Business
Church Doles Out 100m Loan To Members
Omega Power Ministry (OPM), has donated N100 million loan in order to encourage its members in the area of business development.
The General Overseer of the Church, Apostle Chibuzor Chinyere, who spoke with newsmen shortly after signing the Memorandum of Understanding (MoU) with Neighbourhood Micro Finance Bank in Port Harcourt recently, said it was also part of efforts to attend to the physical needs of the people.
Chinyere, announced that the first phase of 14 beneficiaries will access the interest-free loan from the bank as soon as the necessary agreements have been signed.
According to him, the Church will take care of the interest with the bank, while beneficiaries are expected to pay back exactly the amount they benefitted.
Furthermore, he said each person is entitled to access only N100,000 and to pay back according to the bank directives.
He said earlier that the Church has donated several cars and other items to those in need, saying that the N100,000 loan will aid those in pure water and other petty trades.
He said the Church chose to deal with Neighbourhood Micro-finance Bank because of its commendable track record and its God-fearing background.
The Tide, learnt that OPM is making deliberate moves to register a micro-finance bank in order to fast-track its desire to assist the less-privileged in the society.
Also speaking, the managing Director/Chief Executive Officer of the bank, Mr. Folami Fawehinmi, said most developed countries of the world depended on micro finance banks.
Fawehinmi, who expressed joy over the OPM partnership, promised to deliver as expected, adding that the bank has handled similar deals for Shell Petroleum development Company (SPDC) and other organisations in the state.
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