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Nairaland Forum / Nairaland / General / Politics / South East Co-operatives To Float Regional Bank With N10 Billion Capital (1569 Views)
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South East Co-operatives To Float Regional Bank With N10 Billion Capital by abagoro(m): 12:59pm On Aug 03, 2015 |
businessdayonline.com/2015/08/south-east-co-operatives-to-float-regional-bank-with-n10-billion-capital/ Thousands of cooperative groups in the five South East states under the aegis of South East States Cooperative Financing and Investment Limited (SESCOOP) are set to revive the moribund regional Cooperative Bank Limited, with an initial N10 billion as take-off capital, to drive deeper operations of micro and small businesses (MSMEs) in the region, BusinessDay can report. Authoritative information made available to our correspondent indicate that SESCOOP top officials have already got favourable dispositions from the nation’s banking regulatory body, the Central Bank of Nigeria (CBN) to float the cooperative bank. It was reliably gathered that the CBN, while largely supporting the move; has advised the movers of the regional cooperative bank idea, SESCOOP, to fly fast with the idea, and get it established; saying that such institution clearly falls in line with CBN’s aim of promoting micro, small and medium enterprises (MSMEs), for which it has since set up a funding agency – the micro, small and medium enterprises development fund (MSMEDF). In an interview with BusinessDay, in Owerri, Imo State, a top member of the SESCOOP and one of the brains behind the establishment of the Cooperative Bank, Peter Erika Okoye said, cooperative groups constitute the greatest change agents in empowering rural dwellers and the urban poor people, through the establishment of micro businesses; adding that it is these MSMEs that generate jobs for the unemployed. “Only a Cooperative Bank understands the positions of a little pig farmer, a ground-nut seller, and fish farmer cooperatives and promotes them through advancement of micro-credits to the individual cooperative societies at little interest rates that would make it possible for them to pay back their loans. The deposit money banks (otherwise called commercial banks) would ask for collaterals, higher interest rates, which would discourage cooperative bodies from coming up to ask for loans. So, that’s why we are setting up the Cooperative Bank,” Okoye said. Okoye, who is also the chief executive officer (CEO) of Rhino Energy Limited in Anambra State, informed that the Cooperative Bank, when established would be typically a regional bank, devoted to promoting cooperative development in the South East by advancing cheap micro loan facilities at very minimal interest rates to cooperative societies. “We have about 10,000 cooperative societies in Imo State alone. In Anambra there may be nearly twice that number. When you take these numbers across the five states of the South East zone, you can only imagine how many cooperatives I am talking about here. But the sad thing is that almost all of these cooperative groups lack access to micro-credits. As a result, most of them are only struggling,” he stated. He recalled how the late Obafemi Awolowo, as premier of the Western Region had provided then about £25 million to promote the establishment of hundreds of farmers cooperative groups in the region – the result of this was the massive growth of cooperative societies – leading up to the building of the Cocoa House in Ibadan. Today, he said the South West zone leads the rest of the country in cooperative movement and micro-businesses. “In the East, we had the Eastern Region Cooperative Bank, which later metamorphosed into the Cooperative and Commerce Bank, which helped a lot in promoting micro and small businesses then. We want to bring up again this Bank, especially at this time that all over the world, nations are developing faster through their cooperative groups which run micro, small and medium businesses. Besides, our own Central Bank of Nigeria is interested in promoting micro, small and medium businesses.” the SESCOOP boss said. He spoke of how SESCOOP in recent time, has been sensitizing people through massive cooperative education in the zone, on the benefits of forming a cooperative or belonging to one. Meanwhile, Geoffrey Samuel, the president of SESCOOP, said there is an urgent need for the South East zone to catch up with other parts of Nigeria, as well as other developing countries in Africa that have made great achievements with cooperative movement. Such countries are: Kenya, Tanzania, Angola, Namibia, among many others. Okoye informed that in order to whet the environment for cooperative culture and take-off of the regional Cooperative Bank, SESCOOP has concluded arrangements to hold an international cooperative investment forum in the South East later in the year. The conference which would also include exhibition of cooperative products, would showcase some of latest successes made by some developing countries through cooperative society. BEN EGUZOZIE |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by HungerBAD: 1:00pm On Aug 03, 2015 |
This bank will die a natural death. WEMA Bank survived in the West, because those managing the bank's affair have been doing a good job approaching business as a National Bank and not a Regional one. Moreover, how can a bank be managed properly, when everybody comes from a region where everybody is very sensible? 1 Like |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Nobody: 1:00pm On Aug 03, 2015 |
www.nairaland.com/2497469/gay-marriage-act-madness-dr Dr Chief Ifejirika's view about gay marriage. |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Chiaka(f): 1:04pm On Aug 03, 2015 |
Hmn! make them no chop people money sha! |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Milliprime: 1:04pm On Aug 03, 2015 |
Yes they can Welcome development. 3 Likes |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by walemoney007(m): 1:05pm On Aug 03, 2015 |
