By Jimitota Onoyume
PORT-HARCOURT â€” NIGER Delta Development Commission (NDDC) has appealed for waivers from banks to enable contractors deliver on their jobs.
Managing Director of the Commission, Mr. Chibuzor Ugwhoha, at a meeting with some bank executives, yesterday in his office,Â passionately appealed to them to waive off collateral as a condition for the release of funds to the commissionâ€™s contractors.
He said some of the contracting firms may not have immediate collateral to tender for the loans and that given the climate and soil condition of most parts of the Niger Delta, serious infrastructural projects could only be carried out within three or four months when the season is sure to be dry.
He asked the banks to consider the commissionâ€™s appeal and see what initiative they could come up with.
to assist the contractors deliver on their jobs.
Ugwoha said the NDDC would not fail in its financial obligation, addingÂ â€œwe want to see you play a new role in bringing about development. Some of these companies canâ€™t meet demands from financial institutions immediately for collateral.
â€œIf you insist on collateral, they will not do the project. There are only three or so months to work in the region. The process of gathering collateral could take up to four months. We donâ€™t want failure. We want to see result.
â€œWe donâ€™t expect all the banks to have the same policy, we expect you will go back and come to tell us how, as institutions, you can do this. We do not want you to lose your money but be innovative.â€
Meanwhile, the MD gave room for the banks to come up with any general information ahead of the technical meetingÂ between the commission and the banks, where details of the appeal would be considered and ironed out.
A staff of one of theÂ banks,Â who simply gave his name as Mr. Goddy, wondered what would happen to monies released to the contractors when they are harassed from doing the job by communities
He was, however, assured by the MD that a new trend of positive thoughts now ran in the region. According to Ugwoha, all sections of the region are now very positive to development.