The Professor Vice Chancellor of University of Port Harcourt, Professor Abraham Georgewill Owunari has stated the reason the institution established a micro finance bank (MFB) as source of internally generated revenue (IGR) to the university. He made this revelation while speaking to new men in Abuja. Excerpts;

Introduce yourself sir.

I am Professor Georgewill Owunari, the VC of University of Port Harcourt and the Chairman of V & C Micro Finance Limited, University of Port Harcourt.

As the Chairman of V & C Micro Finance Limited, how do you think the activities of the bank will be beneficial to your institution?

It is one of the arms of the university that is supposed to help the university to facilitate business in the university. It is part of our IGR strategy to be able to go into banking and provide services to people and by so doing the university will be able to benefit. For example, we provide a lot of services; contractors who do business with the university sometimes have loans from the bank to do their businesses. Staff of the university sometimes get loans from this microfinance bank.

The terms of the loans are spelt out and the borrowers pay back at some interest rate. So, the university keeps growing because it’s part of internally generated revenue arm of the university.

It is a subsidiary of the university and the essence of setting up of subsidiary by the university is to be able to improve our IGR. As we offer services, we are also supposed to make profit and then improve our revenue.

Do you encounter problems?

is there anywhere there are no challenges. In every business process in the world, there are challenges, but the ability to overcome those challenges is the key. We have challenges and we do all we can to ride above the challenges.

How do you see the recapitalization of MFB announced by the CBN?

Well, it’s important that you recapitalize, my bank has appointed consultant who are trying to go round to make sure we recapitalize.

What is all about? You have to make more money; you have to put in more money. You have to invest more so that the business will grow more.

Thank you for your time.

You are welcome.