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Kwara to Increase Stake in Trade Bank Banking From Tunde Sanni in Ilorin The Kwara State government is to purchase N300 million worth of shares in Trade Bank Plc. to maintain its lead as the single largest shareholder. Commissioner for information and Home Affairs, Alhaji Abdulraheem Adedoyin who disclosed this yesterday shortly after the state executive council meeting said the gesture was to enable the bank expand. This new investment about to be made by the Kwara State Government is a response to the last week's recapitalisation bid of Trade bank. The Chief Executive Officer of the bank, Samuel Ereola Kolawole had disclosed at its investment forum that the bank is shopping for N1 billion in the stock market. Giving a breakdown on the subscription, Adedoyin said the state government would contribute the sum of N150 million directly while the balance of N150 million would be jointly contributed by the local government as equity holder. He explained the local government councils voluntarily agreed to pull their resources together to purchase the bank's shares. According to the commissioner, Kwara State is interested in buying the shares was because of the confidence it has in the performance of the bank which was established by the state government in April 1987. The Commissioner further disclosed that the council has also directed the ministries of Works and Transport and environmental and Tourism to take appropriate measures to address the problem of flooding in some parts of the state and to make the metropolis flood-free. Adedoyin said that the council received a technical report on inspection of roads from the Ministry of Work and Transport with noticeable lapses on the rehabilitated roads. The contractors concerned, according to him, would be invited for deviating from the contractual agreement. On the newly commissioned oxygen plant at Sobi Specialist hospital, he said that a technical manager would soon be appointed to run the plant purely on commercial bases. The Commissioner also disclosed that the Ministry of Lands and Housing has been directed to submit a proposal on the prospective buyers of the state government's housing units, adding that special consideration would be given to interested Kwarans in diaspora. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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