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Fubara Empowers 3,066 MSMES With N4bn Soft Loan
Rivers State Governor, Sir Siminalayi Fubara, has formally launched the N4billion matching fund loan scheme that will stimulate business activities in the State while also creating wealth.
The launching, which took place at the Dr Obi Wali International Conference Centre in Port Harcourt last Friday, signaled the commencement of the disbursement of Rivers State Government/Bank of Industry (BOI) Limited N4billion marching fund loan scheme for nano, small and medium-scale businesses in the State.
Governor Fubara said the lack of access to credit had continued to aggravate financial exclusion and choked the prospects for individuals to realise their economic aspirations for a better life.
But with the scheme, which is a partnership between Rivers State Government and BOI, now launched, Governor Fubara emphasised that a surest path has been secured to achieve entrepreneurial success while serving as an enabler of economic prosperity in the State.
“Today, we are all here to witness the formal launch and distribution of cheques to 3,066 micro, small, and medium-scale enterprises and 100 companies in the State from all 23 local government areas, including businesses owned by non-indigenes valued at over N3.6billion only.
“We are satisfied with today’s outing and professionalism, believing even more strongly that the potential outcome will be greater to both BOI and the Government and good people of Rivers State.”
Governor Fubara explained that as a campaign blueprint, he promised, during his electioneering campaigns, to support entrepreneurial development and the growth of businesses through access to credit in the form of soft loans.
The Governor said, upon assumption of office, he noticed more closely how most businesses, especially those of small scale, struggled and either died or gasped in accessing credit that were only offered by banks at neck-breaking interest without success.
Governor Fubara pointed out that: “As a State, we cannot talk about economic growth without stimulating business activities to create wealth and jobs through policies and programmes that will engender greater public access to credit and financial inclusion.
“MSMEs are well-known as critical drivers of inclusive economic growth and development. By empowering our people to cultivate available economic opportunities, access to credit is a powerful tool for achieving financial security.
“We can only keep imaging the economic value that the over 3,000 MSMEs would add to the positive economic dynamics of Rivers State and the local government areas in terms of gross domestic product, increased tax returns, employment creation, income distribution and production of good and services.”
Governor Fubara made it clear that even if the loan appeared very liberal, it is not given as charity, and insisted that beneficiaries must pay back so that others can access it to fund their businesses.
The Governor, therefore, instructed the management of the Rivers State Microfinance Agency (RIMA) to monitor the progress of the beneficiaries in their businesses and ensure a 100 percent recovery of the loans to guarantee the sustainability of the programme.
Governor Fubara noted the gains of the symbiotic economic partnership between the State Government and BOI, and the transformed commitment to further strengthen and cultivate it for the benefit of the people of Rivers State.
In his address, the Managing Director/Chief Executive Officer of Bank of Industry (BOI) Limited, Dr Olasupo Olusi, represented by the Executive Director of Corporate Services and Commerical, Mr Usen Effiong, said they were particularly interested in ensuring that the collaboration is realised in steering socio-economic growth, creating jobs, checkmating social vices and growing the IGR of Rivers State.
“BOI remains committed and a strong pillar of development financing in Nigeria for over 60 years. Our remarkable record and total assets exceed N4trillion, which makes BOI the largest and most successful development finance institution in the nation.
“It will interest us to know that our total investment in Rivers State as at today stands at N55.65billion, which accounts for 55 percent of the total investment in the entire South-South. So, Rivers State alone is taking the chunk of our investment.
“We, as the Bank of Industry Limited, play a major role in supporting Nigerian enterprises by providing financial services, advisory services, and watch businesses grow from Nano to Micro to Small, Medium and getting to large enterprises.
“Our mandate is to create development impact which is in line with the economic blueprint of His Excellency, the Governor of Rivers State, and this cuts across various sectors ranging from agriculture, oil and gas, power and aviation, hospitality. This, we believe will crystalize industrialization and economic sustainability in Rivers State.”
Delivering his welcome address, the Managing Director and Chief Executive Officer of Rivers State Microfinance Agency (RIMA), Pastor Jonathan Tobin, said it was exciting that they were given the opportunity to contribute to achieving the dream project of Governor Fubara christened, “Touching Lives, Creating Wealth.”
Pastor Tobin stated that the timing of the launching of the scheme is auspicious because it was coming when the operating capital of most businesses have been eroded.
