The People Democratic Party of Nigeria plans to launch a business arm, PDP Holding Company Limited. Through the holding company, the party also intends to venture into various sectors of the economy including real estate, oil and telecommunications. In addition, the Party intends to in its own words: “raise short, medium and long term loans from Finance Institutions to fund party investments and programmes with minimum risk.”
To generate revenue, the party intends to engage in merchandise commodity trading and cooperative activities so as to generate funds for the party and provide for the welfare of members. The party also expects to gain about N169 million (~$1 million) in revenue from its members in the Nation Assembly, Vanguard reports.
In a memo titled “Revenue generation and investments” sent to the National Chairman Dr. Bamanga Tukur, the party’s National Financial Secretary, Mr. Bolaji Anani said it would be easy for the party to get the needed concession and operator’s licence for sectors such as telecommunications.
Anani wrote under the sub-head “Major Sectors,” in the memo 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 (the) needed concession and operator’s licence with some measure of ease,” he said.
The party’s National Working Company is expected to establish a holding company which will help negotiate the interests of the party in all investments. The PDP’s Peoples Democratic Institute will be reportedly under the holding company in the new arrangement.