The management of Total Exploration and Production Limited, operators of the NNPC/TEPNG Joint Venture, has launched a micro-credit scheme for women-based cooperative societies in Opobo/Nkoro Local Government Area of Rivers State.
Speaking at the event held in Opobo Town last Saturday, the Deputy Managing Director of (TEPNG), Mr Francois Lecocq said the scheme was part of the core values, underpinning the Corporate Social Responsibilities of the company.
He said the policy was targeted at bringing sustainable economic development to the local communities hosting its facilities through eradication of poverty.
The Deputy Managing Director, who was represented at the event by the Business and Enterprise Development Manager, Mr Philippe Desriac, said TEPNG, “recognised the potentials of women to impact the wellbeing of their families, and direct the possibilities of lifting the family economically to new heights.”
He described women as key agents for development, but noted that access to credit, health care and education are challenges that hamper the prospect of women development.
“The scheme was designed to provide access to finance by women who are often overlooked by the regular financial institutions because they lack the required collateral assets or verifiable credits history for consideration for loan advance to start or expand their business ventures in the rural communities. The TEPNG boss added stated pointing out that women are encouraged under the scheme to participate in cooperatives, because the platform serves as peer pressure for them to ensure better loan management.
He further urged the women to make judicious use of the loan and comply with the repayment policy to create an ever expanding pool of credit for new entrepreneurs within the rural areas, adding that the company would monitor the success of the scheme for sustainability.
According to the oil firm executive, 80 beneficiaries were selected from four cooperative societies through direct identification process.
Speaking on behalf of the beneficiaries, a woman leader in the area, Felicia Pepple thanked the management of TEPNG for the gesture, and assured that the loan would be judicious utilised.