He explained that there are grave inflation rate and fluctuation of the foreign exchange regime, which have posed unbearable challenges to most micro businesses.
Pastor Tobin said the interest rate for loan collected under the scheme is single digit, which is 7.5 percent per annum, and reckons as the lowest in the country.
“Today, Your Excellency, we have four categories of borrowers. Those who are borrowing from N1,000 to N1,000.000. Those who are borrowing from above N1,000.000 to N50,000,000 are treated by our partners, Bank of Industry.
“If you are borrowing from N100,000 to N450,000, all you need to provide is just your passport photograph, the passport photograph of your guarantor, your NIN, and local government identification.
“For those who are borrowing from N500,000 to N1,000,000, all they need to provide is two passport photographs, their NIN, their means of identification, BVN, a guarantor with a cheque leaf. These categories of borrowers are treated in RIMA,” he added.
Pastor Tobin said further: “Those who are borrowing from above N1,000,000 to N10,000,000 will be treated in Bank of Industry. All they need is just a proof of registration of their businesses, two guarantors, a valid identification card, and a simple business plan.
”For those who are borrowing N10,000,000 to N50,000,000, all they need is a Corporate Affairs Commission Registration, two years’ audited financial record, a Certificate of Occupancy, BVN, tax clearance of the company and or the directors.
”Your Excellency, as at today, we have brought on board 3,066 beneficiaries, and they all are requesting for N1.632billion. Interestingly, women borrowers account for 58 percent while the men borrowers account for 42 percent.”
He urged Rivers people interested in forging a good and sustainable business path to approach the agency for support yo enable them contribute to the economic revival and growth of the State.
Highlight of the event was the official launch of the loan scheme and presentation of cheques to some successful beneficiaries from across the 23 LGAs and some small business owners by the State Governor, Sir Siminalayi Fubara.
News
Horsfall’s Legacy ‘ll Inspire Generations Yet Unborn -Fubara
Rivers State Governor, Sir Siminalayi Fubara, has described the late Chief Albert Korubo Horsfall as a distinguished statesman whose contributions to national development brought honour and distinction to the Kalabari Kingdom and Rivers State.
Fubara said Horsfall’s life of service, patriotism, integrity and commitment to humanity had left an enduring legacy that would continue to inspire generations.
The governor spoke through the Secretary to the Rivers State Government, Dr Dagogo Wokoma, at the funeral service of the late elder statesman last Saturday in Buguma, Asari-Toru Local Government Area of the State.
He described Horsfall as a patriotic Nigerian whose leadership and dedication to the country’s development earned him a place in the nation’s history.
“Chief Horsfall was a distinguished statesman whose life was defined by service, patriotism, integrity and commitment to humanity.
“His contributions to our nation, particularly through his service as Director-General of the State Security Service, pioneer Director-General of the National Intelligence Agency and Chairman of OMPADEC, remain significant milestones in our national history,” Fubara said.
The governor noted that the late Horsfall’s contributions to national security, intelligence administration and the development of the Niger Delta would remain part of his enduring legacy.
“His legacy of leadership, national service and dedication to development will remain an enduring source of inspiration to generations yet unborn,” he added.
Fubara urged the bereaved family, the Kalabari people and other Nigerians to uphold the values of peace, unity and selfless service exemplified by the late elder statesman.
The funeral service attracted several dignitaries, including the Director-General of the Department of State Services (DSS), the Director-General of the National Intelligence Agency (NIA), a representative of the Bayelsa State Governor, the Managing Director of NDDC, Chairman of PENDEF and the Regent of the Kalabari Kingdom.
Also in attendance were the Rivers State Commissioner for Education, the Commissioner for Special Projects and other government officials, traditional rulers and stakeholders.
News
Fubara Reaffirms Commitment To Grassroots Dev
Rivers State Governor, Sir Siminalayi Fubara, has reaffirmed his administration’s commitment to partner with local government councils that prioritize the welfare and development of people at the grassroots.
Fubara stated this last Thursday in Nkoro Town during the commissioning of the newly built Sir Siminalayi Fubara Corps Members’ Lodge, executed by Hon. James A. James, the Chairman of Opobo/Nkoro Local Government Area.
Represented by his Chief of Staff, Mr Sunny Ewule, the governor said the project goes beyond a building to represent hope, hospitality and responsible leadership.
