A Business expert in Rivers State, Mr Sebastian Ukaegbu, has called for the urgent establishment of a functional banking system in Okoloma-Afam, in Oyigbo Local Government Area, describing it as a critical infrastructure to accelerate economic growth and promote financial inclusion in the community.
Mr. Ukaegbu, while speaking with our correspondent on the absence of a banking system in Okoloma-Afam and other basic amenities in Oyigbo LGA, decried that there are no major bank branches or microfinance institutions in the entire locality despite the community’s strategic industrial importance of hosting the Afam Power Plants, several gas installations, and a growing population of small-scale entrepreneurs.
Okoloma-Afam is the headquarters of Oyigbo Local Government Area of Rivers State and happens to be the community that houses the Afam power plant that powers the nation’s electricity grid.
It is indeed out of place for a community with such strategic industrial importance to lack financial institutions and other basic amenities for socioeconomic development.
In today’s digital economy, financial inclusion is not a luxury but a lifeline. Without banks, local farmers, traders, artisans, and other business operators cannot access credit. “This is the reason why the people of Okoloma-Afam, in Oyigbo Local Government Area of Rivers State, are not happy about the absence of a functional banking system in the entire locality for decades, among other basic amenities lacking in the area.
The business expert from the area, while calling on Governor Similaleye Fubara to extend his developmental project to the Area, noted that the Okoloma-Afam community deserved a banking presence and other amenities
such as good roads and healthcare facilities to serve the people, empower businesses, and attract investors.
Mr. Ukaegbu, while noting the great potential of the area, emphasized that the Ndoki-Ogoni boundary region, which connects Oyigbo, Tai, and Eleme Local Government Areas, could serve as a viable industrial hub if the government and private sector work together to harness its geographic advantage, manpower, and rich natural resources.
“Governor Siminalayi Fubara needs to prioritize the inclusion of Okoloma-Afam in the state’s industrial and infrastructure expansion plan, establish a commercial bank branch, create an industrial cluster, and agro-processing facilities, the rehabilitation of the road from Okoloma-Afam Junction to Egberu- Ndoki onward to Bori, and the establishment of youth empowerment schemes through financial literacy and micro-credit to the people, among others”.
“Such investments, when put in place, will not only boost productivity, but also reduce crime, migration pressure, and unemployment, as well as strengthen the social fabric of both Ndoki and Ogoni ethnic groups”.
“Okoloma-Afam is more than an energy corridor; it is a symbol of potential waiting to be unlocked. Yet, it suffers from infrastructural neglect that contrasts sharply with its contribution to Nigeria’s
power generation.
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“The absence of a local banking system cripples economic activity, forcing residents to travel long distances for simple financial transactions”.
“Farmers, importantly, cannot save securely. Artisans and small business owners remain trapped in a cash-based cycle that limits growth”, Mr Sebastian Ukaegbu stated.
The business expert further explained that a banking institution in Okoloma-Afam would serve as a financial catalyst for the rural economy, deepen access to savings, loans, and digital payments, encourage entrepreneurial culture and youth innovation, build trust between investors and the community, as well as stimulate infrastructure expansion through credit-backed investments.
Mr. Ukaegbu maintained that it is both ironic and unjust that Okoloma-Afam, home to one of Nigeria’s major power plants, lacks a single banking institution, adding that this neglect undermines not only the economic prospects of the region but also the state’s development blueprint.
“Rivers State Government under the administration of Governor Siminalayi Fubara should seize this opportunity to rewrite the story of rural development by ensuring that Okoloma-Afam becomes an energy model-driven industrial and financial growth for posterity.
“The Central Bank of Nigeria(CBN), Bank of Industry(BoI), and other financial regulators should, as a matter of urgent importance, partner with local stakeholders to establish microfinance outlets, promote
agency banking, and expand digital financial literacy in the area.
“A community that powers homes across Nigeria and beyond should not be left in economic darkness”, Hon Sebastian Ukaegbu submitted.
