CBN to create microfinance banks in NIPOST buildings across 774 LGs ― Adegbuyi

The Post Master General of Nigeria Postal Services (NIPOST), Mr. Bisi Adegbuyi at the weekend unveiled plans for the implementation of microfinance banking initiated by Central Bank of Nigeria (CBN) across the 774 Local Government Councils across the country.

Mr. Adegbuyi disclosed this at the ongoing investigative public hearing held at the instance of the Ad-hoc Committee on abandoned communication projects since 2000 to date, chaired by Hon. Chukwuma Umeorji.

According to Post Master General, all the abandoned post offices and buildings owned by NIPOST will be converted to CBN Microfinance outlets.

Adegbuyi who was represented by NIPOST General Manager, Mrs. Toyin Oyelola said: “NIPOST has just one abandoned project worth N800 million and it is for the completion of NIPOST Corporate Headquarters and extent of the project is 28 per cent so far.

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“NIPOST has currently 44 out of 162 formally abandoned projects across the country but have now been chosen for the CBN Microfinance projects under the financial inclusion policy of the CBN and its microfinance company.

“It is a PPP arrangement which is converting all NIPOST supposedly abandoned projects to ongoing ones since they were all chosen to meet the expectations of the CBN financial inclusion policy.

“And NIPOST abandoned buildings covers all the 774 Local Government Areas of the country, hence was used as the major driver for the project to meet the needs of Nigerians,” he told the Committee.

Representatives of other Federal Government agencies who made presentations are Nigerian Communications Satellite (NigComsat), Galaxy Backbone and Nigeria Information Technology Development Agency (NITDA).