Nigerians To Benefit From Fubara’s Plan To Touch Lives, Create Wealth
● As Rivers Govt prepares to spend N4b to grow small and medium scale businesses
By PHC Telegraph
Nigerians born in other parts of the country but who are resident in Rivers State are to be beneficiaries of a loan scheme that is intended to empower appropriately 3000 aspiring entrepreneurs.
The Governor, Siminialayi Fubara who officially launched the four-billion naira loan scheme on Friday said the programme would give enterprising small and middle level business owners access to much needed credit.
Rivers State Governor, Sir Siminalayi Fubara (middle); his Deputy, Prof Ngozi Odu (right); and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (left); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
He noted that the introduction of the loan scheme was in fulfilment of the promise that he made to empower Rivers people during the electioneering period.
“Today, we are all here to witness the formal launch and distribution of cheques to 3,066 micro, small, and medium-scale enterprises and 100 companies in the State from all 23 local government areas”, the Governor said.
He hinted that under the scheme “valued at over N3.6billion”, non indigenes living in the midst of Rivers people who are doing business would benefit.
The Governor expressed his happiness with the professionalism exhibited by the fund managers, saying their handling of the scheme would naturally result in its success.
As he put it, “We are satisfied with today’s outing and professionalism, believing even more strongly that the potential outcome will be greater to both BOI and the Government and good people of Rivers State.”
Rivers State Governor, Sir Siminalayi Fubara (left); presenting a cheque to one of the beneficiaries, Gbara-Age Patience (right); assisted by representative of MD, Bank of Industry and Executive Director, Corporate Services and Commerical, Mr Usen Effiong (2nd left) and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (2nd right); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
Governor Fubara acknowledged that the lack of access to credit due to the scarcity of funds has stunted the growth of bright and innovative minds and choked their noble aspirations to build a better life.
But with the scheme, which is a partnership between Rivers State Government and BOI, Governor Fubara emphasised that a surest path to the achievement of entrepreneurial greatness has been secured.
“As a State”, he went on, “we cannot talk about economic growth without stimulating business activities to create wealth and jobs through policies and programmes that will engender greater public access to credit and financial inclusion.
“MSMEs are well-known as critical drivers of inclusive economic growth and development. By empowering our people to cultivate available economic opportunities, access to credit is a powerful tool for achieving financial security.
“We can only keep imaging the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the local government areas in terms of gross domestic product, increased tax returns, employment creation, income distribution and production of good and services.”
Rivers State Governor, Sir Siminalayi Fubara (left); presenting a cheque to owner of Natural Hair Doctor Salon, one of the beneficiaries (right); assisted by representative of MD, Bank of Industry and Executive Director, Corporate Services and Commerical, Mr Usen Effiong (2nd left) and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (2nd right); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
Fubara instructed the management of the Rivers State Microfinance Agency (RIMA) to monitor the progress of the beneficiaries in their businesses and ensure a 100 percent recovery of the loans in order to guarantee the sustainability of the programme.
The Managing Director/Chief Executive Officer of Bank of Industry (BOI), Olasupo Olusi, represented by the Executive Director of Corporate Services and Commerical, Usen Effiong, said in his address that BOI is more interested in ensuring that the collaboration intended to is steer socio-economic growth, create jobs, checkmate social vices and grow the IGR of Rivers State is realised.
“BOI remains committed and a strong pillar of development financing in Nigeria for over 60 years.
“Our remarkable record and total assets exceed N4trillion, which makes BOI the largest and most successful development finance institution in the nation.
Rivers State Governor, Sir Siminalayi Fubara (left); presenting a cheque to one of the beneficiaries, Benpan Integrated Services Ltd (right); assisted by representative of MD, Bank of Industry and Executive Director, Corporate Services and Commerical, Mr Usen Effiong (2nd left) and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (2nd right); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
“It will interest us to know that our total investment in Rivers State as at today stands at N55.65billion, which accounts for 55 percent of the total investment in the entire South-South. So, Rivers State alone is taking the chunk of our investment.
