By: Tonebsky Nesta
It is no longer news that a total of 13 Micro Finance Banks in Delta State recently had their operational licenses revoked by the Central Bank of Nigeria for various policies which centred on questionable lending policies, but what remains untold are the reasons which led to the bank quakes hence leaving many of its customers in utmost disbelief.
Fresh Angle authoritatively scooped that the listing of Coastline Micro Finance bank situated at the heart of Okere market square and Eagle Flight Micro Finance bank owned by Word of Life Bible Church, is not unconnected with their facilitation of the Delta State government Micro Credit Programme. Impeccable sources in one of these banks which had its doors shut to customers for days told Fresh Angle that the bank’s inability to recoup monies lent out to some beneficiaries of the programme, particularly in the riverine areas led to the CBN’s hammer which is currently threatening its close to 50 man workforce. The sources further revealed that the visit of CBN officials to ascertain the financial state of the bank three days after it was shut to customers showed that the bank’s inability to separate the operations of the Delta Micro Finance Programme, DMCP and that of other credit facility customers, including those servicing their debts monthly and others who aren’t servicing theirs in its accounting books led to the bank’s waterloo.
The Director of Eagle Flight Micro Finance bank, Pastor (Mrs.) Helen Oritsejafor had in a bid to absolve the bank a day after CBN made public the revocation of the 224 micro finance bank licenses told the large gathering of Word of Life Bible Church members in one of its Sunday services that members of the church as well as customers should ignore the CBN statement regarding Eagle Flight, declaring that the bank will not be dissuaded by detractors who are trying to manipulate the process because Eagle Flight Micro Finance bank has a total capital base of 2billion naira, which is well above the CBN requirement. It was not immediately clear as at press time if CBN’s reason of some of the affected banks trying to operate like commercial banks has anything to do with Eagle Flight being listed as liquidated, but Fresh Angle can report that normal banking operations have continued at the bank without any interruption.
Customers and passers-by who stormed Coastline Micro Finance bank Monday September 27 were shocked when they noticed that a brand new car usually displayed at the front of the bank for promotional purpose was removed and the protected covering destroyed. It was reliably gathered that one of the bank’s biggest customers, a prominent indigene of oil rich Ugborodo community (name withheld) drove the car to a nearby police Division after allegedly seizing the key from the bank’s driver who we gathered was detailed to do same with a bid to forestall theft or vandalism.
Fresh Angle can authoritatively report that the customer who drove the car to the police division did so because he deposited a huge some of money in the bank few days to the closure, hence his decision to take custody of the car for a possible recoup of the money should the bank eventually fold up. It was not immediately clear why Creekline Micro Finance bank as well as Erikpo Micro Finance bank both situated in Warri weren’t affected even though they are also used for the DMCP Programme, but there were moves being made by the Director of Coastline, Mrs. Omawumi Atsiangbe Urhobo to ensure that the bank which started operations as community bank resume operations to assuage the fears of its customers, most of whom are civil servants and teachers working in the three Warri local government councils.
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