Group urges lawmaker to facilitate establishment of commercial bank in Enugu West

The Awgu Egbeli Development Union (AEDU) has appealed to the member representing Awgu/Oji River/Aninri Federal Constituency, Mr. Anayo Onwuegbu, to support efforts to establish a Deposit Money Bank (DMB) in Awgu town.

The appeal is contained in a letter written by a former Deputy Director of the Central Bank of Nigeria (CBN) and Chairman of the Chartered Institute of Bankers of Nigeria (CIBN), Abia Branch, Mr. Camillius Ogbuagu, on Monday in Enugu.

Newsmen report that Awgu is one of the Local Government Areas in Enugu State.

Ogbuagu, who hails from Awgu town, wrote the letter on behalf of the Board of Trustees of AEDU and other concerned stakeholders.

He urged the legislator to use his position and networks to attract a reputable commercial bank to Awgu, describing the initiative as critical to the economic development of the area.

According to him, the presence of a bank in Awgu will enhance financial inclusion, stimulate commerce, support agriculture and small and medium-sized enterprises (SMEs), and facilitate access to credit.

The former deputy director added that the initiative would also create employment opportunities and strengthen Awgu’s position as an economic hub for Enugu West and neighbouring communities.

Ogbuagu commended Onwuegbu for his reported commitment to working with stakeholders towards making the establishment of a bank in Awgu a reality.

He disclosed that the initiative had already commenced, noting that formal letters had been prepared and delivered to the Chief Executives/Managing Directors of leading Deposit Money Banks.

The banks, he said, include First Bank of Nigeria, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), FCMB, Access Bank, Zenith Bank and Fidelity Bank.

He explained that the letters presented the strategic and economic importance of Awgu and invited the banks to consider establishing a banking presence in the town.

He urged Onwuegbu to peruse the letters and take further action, adding that copies of the correspondence had been attached for his consideration.

He said: “Onwuegbu’s intervention at this stage can provide the necessary high-level political, legislative and institutional impetus to advance discussions with the banks and relevant financial-sector authorities.”