The Delta State Government has invested N2.5 billion recapitalization funds into the Delta Trust Mortgage Finance Bank Limited as part of efforts to ensure that locals enjoyed sustainable housing development.
The State Commissioner for Finance and Economic Planning, Chief Kenneth Okpara, told media the funds were secured from the investment arm of the Ministry of Finance Incorporated (MOFI).
According to him the MOFI holds a well-diversified investment portfolio measured at market value for quoted investment and a cost of acquisition for unquoted investment valued at excess of N14.37 Billion as at September 2013.
He noted that between 2007 and 2013, the state government had so far received dividends in excess of N3.98 Billion through MOFI. As part of its investments strategies aimed at not only maximizing profits but impacting positively on the lives of its citizenry through the MOFI platform, Okpara said, the sum of N4.5 billion was also by the state government into power generating companies to provide efficient power supply to the state.
Okpara explained, the sum of N500 million was also released from the MOFI project as counterpart funding with the Bank of Industry for onward lending SMEs in the state.
This, he said, would boost Small and Medium Scale Enterprises (SMEs) in the state.
“MOFI also takes advantage of some short-term opportunities. A total of
N1,3 billion was invested in the money market between November 2012 and June 2013 which has already yielded N119 million and is expected to yield an additional N102 million by June 2014,” he stated.