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Rivers State Microfinance Agency In Tune With The New Rivers Vision

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Governor Wike

Governor Wike

In order to put the record
straight and in line with the New Rivers Vision, the policy of the present administration, the facts must be laid bare for public  observation, scrutiny, analysis and inference to be drawn to gauge the growth of the Rivers State Microfinance Agency, its capacity building structure and contribution to the overall economic development of the state.
Presently, the new leadership of RIMA has provided a template for total departure from the usual pattern of inconclusive policy initiative and defective accounting reports, which has beset the organization from inception and has thereby, created liability and losses for the Agency’s bottom line mandate.
A juxtaposition of previous financial report by the past administration in RIMA is totally incomparable with the new financial reports posted and the achievements of the present leadership.
This is a swift reaction to the misguided and unfounded assertion credited to an article published in a National Newspaper “Rivers State Microfinance agency gives Kudos to Wike for CBN =N=2B MSME Loan- but past finance commissioner says Amaechi did most of the job”.
It is with great dismay that the management of RIMA views such distorted and ambiguous issues raised by this ill-informed writer capable of misleading the general public on the transactions and operations of RIMA in carrying out its dual functions /responsibility – Double Bottom Line strategy. This is to say, fostering wealth creation – bottom up and capacity building. It is a misleading, ill-conceived and mischievous write-up meant to paint the Agency in questionable pictures and bringing it to disrepute.
The integrity of the management and board is of unblemished antecedent and impeccable record. This unparalled quality marks the team of management and board as distinguished persons.
RIMA has put in place modalities to cut down high operational cost. RIMA has also initiated methodologies to tackle low banking culture in the rural areas and among the urban poor, by taking banking to their door steps. In spite of these factors militating against the progress of Microfinance Banks, RIMA is thorough and selective in its approach in carrying out the double bottom financial line. The rascality of the previous management is epitomized by the losses incurred throughout the duration of the administration between 2010- 2015.
Traditionally, our rural folks borrow money from friends and relatives and repay the same amount of money borrowed at very exhorbitant rate with disregard to measured tenure for the loan repayment. This is why RIMA is working assiduously to bridge that gap and lift modern standards in adherence to International Microfinance Banking best practices.
RIMA is evolving policies to cushion the paucity of human and institutional capacity building. RIMA is not in inordinate competition with commercial banks but braces the task of leveraging Micro, Small, Medium Enterprises into profiteering institutions through single digit interest rate borrowing.
RIMA has decided to take it more seriously, its core objective of reaching the poorest households through sustainable business approach using loan not as grants and for charity driven projects but loans repayable with not more than 9% interest rate all inclusive.
The success of RIMA is associated with its financial loan outcome through the loan portfolio quality to beneficiaries CFI (City Finance Institution), RFI (Rural Finance Institution) and other categories of beneficiaries. This is the management of loans for benefiting Institutions and its recovery.
RIMA is striving to achieve social and financial goals. This is managing a double bottom line. Candidly, strong financial performance underpins the agency’s ability to pursue its social objectives, and conversely, achieving goals generally enhances financial performance. This is exactly why this present leadership in RIMA is determined to succeed.
In the said publication, it was erroneously insinuated that the Rivers State Micro Finance Agency (RIMA) had posted a profit of one billion naira accruing from the seed capital of two billion naira generated through the management of SME funding. This is not true and totally unrealistic. It is unimaginable that at a time the Agency was in a comatose position, it was posting positive result and surprisingly profit.
A clear indication shows the pointer to losses incurred from the financial statement of RIMA for five years (2010-2015) buttressing the fact that the Agency was operating at loss and heading for a catastrophic end.
A summary of the financial details between the period 2010-2015 (the period under review) from auditing shows that RIMA incurred losses to the tune of :
=N= 144, 170, 114.00 K (2011) Loss
=N= 273, 708, 948.00 K (2012) Loss
=N= 163, 146, 712.00 K (2013) Loss
=N= 197, 314, 118.00 K (2014) Loss
=N= 194, 584, 973.00 K (2015) Loss
Which brings the total amount to :
=N= 972, 924, 865.00K
It is also not true that the previous administration was at the verge of securing the Central Bank of Nigeria MSME fund for onward lending to end users in the various categories of micro, small, medium entrepreneurs at a single digit interest rate. Amaechi’s administration found it very difficult to access the loan. It would have been for political intent and purposes. This is as exemplified by the previous loans secured. The dubious and unscrupulous nature of the documentation of the application alerted the CBN of the underlying interests behind the loan.
This prompted action, the Central Bank of Nigeria in halting the process of accessing the loan by former Governor, Rt Hon Chibuike Amaechi. Of what use was the three billion naira Agricultural loan from the federal government put into by the Rotimi Amaechi administration? Who were the beneficiaries of these loan? This was a clear indication that if the (CBN) had granted the loan as earlier applied, it would have been yet another largesse for diversion and political patronage. The erstwhile administration never provided the required framework and conditionality by which the Central Bank of Nigeria (CBN) would have allowed that administration to access her own quota of the two billion naira of the two hundred and twenty billion naira targeted for the scheme by the Goodluck Jonathan’s administration.
The loan application as prepared by the Amaechi administration to access the two billion naira SMEs, was fraught with irregularities and discrepancies, which therefore necessitated the CBN in carrying out a thorough verification and formal examination of the true identity of the would be beneficiaries. It was found to be a sham and a bogus accounting procedure meant to divert the fund into purposes for which it was not originally meant for. A clear example of the dubious and diversionary tactics employed in accessing other federal government funds was the three billion naira Agricultural loan earlier secured and put forward.
It was quite obvious, that any money further released to the previous administration by the (CBN) was bound to be diverted for political patronage and election purposes. Just like the previous efforts for the Agricultural loans.
This was why the Central Bank halted the further payments to the previous administration.
It is surprising that after the processing of all the documentations, by the previous administration the money was not released. This was a result of that administration’s inability to provide the necessary platform, which has been met by the Wike’s administration in so short a time.
The state Governor, Chief (Barrister) Nyesom Wike has pledged its resolve in ensuring transparency and accountability in the management of the two billion naira SME fund. It has already mobilized beneficiaries across the 23 Local Government Area councils to show the workability and spread through the different strata.
Governor Wike has assured the people of the state that his administration will take proactive measures in ensuring that (SMSE) will grow. He further stated that his vision is for entrepreneurship development, poverty reduction, creation of jobs and ensuring food security.
The condition for issuing out the loan by (RIMA) would be friendly enough for beneficiaries. To show the magnanimity, honesty and sensitivity by the present administration led by  Nyesom Wike, the Rivers state Government would serve as a collateral for the SMSE in order for these entrepreneurs to play very active roles in the growth and economic development of the state to create opportunities.
Obomanu is of Radio Rivers, Port Harcourt.

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NPA Assures On Staff Welfare 

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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