According to him, providing decent and safe accommodation for Nationl Youth Service Corps (NYSC) members who leave their comfort zones to serve in communities is the least government can do.
“Today we are not just commissioning a building, we are commissioning hope, hospitality and responsible leadership. The Chairman of Opobo/ Nkoro LGA, Hon. James A. James has understood a very simple truth that those who come to serve us must serve with dignity,.
“Our young graduates who serves under the NYSC scheme leave the comfort of their homes and travel far to contribute to our communities, they teach our children, they work in our health centres, and they become parts of our families.
“The least we can do is give them a decent, safe and befitting place to lay their heads. What Hon. James A. James has done today is in total alignment with the vision of this administration, an administration that believes in people, that prioritises welfare and that believes development must be felt in every local government and not just in Port Harcourt” he said.
Fubara further urged the beneficiaries of the corpers lodge to make good use of the facilities of the newly built edifice and be good ambassadors of Nigeria, respect the culture and traditions of the host community while continue to serve with dedication and patriotism.
“This Corpers lodge will enhance the security and welfare of serving corps members, boost their morale and make Opobo/Nkoro and even more attractive place for posting, it is a strategic investment in human capital and in peace building,” he said.
He commended the Opobo/Nkoro Council Chairman for aligning with his administration’s vision of ensuring development is felt in all 23 local government areas of the State, and not just in Port Harcourt, adding that the lodge is a strategic investment in human capital, security and peace building.
In his goodwill message, the Rivers State NYSC Coordinator, Mr. Moses Oleghe, said the accommodation was 85 percent of Corps members’ challenges.
Oleghe thanked Governor Fubara for the recent increase in the State allowances for Corps members to N35,000 for those in 21 rural areas and N20,000 for those in Obio/Akpor and Port Harcourt City LGAs, describing the gesture as a moral booster for the corps members.
News
IGP Secures Foreign Training Offer For 5,000 Police Officers
The Inspector-General of Police, IGP Olatunji Disu, has secured an offer of specialised training for up to 5,000 Nigerian police personnel under a proposed security cooperation involving Nigeria, the United States and Italy.
The Force Public Relations Officer, CSP Ani Iniedu, disclosed this in a statement issued at the Force Headquarters, Abuja, at the weekend.
The initiative is aimed at strengthening the operational capacity of the Nigeria Police Force to tackle insurgency, terrorism, kidnapping, arms trafficking and other emerging security threats across the country.
According to the statement, the proposed training programme will focus on counter-insurgency operations, intelligence-led patrols and tactical operations, particularly in difficult rural and forested environments.
Other areas of training include critical infrastructure protection, digital and scientific forensics, cybercrime investigations, explosives detection, financial investigations, asset tracing and anti-extortion operations.
The programme is expected to extend beyond the Police Mobile Force to other specialised units, including explosive ordnance disposal and forensic teams.
As part of the engagement, Disu met with the Commander-General of the Italian Carabinieri, Lieutenant-General Salvatore Luongo, to explore areas of technical assistance, professional training and institutional cooperation.
The police chief and his delegation also visited the Carabinieri Centre of Excellence for Stability Police Units in Vicenza, Italy, where they assessed training facilities and explored opportunities to adapt specialised policing programmes to Nigeria’s security needs.
Proposals discussed during the visit included command courses for 40 senior police officers, leadership training for 100 junior commanders and the deployment of a mobile assistance team to support Police Mobile Force training schools in Gwoza, Borno State, and Ila-Orangun, Osun State.
The discussions also covered the development of a national stability policing doctrine and standard operating procedures to improve professionalism, operational coordination and civilian protection, particularly in communities recovering from conflict.
Other areas of proposed cooperation include canine operations, forensic science and mounted policing, including horse breeding and local capacity development for effective public order management.
To formalise the proposed partnership, the IGP has initiated moves towards a Memorandum of Understanding covering specialised training, technology transfer and operational procedures.
He also invited an Italian Carabinieri assessment team to Abuja to identify priority needs and develop implementation arrangements.
Disu reaffirmed the commitment of the Nigeria Police Force to international partnerships that will strengthen operational readiness, improve investigative capacity and enhance the protection of lives and property.
The statement did not, however, indicate when the proposed training programme would commence or provide a definite implementation timetable.
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