K |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Boss13: 1:05pm On Aug 03, 2015 |
Chiaka: I just pray. |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by HungerBAD: 1:06pm On Aug 03, 2015 |
Okay. 1 Like |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by vayne(m): 1:25pm On Aug 03, 2015 |
The ofe mmanu's above don't seem to like this news ![]() 3 Likes |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Kingspin(m): 1:34pm On Aug 03, 2015 |
Is better than Islamic bank to Islamic hand to Islamic purposes at the end of the day Nigeria is mess up. People are talking development not provide for religious miscreants. |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by UncleJudax(m): 1:42pm On Aug 03, 2015 |
HungerBAD:Shoro niyen? 2 Likes |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by oduastates: 1:47pm On Aug 03, 2015 |
HungerBAD: Not it won't, Not for those reasons you have given . Any organisation will survive as long as it adapts to the times and it is run efficiently. Even a bank in a small town will be profitable if it is well run . It all goes back to the argument that the unitary federal government is more of an hindrance or liability than a facilitator. For this bank to get approved , they would have to jump over numerous FG hoops ,headed by someone who probably cannot locate the state on a map . This is why the country need to go back to 1960 . 3 regions, shrink the FG to pay for the poorer northern region. Further Organise within the regions based on ethnic make up of the regions, with all autonomous provinces getting derivation based on their contributions to the region . After all , the FG will still be pocketing 50% of all the revenues. 4 Likes |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by gists: 1:51pm On Aug 03, 2015 |
There is a branch of Wema bank in Port Harcourt lol. So much for regional bank in this days of global competition. |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by omenka(m): 1:54pm On Aug 03, 2015 |
Oh!! Lovely. Who's gonna be the CEO, Nnamdi Kanu?? Nice initiative. 1 Like |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by dayo23(f): 1:57pm On Aug 03, 2015 |
Biafra bank |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by dayo23(f): 1:58pm On Aug 03, 2015 |
Chiaka:I tell u |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Nobody: 2:02pm On Aug 03, 2015 |
HungerBAD: RUBBISH 3 Likes
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Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by cheruv: 2:02pm On Aug 03, 2015 |
2 Likes |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Nobody: 2:03pm On Aug 03, 2015 |
Good |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Nobody: 2:06pm On Aug 03, 2015 |
HungerBAD: Now back to you, WEMA bank was just like Fidelity Bank, how did Fidelity keep on growing while wema bank is drowning... the reason is that one is being managed by an Igbo man while the other is being manage by the so called sophisticated ppl 2 Likes |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by mikolo80: 2:08pm On Aug 03, 2015 |
tsk tsk tsk SMH
instead make dem plant palm oyel or pineapple with d moni |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Nobody: 2:13pm On Aug 03, 2015 |
omenka: very very Shameful indeed..... Now tell me why Nnamdi kanu will not call you an animal living in the zoo 1 Like |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by sweetgala(m): 2:19pm On Aug 03, 2015 |
It's a good idea if it would be managed properly and with good ideas. Medium scale agriculture is making a comeback in Nigeria and such finance institutions are required to energise the growth |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by gists: 2:22pm On Aug 03, 2015 |
sweetgala:I can bet the head office will be in Lagos. so much for regional bank. So they will not accept deposit if Adamu or Kayode bring N10m? Truth hurts, just like I saw Wema bank in PHC, I see the bank opening branches across the country if it want to survive. |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by omenka(m): 2:24pm On Aug 03, 2015 |
kaycid77:Na wa oo!! Did I say something wrong ![]() I don't get it. Do you guys hate Nnamdi Kanu ![]() Shooo... |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by slam7000(m): 2:40pm On Aug 03, 2015 |
omenka: Stop being silly mister. You are getting very paranoid. What has the news got to do with Mr Kanu? 1 Like |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by fred19(m): 2:54pm On Aug 03, 2015 |
HungerBAD:" why d negative comment? are u sure u will survive dis eastside hating.............? 2 Likes |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by coolzeal(m): 3:20pm On Aug 03, 2015 |
Some region have abundant to improve themselves despite the economy recession while some certain region are crying for hunger and government handouts. I can understand their frustration. |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by sweetgala(m): 3:33pm On Aug 03, 2015 |
gists: I'm sure they would have a branch in Lagos and Kano , it would only make sense a vast amount of their customers would trade in those locations. This is not about tribe unless the bank makes it so, the SW was able to establish good cooperative banks which was a major tool in the agricultural success during the mid twentieth century and now. And the now thriving agric industry in the SE needs it too if Nigeria is ever to rise to the challenge of being economically diverse. Farmers the world over truly rely on these sort of financial arrangement. I applaud it sincerely |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by Nobody: 3:38pm On Aug 03, 2015 |
Kingspin:And igbo people are trooping to Islamic bank to borrow money ![]() |
Re: South East Co-operatives To Float Regional Bank With N10 Billion Capital by ichoku: 3:51pm On Aug 03, 2015 |
Shut up. Must you bring down everything that does not belong to you? Let me not open the lid on Wema Bank. HungerBAD: 1 Like |
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