The Arewa Consultative Forum, ACF, has written
to the Central Bank Governor complaining of the
exclusion of the Northern Nigeria from critical
aspects of the nation’s financial life.
In the letter dated 29th January 2021 and
signed by Chief Audu Ogbeh, the former
Minister of Agriculture and Chairman of ACF,
observed that Northern Nigeria which is the
most populous region in the country is
“unserved and underserved”.

ACF in the letter, regretted that government’s
policy of Financial inclusion targeted at the
grassroots who form the critical mass of the
people by creating jobs and engaging the youths
in gainful entrepreneurship, may not succeed in
the north.

He observed that the Microfinance Banks that
are looked upon to serve the majority of the
people all over the country are not properly
positioned to do this.

“Only one government owned Micro Finance which
is fairly new in the business is being patronized
by CBN to disburse intervention funds, thereby
neglecting and denying other dully licensed
Microfinance Banks across the country the
privilege and opportunity to participate in this
noble cause,” the letter stated.

According to him, this bank enjoys the unfair
advantage of cheap government funds from the
government while other Microfinance Banks have
to source for expensive funds to compete with
the favoured bank in the same market.

He said for the government’s policy of
‘intervention funds’ to the economically poor
and micro, small and medium enterprises in
every nook and crannies of this country,
particularly the north to be successful, other
strong and reliable Microfinance Banks must be
involved.

The letter also criticised the CBNs new capital
requirement for Microfinance Banks.
According to him “the astronomical review of
the CBNs new capital requirement will see to the
demise of most of the Microfinance Banks
presently operating in the north.

He said only 310 Microfinance Banks are
operational in the north and with the new policy,
only 15% of them will survive.

This development, he observed ,will further
exclude a good part of the north from financial
services and inclusion, compound the negative
effects of the second wave of COVID19,
aggravate the poverty level of the north and
weaken the insecurity of the region.

He also criticised the April 2021 closing date for
the recapitalisation of the Microfinance Banks
and suggested April 2025.

He argued that this will give the banks more
time to source for the funds needed at this
time of economic depression.

While appreciating the efforts of the CBN in
alleviating poverty, Chief Audu Ogbe, urged the
CBN Governor to accept the suggestions put to
him by the ACF in good faith.

He observed that the Microfinance Banks that
are looked upon to serve the majority of the
people all over the country are not properly
positioned to do this.

“Only one government owned Micro Finance which
is fairly new in the business is being patronized
by CBN to disburse intervention funds, thereby
neglecting and denying other dully licensed
Microfinance Banks across the country the
privilege and opportunity to participate in this
noble cause,” the letter stated.

According to him, this bank enjoys the unfair
advantage of cheap government funds from the
government while other Microfinance Banks have
to source for expensive funds to compete with
the favoured bank in the same market.

He said for the government’s policy of
‘intervention funds’ to the economically poor
and micro, small and medium enterprises in
every nook and crannies of this country,
particularly the north to be successful, other
strong and reliable Microfinance Banks must be
involved.

The letter also criticised the CBNs new capital
requirement for Microfinance Banks.

According to him “the astronomical review of
the CBNs new capital requirement will see to the
demise of most of the Microfinance Banks
presently operating in the north.

He said only 310 Microfinance Banks are
operational in the north and with the new policy,
only 15% of them will survive.

This development, he observed ,will further
exclude a good part of the north from financial
services and inclusion, compound the negative
effects of the second wave of COVID19,
aggravate the poverty level of the north and
weaken the insecurity of the region.

He also criticised the April 2021 closing date for
the recapitalisation of the Microfinance Banks
and suggested April 2025.

He argued that this will give the banks more
time to source for the funds needed at this
time of economic depression.

While appreciating the efforts of the CBN in
alleviating poverty, Chief Audu Ogbe, urged the
CBN Governor to accept the suggestions put to
him by the ACF in good faith.

https://www.vanguardngr.com/2021/02/acf-writes-cbn-over-financial-exclusion-of-the-north/

Lol

Government of the north

Nigerians commited a terrible mistake in 2015.

Just imagine what they are doing with our yams

That's the reason arguably 70% of NYIF shortlisted loan applicants are from the north. They should have made it 100% so we know that the rest of the country are their slaves.

Benue man calling himself a northerner!? These people #Middlebeltans will never learn.

funshint:
Benue man calling himself a northerner!? These people #Middlebeltans will never learn.

Audu Ogbe, the fulani slave together with Plateau gov Lalong are bloody useful idiots representing themselves. Who even listens to those hated fo.ols?
True blooded Middle Beltans like myself are more in tune with Southern Nigeria than the terrorist haven - North.

Has the ACF lost the president's mailing address ni?? They should also write to themselves how businesses work. If MFBs aren't doing well in your region then that's your region's problem. Abi CBN now has different regulatory standards for each geopolitical zone??

After they ruled this nation for donkey's years, after they cornered most of the nation's resources to themselves, after most of the alleged beneficiaries of the conditional cash transfer are from the north and after Buhari asked the World bank to concentrate most of it project to the north and despite the region populating the government @ present, yet they are still complaining of capital insufficiency for development down north.It is not time for the cursed region to have a sober reflection.

saaron:
Audu Ogbe, the fulani slave together with Plateau gov Lalong are bloody useful idiots representing themselves. Who even listens to those hated fo.ols?
True blooded Middle Beltans like myself are more in tune with Southern Nigeria than the terrorist haven - North.

You can decide to belong to Atlantic ocean, nobody cares but the truth remain the fact that North and south are not geographically divided along ethno-religious line for u to call yourself a Southerner. The fact that u're Christians doesn't necessarily means u should belong to South.
North and south Korea were the same countries but later divided into North and South and today nobody from the two countries can visit his relatives in the two divided nations. They're opportuned ones in about 50yrs and they're serving different gods.