The national leadership of the Peoples Democratic Party (PDP) has concluded arrangements to take bank loans and become a commercial entity.
The party's National Working Committee (NWC), chaired by Bamangar Tukur, hopes to raise short, medium and long term loans from financial institutions to fund party investments and programmes with minimum risk.
The party plans to invest in various sectors of the economy; and the NWC is to establish a holding company which will help negotiate the interests of the party in all investments. The party's Peoples Democratic Institute will also be placed under a holding company.
These steps are part of recommendations presented to the NWC by the party's National Financial Secretary, Bolaji Anani.
"The establishment of the PDP Holding Company Ltd is to hold and negotiate the interests of the party in all investment and business arrangements," stated Anani. "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."
Areas of investment listed out include real estate, oil, and telecoms. "The party can venture into the oil and telecommunication sectors through 'friendly' operators," he said. "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."
Source: Daily Times
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