, especially as regulated by the 2003 Cabotage Law, to succeed, government must take care of a lot of things. The maritime industry is capital intensive and so we need banks to make funds available for willing local entrepreneurs. But which banks How do we get those banks And how do we get them to release funds These maritime banks will be empowered to attract funds through borrowing from the international community." � 2003 - 2004 @ Guardian Newspapers Limited (All Rights Reserved).  Powered by dnetsystems.net dnet�

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