Oyo govt releases N1bn for micro finance bank

Kola Balogun, Commissioner for Commerce and Cooperatives said in Ibadan that necessary steps are being taken to secure license from the Central Bank of Nigeria (CBN).

The partnership between Oyo State government and Intercontinental will be on 50\50 equity basis.

Balogun stated that the establishment of the bank would uplift the economic development of the people in the state because they would have access to loans to finance their businesses.

According to him, this is one of the efforts of the present administration to mobilise the citizenry for the economic development of the state.

The commissioner also said that his ministry is partnering with a reputable bank for the development of a mega business complex that would serve as a one- stop shopping complex for personal, social and business needs of the people in the state and entire Nigerian nation.

To this end, he noted that an inter ministerial committee comprising of experts from the ministries of lands, works and transport and the office of the Surveyor General has been set up to oversee the success execution of the project.