Business
Stakeholders Hail New Policy On Microfinance Banks
Some stakeholders in microfinance industry have commended the Central Bank of Nigeria (CBN) for introducing the new policy framework on the operations of microfinance banks.
They told newsmen in separate interviews in Lagos yesterday that the new framework would impact positively on the lives of the operators and small businesses.
Mr Mathias Omeh, President of National Association of Microfinance Banks (NAMB), said that the latest categorisation and the recommended paid up capital were acceptable to the operators.
He said that these would lead to emergence of stronger microfinance banks and the transformation of small and medium-scale businesses.
The newly revised Microfinance Policy Framework, dated June 27, directed that unit microfinance banks would operate in one location.
“It shall be required to have a minimum paid up capital of N20 million and is prohibited from having branches/cash centres,’’ it said.
It also directed that a state microfinance bank had been authorised to operate in one state or the Federal Capital Territory with a paid up capital of N100 million.
“And is allowed to open branches within the same state or FCT,’’ the policy stated.
It said that those in national category would have paid up capital of two billion naira and were allowed to open branches in all states and FCT.
Omeh said that CBN should introduce incentives to encourage these banks to meet their objectives.
“The apex bank should set up a loan service company that will refinance the bad debts which the microfinance banks may have encountered in the course of service delivery.
“Some of our customers have died, became insane and some with terminal illnesses in the course of the transactions,” he said.
Chief Jentro Akum, a former deputy governor in Plateau, said that the apex bank should device new ways of dispensing the Microfinance Development Fund (MDF).
He also called for effective government supervision of microfinance sub-sector through judicious implementation of the new policy and guidelines.
Akum, who is Chairman of Eagle Microfinance Bank in Bokkos, said that this would boost the confidence of Nigerians in the microfinance banking sub-sector.
He said that the apex bank should take a step further by educating microfinance operators on the new policy, especially on the aspect that dealt with the ownership structure.
“For instance, the policy stated that there shall be no ownership interest in more than one microfinance bank, unless CBN permits.
“Is it that stakeholders or investors will not be able to invest in more than one microfinance banks, if they have enough resources at their disposal?” Akum asked.
Nkpemenyie Mcdominic
Reports say that the training is designed to equip youths with practical technical skills for employment in the oil and gas and construction sectors, with emphasis on employability, safety, competence and self reliance.
In attendance at the flag-off ceremony this week, at the Petroleum Training Institute (PTI) Conference Hall, Effurun, were stakeholders, dignitaries, and political representatives, among others.
Dafinone, represented by his Chief of Staff, Adelabu Bodjor, said the initiative reflects a deliberate political investment in human capital development across Delta Central.
He explained that the training focuses on rigging and scaffolding, noting that “both are essential technical competencies required in industrial operations, construction projects, and oil and gas installations”.
Bodjor added, “The programme is intended to reduce dependency among youths by providing job-ready skills capable of supporting long-term economic opportunities and self-sufficiency. The initiative aligns with Senator Dafinone’s broader development agenda, which prioritises practical skill acquisition as a pathway to sustainable empowerment.”
Also addressing the participants, the NCDMB, Felix Omatsola Ogbe, represented by Mr. Teddy Bai, commended Dafinone for sponsoring the programme, describing it as “a timely response to critical manpower gaps in the industry”.
Bai explained that rigging and scaffolding remain safety-sensitive skills required across fabrication yards, offshore platforms, and construction sites, stressing that the programme bridges the gap between certification and practical competence.
He also charged the training consultant, OROH Contractors Limited, to maintain strict standards of professionalism, safety, and discipline, while urging participants to remain committed, focused, and disciplined throughout the exercise.
The Senate Liaison Officer for Sapele Local Government Area, Chief Patrick Akamuvba, , described the programme as a major step in strengthening human capital development in Delta Central.
Akamuvba said scaffolding and rigging skills are in high demand across residential, commercial, and industrial construction projects, noting that the training offers real employment opportunities for beneficiaries
He urged participants to prioritise knowledge and certification over short-term material expectations, stressing that discipline and seriousness would determine their long-term success.
He also cautioned youths against social vices and distractions, advising them to remain focused to maximise the opportunities provided by the programme.
