he quest for the Urhobo nation to set up a microfinance bank primarily targeted at women and youths reached a milestone over the weekend when the subscription to the proposed bank crossed the N200m mark.
The regulatory guidelines as established by the Central Bank of Nigeria (CBN) require the promoters of that category of microfinance bank to deposit N200m with the apex bank to secure the licence for operations.
Speaking on the attainment of the target, the chairman of the investment committee, Mr. Abraham Ogbodo, said with the proposed Okugbe Microfinance Bank, the Urhobo are at the threshold of making a second epoch after the establishment of Urhobo College in 1948.
He thanked all Urhobo sons and daughters, who responded to “the patriotic call” and subscribed to the shares of the bank.
The investment committee is saddled with the task of raising the N200 million capitalisation through private placements.
Ogbodo reminded existing and potential subscribers that “though we now have N200m to deposit with CBN, our target is N300m and subscription is still on.”
He explained that the proposed bank is a meeting point between charity and business.
“That is, while the bank is planned to expand credit to those at the lower rung, specifically youths and the women folks rung, it is also a business that will be properly managed to return benefits to the investors.
“Engagement with the CBN towards getting the license has started,” he said.