Nigeria: Gombe Agency Raises N1b (USD 6.8 ml) to Float Micro-finance

Mar 2009
Lagos, Nigeria, March, 12 2009 - Gombe State Cooperative Finance Agency (CFA) has raised about N1 billion as capital to establish a micro finance bank.

The General Manager of the agency, Alhaji Ya'u Marafa, disclosed this in Gombe while receiving a five man-committee from Benue State, headed by the Permanent Secretary of Rural Development and Co-operatives, Elizabeth Marry.

Marafa explained that the state had 6,000 registered cooperative societies and out of which the CFA was able to woo about 2,000 societies that had subscribed their shares, therefore making it easier for the agency to generate fund for execution of profitable projects.

He added that the confidence to invest by these cooperative societies was not won on a platter of gold, saying the agency had to embark on an aggressive enlightenment, sensitisation and advocacy visits, which yielded the result of having 500 societies on the average in each of the 11 local councils of the state.

Speaking to The Guardian, Marry said she was overwhelmed with the solid investment of CFA, saying all the business ventures were firmly rooted with structures of ensuring continuity, even if the current management had gone, arguing that the biggest challenge of most governments' establishments ends with the government that invented them.

She added that with 44,000 registered cooperative societies in her state, only a little effort was needed to have vibrant cooperative activities in Benue State.

Source : The Guardian

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