The
Nigerian community in the United States has put measures in place to establish
a community bank.
Nigerian community in the United States has put measures in place to establish
a community bank.
The
proposed bank would serve the interest of the Nigerian community in that
country and those at home.
proposed bank would serve the interest of the Nigerian community in that
country and those at home.
The
News Agency of Nigeria (NAN) reports that the proposed bank – Nigeria Federal
Credit Union – is being promoted by the Nigeria National Association, a
non-profit organisation in the U.S.
News Agency of Nigeria (NAN) reports that the proposed bank – Nigeria Federal
Credit Union – is being promoted by the Nigeria National Association, a
non-profit organisation in the U.S.
The
credit union, when fully established, would be a full-fledged financial,
banking, and investment initiative, in service for all, especially
Nigerians resident in the U.S., including members of the Nigerian diplomatic
corps.
credit union, when fully established, would be a full-fledged financial,
banking, and investment initiative, in service for all, especially
Nigerians resident in the U.S., including members of the Nigerian diplomatic
corps.
NAN
reports that Credit unions provide banking services nationwide, loans,
mortgages, credit cards, checking, mobile banking and more, and many have
broader eligibility requirements that include individuals from a location or
other broad-ranging characteristics.
reports that Credit unions provide banking services nationwide, loans,
mortgages, credit cards, checking, mobile banking and more, and many have
broader eligibility requirements that include individuals from a location or
other broad-ranging characteristics.
The
steering committee of the proposed bank was inaugurated in April by a former
governor of the Central Bank of Nigeria and Emir of Kano, Muhammadu
Sanusi, during the U.S.-Nigeria Investment Summit in Washington DC.
steering committee of the proposed bank was inaugurated in April by a former
governor of the Central Bank of Nigeria and Emir of Kano, Muhammadu
Sanusi, during the U.S.-Nigeria Investment Summit in Washington DC.
The
steering committee of the proposed bank, at a meeting at the Nigerian Embassy
in Washington, DC, had said the initiative would advance the credibility of
Nigerians in the U.S.
steering committee of the proposed bank, at a meeting at the Nigerian Embassy
in Washington, DC, had said the initiative would advance the credibility of
Nigerians in the U.S.
The
Chairman of the committee, Dr Kazeem Bello, said a community could not realise
its full potential without access to banking services and capital at a
favourable interest rate.
Chairman of the committee, Dr Kazeem Bello, said a community could not realise
its full potential without access to banking services and capital at a
favourable interest rate.
According
to him, it is the prerequisite for economic emancipation through home
ownership and business financing among others.
to him, it is the prerequisite for economic emancipation through home
ownership and business financing among others.
Bello
said: “What we are attempting to do is to create a platform for all Nigerians,
young and old, men and women, businesses and every Nigerian resident and
non-resident in the U.S. to have an opportunity to have a community-based bank
that will be tended to our needs.
said: “What we are attempting to do is to create a platform for all Nigerians,
young and old, men and women, businesses and every Nigerian resident and
non-resident in the U.S. to have an opportunity to have a community-based bank
that will be tended to our needs.
“We’ve
been in a society where opportunities abound all over the place but you only
accrue those opportunities when you are a direct member of that community.
been in a society where opportunities abound all over the place but you only
accrue those opportunities when you are a direct member of that community.
“Sometimes,
a lot of us (Nigerians) have gone through the pains and hassles of being able
to just open a bank account.
a lot of us (Nigerians) have gone through the pains and hassles of being able
to just open a bank account.
“ So
the project that we are unveiling today is called Federal Credit Union, and by
the grace of God, it has been tagged as a proposed Nigerian Federal Credit
Union.
the project that we are unveiling today is called Federal Credit Union, and by
the grace of God, it has been tagged as a proposed Nigerian Federal Credit
Union.
“This
is a banking and financial institution that we are putting together to be fully
chartered and the members are you and I who are Nigerians.
is a banking and financial institution that we are putting together to be fully
chartered and the members are you and I who are Nigerians.
