The Delta State micro credit  scheme has  received a boost of N200  million from Oceanic Bank International Plc. The bank injected the fund to  finance micro and medium enterprises in the state. The state government is  providing N50 million as collateral for the facility.

The Special Adviser to the  governor on Delta State Micro Credit Programme (DMCP), Dr. Anthonia Ashiedu,  stated this last week in Asaba while addressing journalists at the unveiling of  Delta-Oceanic Micro Credit Scheme account.

According to her, the bank would  disburse small loans to cluster groups at an interest rate of 15 per cent per  annum, while the Central Bank of Nigeria (CBN) would provide 75 per cent  guarantee and 40 per cent interest rebate on accrued interest.

The DMCP unveiled on December 3,  2007 is one of major platforms the state governor intends to explore in  achieving its set goals in sustainable human capital development. The Delta State government is  determined to avoid the pit-falls of past initiatives in order to make a  success of the scheme. According to the Special Assistant on Micro-Credit,  failed micro-credit initiatives were usually scattered and uncoordinated and  hope to learn from the mistakes of the past.

Oceanic Bank today is one of the  banks that have been developing the country through its huge investment in the  real sector.The bank has effectively  disbursed well N3 billion, to the small and medium scale enterprises across the  country and has also set up a franchise desk in the bank for the purpose of  financing franchising in the country.

It would be recalled that Oceanic  Bank has continued to channel the needed equity to the real sector of the  economy, and actually increased the level of its commitment from N1.2 billion  invested in 21 SME projects in 2005 to about N2 billion in 27 projects in 2006.  So far, about N39.1 billion have been set aside by the banks, out of which  N18.7 billion has been invested in 259 projects all over the country. These  investments cover agriculture, services, telecommunications, food and  beverages, tourism, printing and publishing,” she stated.

The Central Bank of Nigeria, CBN,  had recognised Oceanic Bank International Plc. in 2003 and 2006 as the best  bank in the funding of the real sector. Ibru is also the chairman of the  Bankers Committee, sub-committee on Small Medium Industry Equity Investment  Scheme (SMIEIS). This probably came as a result of various laurels the bank had  won as the best financier of Small and Medium scale Enterprises across the  country.