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Peter Mbah Demands Fair SME Financing Reform

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Peter Mbah

Peter Mbah SME financing call pushes for fair funding beyond banks to strengthen South East industries and boost regional competition

Peter Mbah SME financing reform has become a pressing call from the Enugu State Governor, who urged the creation of dedicated funding schemes for Small and Medium Enterprises independent of commercial banks.

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Also read: Emmanuel Egbosimba Faces Trial for Defiling Daughter

Mbah said this would ensure fair competition and economic balance across the South East and the wider ECOWAS region.

Speaking at a workshop on the Economic Community of West African States Trade Liberalisation Scheme (ETLS) in Enugu on Tuesday, the governor stressed that financial institutions must play a more active role in supporting local manufacturers facing severe funding challenges.

“We should set up a framework to assist local industries. We need to protect local manufacturing,” Mbah, represented by his deputy, Mr Ifeanyi Ossai, said.

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He appealed to the Federal Ministry of Foreign Affairs and relevant financial bodies to create mechanisms that would empower small businesses rather than hinder them.

The governor added that commercial banks must be compelled to help businesses in the South East grow, saying regional entrepreneurs deserve equal opportunities to compete with counterparts in other ECOWAS subregions.

“We must work to restructure our financial systems so that we can compete effectively. The South East is renowned for its enterprise and innovation, and supporting our SMEs means empowering our people,” he added.

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Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, also addressed the workshop, describing the ETLS initiative as a timely tool for deepening regional integration and expanding trade within West Africa.

“This initiative speaks directly to the urgent task of strengthening regional trade and empowering our Small and Medium Enterprises,” she said, calling SMEs the “engine room” of Nigeria’s economy.

President of the Enugu Chamber of Commerce, Industry, Mines and Agriculture, Mr Odega Jideonwo, described the workshop as “a step in the right direction”, noting that many locally made goods still struggle to reach wider African markets.

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Recent data by Moniepoint Microfinance Bank revealed that 42 per cent of Nigerian small businesses cannot survive for a month without income — a figure that underscores the fragility of the sector Mbah seeks to reform.

Also read: General Hydrocarbons Limited Loses Arbitration to First Bank

With his Peter Mbah SME financing proposal, the governor has once again placed the region’s business resilience at the forefront of Nigeria’s economic recovery discourse.

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Adeboye Ordered Refund of Billions in Illicit Donations, EFCC Reveals

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The General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, ordered the refund of billions of naira donated towards a church project after the funds were traced to proceeds of financial crime, the Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed.

Olukoyede said Adeboye directed the immediate return of the money within 24 hours after the church was informed of the findings of the commission’s investigation.

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The EFCC chairman made the disclosure while addressing RCCG workers in the early hours of Saturday, November 7, during a meeting organised ahead of the church’s annual Holy Ghost Congress.

According to Church Times Nigeria, which reported the development, Adeboye had invited Olukoyede to speak to the workers on financial propriety, accountability and the importance of maintaining transparent financial records.

Recounting the incident, Olukoyede said a church member had donated billions of naira towards an RCCG project, but investigations by the commission later established that the money originated from financial crime.

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He said the church was alerted to the findings, following which Adeboye ordered that the donation be returned.

Olukoyede commended the cleric for responding promptly and directing the refund within 24 hours of receiving the information.

However, the EFCC chairman did not disclose the identity of the donor, the exact amount involved or the particular church project for which the donation was made.

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The anti-graft agency chief expressed concern over cases involving religious leaders and financial misconduct, including questionable transactions and allegations relating to contracts for church projects.

He warned church workers and religious leaders against accepting donations from individuals whose sources of wealth had not been properly established.

Olukoyede, who is also an ordained pastor, stressed that religious institutions must not become channels through which proceeds of crime are concealed or given legitimacy.

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He also recounted a separate case involving another church allegedly connected to a Ponzi scheme.

According to him, the church leader initially resisted the EFCC’s intervention but later refunded a substantial amount after the commission threatened to institute legal proceedings.

The EFCC chairman said the commission would not spare individuals involved in financial crimes because of their religious positions or affiliations.

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He further cautioned RCCG workers against excessive materialism, unhealthy competition and struggles for leadership positions, warning that such tendencies could encourage financial misconduct.

Olukoyede also raised concerns about reports of individuals allegedly offering bribes to secure leadership positions within the church.

He urged pastors to exercise due diligence before accepting donations, insisting that they should establish how contributors made their money rather than focus solely on the size of their financial commitments.

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In his response, Adeboye reportedly assured the EFCC chairman that the church would not protect anyone found involved in financial wrongdoing.

The cleric also urged RCCG pastors to maintain accurate financial records and ensure that their activities were free from corruption.

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