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Last Updated: Monday, November 1st, 2004 HOME | Previous Page Udeagu urges banks to aid SMEs By Ben Duru Correspondent , Owerri Unless financial institutions throw their weight behind small and medium scale enterprises (SME), it would be difficult to expect them to play a leading role in the empowerment of the people, Imo State Deputy Governor, Chief Ebere Udeagu, has said. When receiving the Chief Executive Officer of Fidelity Bank in Owerri, he said the dilly-dallying of financial institutions ought to have come to an end so that SMEs could get necessary support for growth. He said banks were expected to assist SMEs and that by now he expected that they would have taken off effectively to add pep to the growth of the economy. Udeagu said the reforms in the economic sector that made it compulsory for banks to raise their capital base to N25 billion would make it possible for more banks to live up to their responsibilities to small scale industries. The bank’s Managing Director, Mr. Reginald Ihejiahi, said he was satisfied with the level of patronage from the public and that necessary steps have been taken to shore up the bank’s capital base before going into a merger. He said the bank is the only financial institution where no body controls majority shares, adding that if the bank had wanted it otherwise, it would have been possible for one of the directors to pay for needed funds. Ihejiahi said the bank was having the best in terms of investment potentials and that since it has several other outlets, what that meant is that, as one becomes a shareholder in one the person automatically becomes a shareholder in all the subsidiaries. Copyright� 2004. All Rights Reserved. Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected] Designed By Powered By DNet.

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