“Nobody
is owning this bank; the bank is membership-owned.
is owning this bank; the bank is membership-owned.
“Nigerians
own this bank. We call on all Nigerians across the four corners of the United
States territory to join in this efforts to bring this bank to fruition.”
own this bank. We call on all Nigerians across the four corners of the United
States territory to join in this efforts to bring this bank to fruition.”
Bello
said a bank for Nigerians, the largest group of African immigrants in the
U.S., was long overdue.
said a bank for Nigerians, the largest group of African immigrants in the
U.S., was long overdue.
According
to him, the Kenyan community in the U.S., among others was already at an
advanced stage of establishing its own Kenyan community bank while Turkish
community has had a bank since 1948 in addition to Poland.
to him, the Kenyan community in the U.S., among others was already at an
advanced stage of establishing its own Kenyan community bank while Turkish
community has had a bank since 1948 in addition to Poland.
A
member of the committee, Felix Obi, said Nigerians could not have economic
growth and emancipation if they did not have financial independence and access
to capital at a competitive rate that reflects their creditworthiness.
member of the committee, Felix Obi, said Nigerians could not have economic
growth and emancipation if they did not have financial independence and access
to capital at a competitive rate that reflects their creditworthiness.
“As you
know by law, anybody can go to any bank and open an account or apply for credit
yet statistics tell us that minority communities, especially immigrants, are
disproportionately pushed into bad financing – high-interest rate financing.
know by law, anybody can go to any bank and open an account or apply for credit
yet statistics tell us that minority communities, especially immigrants, are
disproportionately pushed into bad financing – high-interest rate financing.
“This
would explain why when the federal housing crisis happened, more minorities
have their property foreclosed than non-minorities.
would explain why when the federal housing crisis happened, more minorities
have their property foreclosed than non-minorities.
“These
numbers can be even more challenging when it comes to immigrant populations,”
he said.
numbers can be even more challenging when it comes to immigrant populations,”
he said.
Mr Bayo
Idowu, Minister, Economic, Trade and Investment at the Nigerian Embassy, said
the establishment of a Nigerian-based bank had been nursed previously.
Idowu, Minister, Economic, Trade and Investment at the Nigerian Embassy, said
the establishment of a Nigerian-based bank had been nursed previously.
He said
taking the critical step of moving forward and making it work had, however,
been always challenging.
taking the critical step of moving forward and making it work had, however,
been always challenging.
Idowu
said Sanusi, a respected community leader and an accomplished banker, in
launching the steering committee had worked to energise the members to ensure
that the vision of a Nigerian-based community bank succeeds.
said Sanusi, a respected community leader and an accomplished banker, in
launching the steering committee had worked to energise the members to ensure
that the vision of a Nigerian-based community bank succeeds.
“It is
important to the Nigerian community in the U.S. for identity, for economic
empowerment and for investment in the Nigerian economy because we would have
established a direct link with banks at home through this credit union,” he
said.
important to the Nigerian community in the U.S. for identity, for economic
empowerment and for investment in the Nigerian economy because we would have
established a direct link with banks at home through this credit union,” he
said.
Mrs
Remi Duyile, a seasoned financial professional in the U.S., said owning a
federal credit union by Nigerians in the Diaspora was a phenomenon.
Remi Duyile, a seasoned financial professional in the U.S., said owning a
federal credit union by Nigerians in the Diaspora was a phenomenon.
“I am
on the board of this committee that is working tirelessly to ensure that we
birth something great, just like other nationalities have done, and this is our
time; let’s do it,” Duyile said.
on the board of this committee that is working tirelessly to ensure that we
birth something great, just like other nationalities have done, and this is our
time; let’s do it,” Duyile said.
Earlier,
the Nigerian Ambassador to the U.S., retired Justice Sylvanus Nsofor had
pledged his support to the steering committee to ensure that the establishment
of a Nigerian-based community bank becomes a reality.
the Nigerian Ambassador to the U.S., retired Justice Sylvanus Nsofor had
pledged his support to the steering committee to ensure that the establishment
of a Nigerian-based community bank becomes a reality.
