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Lagos targets project financing from microfinance banks
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The Lagos state government has indicated that it will partner microfinance banks on projects in the state.
This was revelled at the launch of Riggs a Microfinance Bank, a subsidiary of the Riggs Group which is a conglomerate of diversified firms with interest in financial services, foreign exchange services, road haulage and manufacturing services.
Speaking at the event, Adegbola Moji Eko, an official of the Lagos state ministry of women and poverty alleviation who represented the governor, said this was in line with the state government’s programme on poverty alleviation.
The chairman of the company, Yomi Tokosi, former managing director/CEO of First African Trust Bank limited, also commented on the event, stating that the launch of the bank was a fulfillment of his life’s dream of being able to participate in lifting the economic status of the poor.
He said “Today’s occasion is a joyous one because it is the actualisation of a long desire to create an institution which will not only be an investment vehicle, but also serve as a platform for assisting the not-so-fortunate members of the public.”
In order to achieve this, the company which has it corporate head office in Lagos will have its officers located in all intercontinental bank branches situated within core market (commercial) areas within the Lagos metropolis.
The microfinance policy which was launched by the CBN in December 2005 has seen the take off of more than 600 microfinance banks and has already been heralded by many as a step in the right direction, this was further confirmed by Bashorun Adebayo Ajao, the chairman of the occasion. He expressed his delight at the launch of the bank and also at the take off of the microfinance bank policy in Nigeria saying that “for the first time ever, a strategy, consisting of millions and millions of small loans, is battling poverty at its core, in places where its grip has been the strongest, this method of poverty alleviation has proved a success all over the world with a repayment rate of about 97 percent”. Also present at the event were representatives of Bank PHB, First Bank and Oceanic bank who are also partners with the bank.
This was revelled at the launch of Riggs a Microfinance Bank, a subsidiary of the Riggs Group which is a conglomerate of diversified firms with interest in financial services, foreign exchange services, road haulage and manufacturing services.
Speaking at the event, Adegbola Moji Eko, an official of the Lagos state ministry of women and poverty alleviation who represented the governor, said this was in line with the state government’s programme on poverty alleviation.
The chairman of the company, Yomi Tokosi, former managing director/CEO of First African Trust Bank limited, also commented on the event, stating that the launch of the bank was a fulfillment of his life’s dream of being able to participate in lifting the economic status of the poor.
He said “Today’s occasion is a joyous one because it is the actualisation of a long desire to create an institution which will not only be an investment vehicle, but also serve as a platform for assisting the not-so-fortunate members of the public.”
In order to achieve this, the company which has it corporate head office in Lagos will have its officers located in all intercontinental bank branches situated within core market (commercial) areas within the Lagos metropolis.
The microfinance policy which was launched by the CBN in December 2005 has seen the take off of more than 600 microfinance banks and has already been heralded by many as a step in the right direction, this was further confirmed by Bashorun Adebayo Ajao, the chairman of the occasion. He expressed his delight at the launch of the bank and also at the take off of the microfinance bank policy in Nigeria saying that “for the first time ever, a strategy, consisting of millions and millions of small loans, is battling poverty at its core, in places where its grip has been the strongest, this method of poverty alleviation has proved a success all over the world with a repayment rate of about 97 percent”. Also present at the event were representatives of Bank PHB, First Bank and Oceanic bank who are also partners with the bank.
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