By Babajide Komolafe
Newly elected President of Finance Houses Association of Nigeria (FHAN), Evangelist Samuel Durojaye said the new executives would put in place measures to encourage inter-house trading in the subsector.
“Member houses would be required to forward on a periodically summary of their transactions and financial position to the Association to enable us build sub-sector statistics and assessment criteria that would help build confidence amongst ourselves thus leading to inter house business dealings to the benefit of all”, he said in his acceptance speech at the annual general meeting of the Association held last week.
Durojaye said the challenges confronting the subsector require that all finance houses work together and with the regulatory authorities for the transformation of the subsector.
He said, “ We are coming on board at a period of unprecedented economic and banking storm that is rocking the boat of many nations and tearing their economies apart. We commend the Banking Reform program of the CBN that has ensured the stability and growth of our banking sector.
“The Nigerian economy however is facing daunting challenges that will in the years ahead create both opportunities and threats for our member houses. With the banks refocusing on their core banking functions, Small and Medium Enterprises would be looking up to our subsector for project and venture capital funding.
“The challenges ahead call for a unified effort of all FHAN members working as a team with the regulatory authorities to ensure the success of the reform program proposed for our sub sector. On our part we promise to operate an open door policy that will promote effective communication between the Association and its members.
“FHAN as a trade association must be made to add value to our businesses through information gathering and dissemination leading to innovative products and service delivery to our clients and thereby contributing to the growth of our economy at large.
Durojaiye said that the new executives would embark on publicity campaign to enhance public understanding of the subsector to facilitate public confidence in finance houses.
He said, “This executive council has taken it up as a challenge to make sure that the first thing we need to do is to advance the course of finance houses and build its credibility of the association. We want people to know that finance houses are there. We want them to know that we are not Wonder Banks and we are here to add value to their business.
“People can go into finance houses and do businesses because we are licensed financial institutions. We are going to assist the CBN by working closely with them on the reform programme because we want to ensure that as operators, we have input and participate in the reform programme.”