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FG Recommits To MFBs’ Effectiveness

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8 years ago

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The Federal Government last Friday expressed its commitment towards enhancing the effectiveness of Micro Finance Banks (MFBs) in the country.
President Muhammadu Buhari, represented by the Minister of State for Trade and Investment, Mrs Aisha Abubakar, said this at the 2018 Micro Finance Banking Conference/Award Night held in Abuja.
The theme of the conference is: “Financial Inclusion for Micro Small and Medium Enterprises (MSME) Development in Nigeria: Making Microfinance Banking Work.”
Buhari said the government recognised the challenges of the microfinance sector and had come up with policies to ensure the growth of the sector.
“Government is providing an enabling environment through the ease of doing business which underscores the provision of one stop shop for this administration.
“Financial stability of the banking sector is very vital for every economy particularly for Nigeria’s emerging economy; therefore the supervision of MFBs is necessary to build confidence in the sector.
“The CBN is already working on this and stakeholders are urged to cooperate with CBN in this regulatory role.
“It is an established fact that the government alone cannot provide the needed infrastructure for microfinance banking, government however calls for stakeholder collaboration to achieve this,” he said.
Buhari commended the management of the National Association of Micro Finance Banks (NAMB) in its effort to provide funding for people at the grass root.
He said: “There is no gainsaying that MFBs contribution in rural areas will ensure financial inclusion, expand the market, revamp the moribund industries and increase the country’s GDP.
In his remark, the Senate President, Dr Bukola Saraki, pledged the commitment of the National Assembly (NASS) to work with the association to contribute to national development.
Saraki was represented by Sen. Ibrahim Rafiu, Chairman Senate Committee on Banking and Currency.
He said the NASS recently passed several bills targeted at enhancing the effectiveness of MSME to access credit; this will ultimately help members of NAMB to improve their businesses.
Also Governor Rotimi Akeredolu of Ondo State urged political leaders to support MSMEs in their various locations.
“We have put appropriate policies in place in my state, which have continued to yield positive results and I urge other political leaders to do same.
“We hope that in no distant time, MSME will be the engine of growth and financial inclusion in the country.
“I also appeal to stakeholders to create an enabling environment that will promote financial inclusion especially in the area of technology,” Akeredolu said.
Dr Uche Olowu, President, Chartered Institute of Bankers of Nigeria (CIBN), said MFBs had a critical role to play for Nigeria to achieve financial inclusion.
Olowu said the MFBs were better positioned to deepen financial inclusion as they were closer to the grass root, thus, should be given the necessary support to be able to do so.
He advised the MFBs not to adopt the ways of the Deposit Money Banks, saying that if they did, it would not allow them achieve the purpose for which they were set up.

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Boat Mishap Kills Pastor, Wife And Church Members  In Brass Water

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6 days ago

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May 18, 2026

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A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways
The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and  members of his church were in a programme.
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?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet  to be recovered
as search party are still ongoing.
Although the real cause of the boat Mishap is not yet known as at the time of this report,  our Correspondent gathered  that the identities of the Pastor, wife and church members were not disclosed to the public.
The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit
The Bayelsa State government and the state police command are yet to issue official statement’s  on the sad accident
By: CHINEDU WOSU
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Rivers Workers Seek Scrapping Of Contributory Pension Scheme

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6 days ago

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May 18, 2026

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The Rivers State Council of  Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.
Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt,  recently.
Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.
He noted that  the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.
According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.
He also  informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.
“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.
Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.
The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.
He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.
Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.
The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.
He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.
Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.
By: King Onunwor
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FG Begins South-West Tour To Promote New Cooperative Bank

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2 weeks ago

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May 13, 2026

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The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.
 Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.
According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.
Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.
“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.
The minister noted  the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.
According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.
Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.
He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.
“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.
He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.
“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.
Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.
“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.
“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.
Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.
She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.
Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).
“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.
“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.
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