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Financial expert proffers
solution to poverty
From IDU Okechukwu, Abuja
A THRIFT expert and financial controller of TRIM Multi-Purpose Co-operative
society Limited, Mr. Olufela Idowu, has proffered a panacea to poverty
reduction in Nigeria.
According to him, the rate of poverty prevalent in the country could only be
reduced through savings and investments in profitable ventures by
individuals.
Lamenting the lukewarm attitude of Nigerians on savings, Idowu said that
attitude will at most jeopardise any scheme by government or individuals
which is aimed at poverty reduction.
He said an average Nigerian sees credit facility as a gift rather than
something that is meant for adding value in inflation.
The expert revealed that TRIM Co-operatives which started from the scratch
with hard expenses at its training stage, is set to liberate the average
Nigerian from the poverty of mind on investment matters.
So far, Idowu disclosed the thrift societey has established an indelible
reputation in the Federal Capital Territory, Abuja with several branches and
areas spreading its tentacles to Kaduna state where it is equally thriving
well.
Several people, he said, have gained financial independence through credit
facilities which the thrift society has extended to them.
He said individual attention given by the co-operative, has included
packages aimed at teaching small-scale investors some basics on how to
manage cash flow including accounting books, packages which have eased the
intricacies which most ignorant businessmen fall foul of.
These developments, he disclosed, have increased their loan recovery
capacities as their present operations are almost free from loan defaulters.
Their risk factor compared with conventional banks from statistical and real
indigenes is almost at zero level “, he revealed.
Commenting on the high rate of banks failure which prompted the Central Bank
of Nigeria (CBN) to initiate the consolidation exercise, Mr. Idowu blamed
banks management of collusion.
He disclosed that such sharp practices as “insider loan’ syndrome, was
grossly responsible for the high failure of loan performance which also lead
to high risk loans and culminated in failure of many banks which eventually
wind up.
He promised that as far as his cooperative is concerned,it will continue to
change the people’s attitude towards wasting of resources which they would
have saved for dry days.
Ours, he explained, is the very principle one which TRIM stands for, adding
that one needs to train himself for a while, while his investment grows.
“This then would allow him to feed on the profits in order to get fat rather
than consuming all the yields on spurious consumables’, he said.
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SUNDAY, NOVEMBER 19 2006