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| Union Bank to partner with Lagos state government on 4th mainland bridge |
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| Thursday, 03 July 2008 | ||||||
     The offer made by the Group Managing Director and Chief Executive of the bank, Mr. Barth Ebong, at the Governor’s Office Alausa, came barely 24 hours after an interactive session between the State Government and the Organized Private Sector during which the Governor, Mr. Babatunde Fashola (SAN) highlighted the opportunities existing in the state for partnership between the government and private sector. Speaking at the Governor’s Office as head of the management team of the bank which came on a courtesy call to the Governor, Ebong said the interest of the bank was in the area of financing the project adding that the company has already started consulting with foreign experts and contractors over the project. The GMD, who expressed satisfaction at the pace of development in the State, said the bank’s interest in building the bridge was informed by the need for such an infrastructure to provide additional outlet for the ever growing city and to befit its status as a Mega-City. He said the bank was also prepared to partner with the State Government in other sectors of the economy such as Housing, Agriculture, Infrastructural development, Mortgage, Transportation, Social Security Card and other areas where the State Government found expedient. Ebong said the Bank was also ready to help the State Government in raising a 25-year revenue bond to enable it fund its infrastructural development “in a very cost effective way”, adding that the bank was also ready to provide mortgage for civil servants and Commissioners in the State . Speaking on the need for a Social Security Card (or what he called Data-base identity card), the GMD said the card was necessary to identify all residents of the State and would also ease the means of doing business, pointing out that the bank would assemble the experts who would provide the service. Pledging the bank’s ‘warm and unflinching’ support to the State Government, the GMD praised the State Government for what he described as a stunning achievement in the last one year, adding, “From what we have seen already in the first one year of this administration, there is no doubt that in the first four years, this administration will deliver a Lagos Mega-City of our dream”. Responding, Fashola who expressed joy at the bank’s offer of partnership, said the State Government was prepared to partner with those who were ready to be part of the progress that the city was currently experiencing, adding that the Government had provided vast investment opportunities for the members of the Private Sector to key into. “As a Government, ours is to create opportunities from challenges”, the Governor said adding that the bank’s partnership in its Mortgage Scheme would make the Scheme stronger. “The bigger the better”, he said. He named other areas of potential partnership to include Agriculture where he said the could engage in Marine Agriculture and land cultivation, Waste Management, where the Governor suggested that the bank could engage in provision of heavy duty equipment for other smaller waste management companies to take on lease basis. Fashola added, however, that engagement by the Government would be determined by the level of response to tax payment by potential partners adding that the execution of all the projects outlined for partnership would depend on availability of fund which comes from tax. The Governor regretted that the State Government’s audit of the private sector showed that the members were not tax compliant pointing out that the auditing particularly revealed that payees taxes were not being remitted to the State’s coffers. Hoping that this would not be the case with Union Bank, the Governor declared, “We will engage those who make our job easier”. According to him tax is the other side of social contract which the governed is constitutionally expected to fulfill for the running of an orderly society. Congratulating the bank’s management for what he described as a seamless and successful transition, the Governor, who described the Union Bank as a brand with a strong pedigree, said, “That is as it should be. We should sustain what we build. We must offer fresh blood and new vision”.  Quote this article on your site | Views: 297 | Print | E-mail
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