Chairman, Nigerian Association of Federal Civil Servants Cooperatives, Mr Onjefu Obe, has revealed that the association has concluded all necessary arrangements to purchase Kogi Micro Finance Bank.
Mr. Obe, who gave the hint at a media briefing in Abuja, said the intention was to establish a Nigerian Cooperative Micro finance bank as a financial platform that would address the needs of ‘bottom of the pyramid’ cooperative societies in Nigeria.
According to him, “this meeting is to acquaint you with the steps that the association has taken to enable its members to have easy access to the CBN’s N220 billion Micro Small and Medium Enterprise Development Fund, MSMEDF, as articulated in the guidelines of the CBN of August 2913 and revised in august 2014.”
Obe revealed that last August, federal civil servants, through their various cooperatives, partnered a financial management company working with cooperative societies, Kajaura International Consult Ltd, to key into conclusion reached between CBN and cooperative societies on January 27.
He stressed that part of the agreement was to find an efficient MFB, which had less than 5% PAR with a good outreach and leading methodologies to channel the association’s application to CBN. He said the association subsequently teamed up with other cooperative organisations to establish the proposed Nigerian Cooperative Bank.
“We are therefore, pleased to inform you today that the association, together with other cooperative societies across the country, have expressed a definite interest to acquire Kogi Micro Finance Bank, to meet the needs of cooperative societies nationwide,” Obe noted.


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