NKWERRE / ISU / NWANGELE / NJABA / FEDERAL CONSTITUENCY –
JONES ONYERERI RAISES THE BAR FOR EFFECTIVE REPRESENTATION ; SPONSORS A NEW BILL FOR AN ACT TO PROVIDE FOR AND REGULATE ASSIGNMENT OF RECEIVABLES : A CHALLENGE FOR HIS SUCCESSOR
- Njoku Macdonald Obinna
National Assembly :
Whenever I candidly , without mincing words , talk about robust , pragmatic and effective representation in legislative business , one of the federal legislator(s) that usually comes to mind , is no less personality , than this egg -head federal lawmaker per excellence , Rt. Hon. Jones Onyereri , Ksp; the candidate of the People’s Democratic Party for Imo West Senatorial District and outgoing member representing Nkwerre / Isu / Nwangele / Njaba Federal Constituency in the Green Chambers .
Expectedly of a sound and articulate federal lawmaker , Distinguished .(Hon) . Jones Onyereri , was before the full gallery of the media and Nigerians watching the House of Representatives’ plenary session yesterday , presented his sponsored Bill for an Act to provide for and regulate assignment of receivables by making provision for registration as well as the rights and obligations of parties to contract.
Indeed , it takes only a technocrat ; an intellectual with a background in accounting , finance , understanding of the country’s economy and adequate knowledge about international trade to venture into sponsoring such diversified executive and legislative bill ; a very big legislative erosion which I pray his successor , Chief Ozurigbo Ugonna , shall muster the intellectual capacity to fill . In all sincerity , I wish him good luck .
To the uninformed , assignment of accounts receivables is simply a lending agreement whereby the borrower assigns accounts receivable to the lending institution . In exchange for this assignment of accounts receivable , the borrower receives a loan for a percentage of the accounts receivables .
This percentage may be as high as 100℅ . The borrower pays interest and a service charge on the loan , and the assigned receivables serve as collateral . That is , if the borrower fails to repay the loan , the agreement allows the lender to collect the assigned receivables .
Students and graduates of Accounting , Business Management , Banking and Finance , will understand this better . I guess ?
Jones Onyereri , a graduate of Accounting from the University of Nigeria , Nsuka (UNN) ; with some international training on Public Finance , Management and Foreign Debt , is no doubt, a right square in the round hole as the House of Representatives ‘ Committee Chairman on Banking and Currency , has continued to raise the bar of people’s awareness and expectations from the largest Federal Constituency in Nigeria .
However , his latest sponsored Bill when passed amongst other things shall stimulate domestic and international assignments of receivable or international trade receivables made or pursuant to a factoring contract . The Bill also seeks to make its provision applicable to subsequent assignment of receivables as provided in section 3 (1) of the Bill .
This Bill , which comprises of 28 sections covering such matters as scope of the application of bill when passed and comes into effect . Autonomy of parties to the assignment and receivables contract Rights , Obligations and Defences of parties to the contract international factoring , jurisdiction and alternative dispute resolutions , etc .
While his colleagues in the Green Chambers had , since the presentation of this Bill , applauded Sir , Onyereri for his in depth knowledge and level of research work expanded on the said Bill : With a twist of comparison , it has therefore , become so urgent , that every stakeholder and member of this much talked about largest Federal Constituency in Nigeria must go on their knees for our incoming federal lawmaker ; so that we shall remain on the political map of Nigeria for the expected effective representation from ”our new Sheriff ” .
- Njoku MacDonald Obinna
Pioneer founder ,
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(Centre for Rights Advocacy )
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