Vanguard (Lagos)

17 June 2012

Nigeria: PDP to Go Commercial - Plans to Raise Loans, Invest in Ventures

AS part of moves to raise funds for its activities, the national leadership of the Peoples Democratic Party, PDP, has concluded arrangements to go into borrowing in form of loans from banks.

Also, the party, in his financial drive, expects its members at the National Assembly to remit to it the sum of N169, 536,513.24million, just as the money forms part of the money deducted from the members as their five percent contribution from their monthly salaries.

The party plans to restructure its Peoples Democratic Institute and place it under a holding company.

The Alhaji Bamanga Tukur-led National Working Committee, NWC, hopes to raise short, medium and long term loans from financial institutions to fund party investments and programmes with minimum risk.

Sunday Vanguard gathered that this was part of the recommendations presented to the NWC by the PDP National Financial Secretary, Elder Bolaji Anani, just as he listed nine major ways through which the PDP could raise funds for its activities.

Also to raise funds for the PDP, the NWC is to establish a holding company, which will help negotiate the interests of the party in all investment and business arrangements.

Anani, in his memo to Tukur, said, "The establishment of the PDP Holding Company Ltd, under the chairmanship of Deputy National Chairman and membership, that will include the NFS, the NDFS, an aide to the National Chairman and also an aide to the National Secretary. The company is to hold and negotiate the interests of the party in all investment and business arrangements."

Others, according to the National Financial Secretary, will be through merchandising and social activities.

Anani was first elected Deputy National Auditor during the Prince Vincent Ogbulafor-led NWC, but, at the tail end of the last NWC, became the acting National Auditor when Samuel Ortom, the then Auditor, became the Minister of State, Trade and Investment.

Anani said further, in the memo, that under loans, "We raise short, medium and long term loans from Finance Institutions to fund party investments and programmes with minimum risk".

"On merchandise, the party will engage in merchandise commodity trading and cooperative activities, especially during festivals,and generate funds for the party and provide for the welfare of members."

Sunday Vanguard gathered that the National Financial Secretary also proposed that the party should go into real estate by partnering with mortgage institutions in real business viz: develop, lease sale, etc.

According to Anani, on major sectors, the party," can venture into the oil and telecommunication sectors through 'friendly' operators. With a high degree of anonymity, we can earn reasonable short and long term returns if the venture is properly structured. We should be able to get needed concession and operator's licence with some measure of ease."

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