CBN Grants N70m Loan To Women Association In Abia State
The disbursement of the N70 million loan, which the Central Bank of Nigeria (CBN) granted the Abia State chapter of the Quintessential Business Women Association (Quintessential) was flagged off at the Michael Okpara University of Agriculture, Umudike, by the Vice Chancellor, Professor Hilary Edeoga.
The loan, which is under CBN Micro, Small and Medium Enterprises (MSME) Loan Fund was said to be facilitated by the Michael Okpara University Micro Finance Bank Ltd (MOUMFB) MOUMFB managing director, Mr. Bashir Ogungbangbe, said his bank acted as the women association’s financial advisers for the loan and also paid the 30 per cent of the N70million loan counterpart fund as required by the CBN.
Two of the 27 Abia women cooperative society members of the Quintessential Business Women Association, who were the first beneficiaries of the loan were given N5 million cheque each at the flag off of the loan disbursement ceremony held at the Ecobank Lecture Hall at MOUA.
The two beneficiaries were Nneji Multipurpose Cooperative Society and Celsam Multipurpose Society Ltd, whose presidents Mrs. Ify Ifekanwa James and Mrs. Ngozi Eze respectively, pledged on behalf of their members to apply the loans profitably.
Ogungbangbe urged the beneficiaries to apply them strictly for the purpose it was granted and repay accordingly to enable others to benefit. He said,“repayment on schedule is important.
The bank will work in concert with the Monitoring and Evaluation Team. When you have challenges, you can seek advise from this bank as we are ready to offer you same.”
National Vice President, Quintessential, Rev. Janet Eyo, who represented the National President, Mrs. Shimke Katung, said, “Abia State is one of the 15 states that CBN has approved the loan for and expressed immense gratitude to MOUA Bank for assisting and facilitating the loan, especially when other banks approached failed to grant the loan.
She also appreciated the support given to the Abia state Chapter by the Niger Delta Development Commission (NDDC) who was represented at the flag off by Mr. Dimgba Eruba, who said NDDC is happy to partner them with the lease of 180 tons daily capacity Rice Mill for 10 years.
High point of the ceremony was the exhibition of Organiksa brand of Fertilizers said to be products of Turkey, which Mr. Loveday Iwundu said stimulates plant growth, increase yield, reduces the residues of herbicides and toxic substances in the soil and delays the decomposition of ultra-violent unstable agents. He also noted that it assists in soil remediation and boosts seed germination among others.
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