NDDC To Set Up More Enterpreneuring ventures

    … As Cooperative Set up Micro Finance Bank

Acting Managing Director of the Niger Delta Development Commission, NDDC Dr.Joi Nuniel has applauded the vision and quality behind the setting up of a micro finance bank by the NDDC Staff Cooperative Investment and Credit Society Limited.

Speaking in Port Harcourt at the Sensitization on the proposed Micro Finance Bank Formation, Dr.Nuniel, said one of the priority of the commission at this point in time is to ensure more entrepreneur ventures is set up in the Niger Delta region as a way to mitigate the effect of rising job insecurity in the country, stressing that as a body, there is no going back on the verification of all projects by the commission recently embarked.

She said in a bid to ensure accountability and justice, frivolous scholarship scheme initiated in the past has been stopped, hinting that from now on brilliant children from the catchment areas of the commission will be giving opportunity in term of scholarship and not what happened in the past were children of the rich were given preference treatment against the rule.

Gbene Nuniel further hinted that Agriculture will top priority on the commission`s plans for the region ,even as she restated her commitment in identifying with the vision of the NDDC Staff Cooperative Investment and Credit Society Limited and described the vision for setting up the microfinance bank by the  body as the first of its kind and welcome development.

She stressed that henceforth, the commission will ensure that communities where NDD C projects are cited takes full responsibility in protecting the project, especially as she said with the ongoing verification exercise.

The Acting MD said that sake for the invention of the president Muhammedu Buhari, the commission would have been dead, but vowed to stop out nothing to ensure the revamp of the commission no matter any level of blackmail and campaign of calumny against the commission moves to reposition the body and solicited the help and cooperation from the good people of the region.

Earlier in its welcome address by Mr. Franklin Essien President NDDC Staff Cooperative Investment and Credit Society Limited ,recalled that at the body’s AGM  held on 9^thDecember ,2017 in Port Harcourt ,hard decision were made as regards the rapid transformation of the cooperative society to a world class  organization, adding that based on the fallout of that meeting, which he said was gear towards floating a unit Microfinance bank within the Port Harcourt Metropolis to serve as a springboard to generate economic opportunities for the teeming members and the active poor in our environment.

Mr.Essien further hinted that based on that vision and the unanimously acceptance of the proposal ,the action for the registration and licensing of the one unit Microfinance bank with the engagement of consultants to evaluate the feasibility of the investment for achieving this task: adding that the CBN which is the regularly body effected an upward review of the minimum capital requirement for licensed of one unit MFBs in Nigeria from N20,000,000.00 (twenty million) to N200,000,000.00 ( two hundred million) this he said regrettably slowdown the progress of the consummation of the project as the cash flow then was not enough to meet the new capital requirement.

Also in his speech, the Director Finance Policy and Regulation of CBN represented by Mr.Mike A. Baba ,assured CBN support on the project ,stressing that the platform ,the NDDC Staff Cooperative Society Limited if manage very well will fly and described the vision as noble and achievable.