“We, as the Bank of Industry Limited, play a major role in supporting Nigerian enterprises by providing financial services, advisory services, and watch businesses grow from Nano to Micro to Small, Medium and getting to large enterprises.
“Our mandate is to create development impact which is in line with the economic blueprint of His Excellency, the Governor of Rivers State, and this cuts across various sectors ranging from agriculture, oil and gas, power and aviation, hospitality. This, we believe will crystalize industrialization and economic sustainability in Rivers State.”
Rivers State Governor, Sir Siminalayi Fubara (left); and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (right); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
Earlier, the Managing Director and Chief Executive Officer of the Rivers State Micro-finance Agency (RIMA), Pastor Jonathan Tobin, said it is exciting that they have been given the opportunity to contribute to achieving the dream project of Governor Fubara christened, “Touching Lives, Creating Wealth.”
Pastor Tobin stated that the timing of the launching of the scheme is auspicious because it was coming when the operating capital of most businesses have been eroded.
He explained that there are grave inflation rate and fluctuation of the foreign exchange regime, which have posed unbearable challenges to most micro businesses.
Pastor Tobin said the interest rate for loan collected under the scheme is single digit, which is 7.5 percent per annum, and reckons as the lowest in the country.
Rivers State Governor, Sir Siminalayi Fubara (middle); his Deputy, Prof Ngozi Odu (right); and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (left); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
Pastor Tobin said further: “Those who are borrowing from above N1,000,000 to N10,000,000 will be treated in Bank of Industry. All they need is just a proof of registration of their businesses, two guarantors, a valid identification card, and a simple business plan.
“For those who are borrowing N10,000,000 to N50,000,000, all they need is a Corporate Affairs Commission Registration, two years’ audited financial record, a Certificate of Occupancy, BVN, tax clearance of the company and or the directors.
“Your Excellency, as at today, we have brought on board 3,066 beneficiaries, and they all are requesting for N1.632billion. Interestingly, women borrowers account for 58 percent while the men borrowers account for 42 percent.”
Rivers State Governor, Sir Siminalayi Fubara (left); presenting a cheque to one of the beneficiaries, HenryBankz Technology (right); assisted by representative of MD, Bank of Industry and Executive Director, Corporate Services and Commerical, Mr Usen Effiong (2nd left) and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (2nd right); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
“Today, Your Excellency, we have four categories of borrowers. Those who are borrowing from N1,000 to N1,000.000. Those who are borrowing from above N1,000.000 to N50,000,000 are treated by our partners, Bank of Industry.
“If you are borrowing from N100,000 to N450,000, all you need to provide is just your passport photograph, the passport photograph of your guarantor, your NIN, and local government identification.
“For those who are borrowing from N500,000 to N1,000,000, all they need to provide is two passport photographs, their NIN, their means of identification, BVN, a guarantor with a cheque leaf. These categories of borrowers are treated in RIMA,” he added.
Rivers State Governor, Sir Siminalayi Fubara (left); presenting a cheque to one of the beneficiaries, Patience Wofu (right); assisted by representative of MD, Bank of Industry and Executive Director, Corporate Services and Commerical, Mr Usen Effiong (2nd left) and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (2nd right); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
He urged Rivers people interested in forging a good and sustainable business path to approach the agency for support to enable them contribute to the economic revival and growth of the State.
Highlight of the event was the official launch of the loan scheme and presentation of cheques to some successful beneficiaries from across the 23 LGAs and some small business owners by the State Governor, Sir Siminalayi Fubara.
Rivers State Governor, Sir Siminalayi Fubara (left); presenting a cheque to one of the beneficiaries, Essol Resources (right); assisted by representative of MD, Bank of Industry and Executive Director, Corporate Services and Commerical, Mr Usen Effiong (2nd left) and Managing Director/CEO, Rivers State Microfinance Agency, Pastor Jonathan Tobin (2nd right); during the Governor’s official launch of the N4billion loan scheme for small businesses at Obi Wali International Conference Centre in Port Harcourt on Friday.
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