Barring any hitch or last minute change of plan, the Ogoni self-government will soon establish a bank to be known as “Ogoni Savings And Investment Development Bank (OSIDBANK)”.
OSIBANK, when established would have branches throughout Ogoniland with Ogoni farmers, traders and cooperative societies as shareholders.
chidi opara reports learned from Ogoni Self- Government insiders that some retired Ogoni bankers have been commissioned to work on the proposal for bye-laws; shareholders, rules for staffing, operations, reporting procedure and management board set up.
OSIBANK, we learned further, would be formally established by end of August, 2012.
Ogoni self-government insiders hinged the proposed establishment of OSIDBANK on Article 5 of the United Nations Declaration on the Rights of Indigenous Peoples (UNDRIP), which they reiterated, empowers indigenous peoples to operate within their peculiar socio-political, economic and cultural institutions.
The bank’s profits, we were hinted, would be used to finance agriculture, education, women empowerment, leadership development and International cooperation.