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Okowa Disburses N.1Billion Micro-Credit Funds To 100 Cooperative Societies ***Charges beneficiaries to Make judicious Use Of Loan

micro5Despite the downturn in the economy, the Delta State government has disbursed a total of N101 million naira loans to 1000 persons in 101 cooperative groups under the Central Bank of Nigeria [CBN] Micro, Small and Medium Enterprises Development fund.

Handing out the cheques to the representatives of the cooperative societies, Governor Ifeanyi Okowa urged the beneficiaries to take responsibility for their success or failure as they were all chosen on merit

Governor Okowa personally gave out cheques of different amounts to the benefitting cooperative societies at the event which took place (25/02/16) at Government House, Asaba in the presence of the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, represented by the Deputy Comptroller of CBN in the state, Dame Edith Agu; Speaker, Delta State House of Assembly, Rt. Hon. Monday Igbuya; Deputy Speaker, Rt. Hon. Friday Osanebi and host of other political office holders and members of the society.

He informed the beneficiaries that the loan was meant to enable them improve their businesses and create wealth for themselves.

He disclosed that the sum of Four Hundred and Thirty-Five Million, One Hundred And Eighty Thousand Naira (N435, 180, 000) was disbursed last year to 2, 617 persons while One Hundred and One Million Naira (N101, 000, 000) was disbursed yesterday to 1, 000 persons drawn from the twenty-five local government areas of the state under the CBN Micro, Small and Medium Enterprise Development Fund.

Okowa Expressed joy that most of the beneficiaries are women. “To the beneficiaries I have only one word for you, Go and succeed, you no longer have an excuse to fail, from now on you will only fail by choice. Make good use of the money you are receiving today, work hard, plan well, speed less and commit to quality and excellence. With the current economic trends in the country there is now the clamour for Nigerians to buy made-in-Nigeria goods. That offers limitless opportunities to resourceful entrepreneurs to prosper in the midst of economic crisis given the size of the Nigerian markets”, he said adding “it is important to emphasise that the disbursement of these loans is in strict adherence with the CBN guidelines.

“This administration is irrevocably committed to the principles of fairness, equity and transparency , This is the way we can inspire hope and confidence in our people and ensure even development across the state, in getting this loan, there is no god-fatherism, whole process of identifying the people is transparent, fair and equitable,” the Governor said, adding, ” the beneficiaries have a lot of roles to play; you (beneficiaries) need to work gradually and grow because, when you work hard, you will find that you remain stable and will be able to pay back the loan to enable others benefits.”

He admonished the beneficiaries to “use the money wisely on the business and as members of cooperatives societies, it means you share similar idea and with cooperation, your business will grow fast.”

Governor of the CBN at the occasion, thanked Okowa for the way he is ensuring that active Deltans are employed while the Chairman of the Delta State Micro, Small and Medium Enterprises Development Agency, Chief Suru Salami stated that the programme was designed to address poverty and the problem of unemployment, asserting, “all beneficiaries should make prudent use of the fund to enable them pay back as at when due because, the Agency is poised to recover all borrowed money.”

Below are some photos of the event.

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