Business
RIMA Establishes Financial Institutions In LGAs
As part of measures to reach out to the enterprising poor populace in the rural areas, the Rivers State Microfinance Agency (RIMA), has set up Rural Financial Institutions (RFLS) in 21 local government areas of the State.
Managing Director of the Agency, Mr. Innocent Iyalla Harry made the disclosure during a Business Summit organised by the Men Ablaze of the Redemption Ministries in Port Harcourt at the weekend.
He disclosed that currently there are about 210 of the RFIs used as capacity unit in disbursing loans to cooperatives, but said by September they will be increased to 350, with 15 in each of the local government area.
Mr. Harry explained that the RFIs were formed as an easy way to reachout to the rural populace, pointing out that the cooperatives will be monitored by loan officers stationed in all the 23 local government areas.
Already, he submitted that about 10,000 peoples have benefitted from the first phase of the loan disbursement but, however, said the RFls were set up empower cooperatives, since it’s easy to access and repay loan through such schemes.
In the words of the RIMA boss, “we have N2 billion available to be loaned to the citizens. The money is ready and we are ready and willing to give to legitimate business people, who are ready to invest and pay back”.
Commenting on plans to expand the cooperatives by September year to 15 per local government area, Mr. Harry remarked that, “by December this year the agency is targeting to empower 350 persons per local government area.
He therefore urged those who could not benefit in the first phase to aggregate themselves in cooperatives assuring them of another opportunity by September.
Responding to questions on why the loan is being restricted to indigenes alone, the RIMA boss hinted that there are plans to amend that part of the law setting up the agency.
Mr. Harry argued that unless that part of the law was amended, it will be difficult to loan to non-indigenes, saying the Governor , Chibuike Amaechi had set up the body to encourage enterprising indigenes and curb poverty.
The RIMA boss thanked the Governor for setting up the new board of the agency chaired by former Minister of State for Water Resources, Chief Precious Ngalale emphasising that the four-man Board is made up credible people capable of driving government’s vision in empowering the populace.
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.