Nigeria: PEF Signs $100 Million Loan Agreement With US EXIM-Bank - AllAfrica.com

Abbas Jimoh

The Police Equipment Foundation (PEF) has signed a $100 million loan facility with the US EXIM- Bank.

The facility is meant for execution of various projects that would enhance the welfare of men and officers of the Nigerian Police Force, and other security agencies in the country.

Speaking at the signing agreement in Abuja over the weekend, Chief Kenny Martins, National Coordinator of the PEF said the money will be used to execute various welfare - enhancing projects for the Nigerian Police Force and other security agencies in the country.

The loan agreement was signed by Chief Martins on behalf of PEF, while Mr. Barin Bach Igal of Calvary Security Group (CSG), the facilitator of the loan, signed for the US EXIM- Bank.

Chief Martins disclosed that the money which carries a single digit interest rate with a medium term repayment period would aid the speedy execution of various projects PEF has lined up for the Nigerian police.

He specifically stated that the money would be channelled to provide affordable housing for various cadres of the Nigerian Police Force in addition to making available other facilities like telecommunication equipment, armoured vehicle personnel carriers and helicopters among others.

Chief Martins dismissed speculations in some quarters that the lower cadre of the force may not be able to repay the loan due to their meagre salaries, stressing that even drivers in other establishment who earn amount lower than what the Police are being paid, can afford to build houses in their villages and wondered why Policemen could not do the same.

He said that PEF is working in concert with four Nigerian banks in the administration of this loan; with the financial establishment being led by Oceanic bank, while Intercontinental Bank, Zenith Bank, FCMB Bank and GT Bank are to provide the financial advice and backing beside what CSG is offering.

"We insisted with that the loan should be given with single digit interest so that the Police could benefit adequately. This is all in the process of ensuring that the Police live a comfortable life that would enable them discharge their duties effectively," Chief Martins said.

He pointed out that the facility would be packaged in such a way that every policeman becomes a beneficiary.

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CSG is a foremost security group in the United States of America involved in the provision of security services to all strata of the society, and it is backed by some prominent American citizens and the US government.

The National Coordinator of PEF said the partnership with CSG would be of great advantage since it would transfer to PEF most of the experiences the home security in the US has. He also hoped that the Police would benefit from this.

Top functionaries of PEF were present at the loan signing ceremony. Others in attendance were Mr. Reginald Lewin of CSG and Mr. Bruce App, PEF's consultant.