Coop Society To Establish N10bn Bank In S’East


The South-East Cooperatives Forum is to establish Cooperative Bank with initial capital of N lO billion in the zone before the end of 2016.
The South-East Coopera­tives Forum is to establish Cooperative Bank with initial capital of N10 billion in the zone before the end of 2016.
Dr Geoffrey Madu, the Presi­dent of the Forum disclosed this in an address he presented during the opening ceremony of the 1st International Cooperatives In­vestment Forum and Exhibition starting in Owerri yesterday.
Madu said the bank when fully operational would easy financial challenges faced by co-operators. He said that plans had reached advance stage on the project, adding the several investors have shown interest to partner the forum on the establishment of the bank.
Although Madu did not name the state to host the bank, he hint­ed that the forum hope to liaise with the Managing Director of Fortis Microfinance bank and Rep. Henry Nwawuba to obtain the Central Bank license.
He said that the investment forum and exhibition was organ­ised to equip participants drawn
from the five south-eastern states of Abia, Ebonyi, Enugu, Anam- bra and Imo on emerging trend to advance co-operative society.
Henry Nwawuba, the Mem­ber representing MbaitoMkedu- m Federal Constituency of Imo State at the House of Represen­tatives said Cooperative society has the potential to engage more than 20 million Nigerians.
Nwawuba, the guest speaker at the event spoke while present­ing a paper entitled: “The Role of Cooperatives in Enhancing Empowerment Growth’’.



For the full story, check The Union newspaper.

































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