The Kwara State Government on Thursday approved the transfer of its 10 per cent equity in the Kwara Commercial Micro-finance Bank (KWCMB) to Harmony Holdings.
Alhaji Demola Baanu, the state commissioner for Finance, who disclosed this to newsmen after the Executive Council meeting, said the move would make the bank more viable.
The commissioner said KWCMB was established in 2009 under a public/private sector partnership, with the State holding a N100 million debenture.
Banu explained that the bank was expected to operate more profitably and in optimum efficiency.
The commissioner noted that the Micro finance bank had so far disbursed about N3 billion as loan to more than 20,000 customers.
He said the bank declared a profit of N29 million in 2013 and also paid dividends to its shareholders, as against the loss it recorded in 2009.
Also speaking, the Commissioner for Information and Communication, Mr Tunji Morounfoye, said the Ministry for Tertiary Education had been mandated to review the colleges of Education curriculum.
According to him, the idea was to ensure that the institutions produced well-trained teachers to teach primary school pupils.
He said government also directed the commissioner to embark on fact-finding tours of the state-owned Colleges of Education, with particular focus on how the Tertiary Education Trust Fund was being managed. (NAN)
© anu for Royal Times of Nigeria Newspaper, 2014. |
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