CHAIRMAN’S WELCOME ADDRESS

CHAIRMAN’S WELCOME ADDRESS AT THE INAUGURATION OF OZA INVEST LIMITED HELD AT OZA NOGOGO ON AUGUST 4, 2023.

The Ogisi of Oza , Ogisi Etinosa Okor,

Government officials or their representatives here present,

Odionwere of various quarters,

Community and Youth leaders here present,

Shareholders and Directors of Oza Invest Limited,

Distinguished Guests, Ladies and Gentlemen.

A very warm welcome to each and every one of you as we gather here today for this momentous occasion. Today marks the official launch of a vision that was conceived with a singular purpose: to drive positive change within our community and become a catalyst for development. I am immensely honoured to stand before you all as we embark on the most remarkable journey in the development of our community through business and economic empowerment.

WHY WE EMBARKED ON THIS MISSION

The seeds of this company were sown when a group of Oza indigenes resident in the country and in diaspora met about two years ago and took a hard but honest look at the development of the community.  We realized that relying solely on government and other forms of external resources or aid was not a sustainable path to prosperity. We sought to embrace a new paradigm, one where we become the architects of our own destiny, harnessing the potential that lies within our community to drive meaningful and sustainable change.

A number of factors motivated us to decide on a social impact vehicle as a catalyst for development. For instance, we realized that there is no single money deposit bank or microfinance bank in the entire Agbor -Obi segment of Agbor. This is clear evidence that our people who are otherwise hardworking are financially excluded.   When a significant portion of a population lack access to finance, it hinders economic growth, limits entrepreneurship, hampers job creation, widens inequality, reduces savings and investment; and generally, breeds poverty and social shocks.

Addressing financial exclusion will no doubt foster inclusive growth, reduce poverty, and promote social cohesion in our community.  By providing greater access to financial services and resources, communities are able to unlock the full potential of their people and create a more equitable and prosperous society. We envision an ecosystem that nurtures entrepreneurship, invests in education, enhances healthcare access, supports sustainable projects, and empowers our people to become the architects of their own destinies.

OUR APPROACH

To achieve these goals, we have devised a multifaceted approach that seeks to break down barriers and create opportunities for everyone within our community, regardless of their socio-economic background. Our key strategies in achieving economic development in Oza-Nogogo rest on a tripod, namely: financial inclusion, natural resource management and cooperatives development initiatives.

 Bridging the Financial Exclusion Gap

We understand that many individuals within our community might lack access to traditional banking services due to limited credit history or collateral. Through our non-bank microfinance initiatives, we aim to provide small loans and financial services to aspiring entrepreneurs and low-income households. This way, we empower them to start and grow their own businesses, thus promoting self-reliance and economic independence.

Certain segments of our community, particularly women and youths, face additional barriers to financial inclusion.  Therefore, Oza Invest Ltd will prioritize initiatives that focus on empowering women, youths and marginalized groups, ensuring they have equal access to financial resources and opportunities.

Very importantly, we realize that knowledge is a powerful tool for empowerment, hence we intend to conduct financial education and literacy programs within our community, equipping individuals with essential financial skills and knowledge. These programs will focus on budgeting, saving, investment, and responsible borrowing, thus enabling our people to make informed decisions about their finances.

Our investment strategy will prioritize projects that have a sustainable impact on the local economy. By supporting businesses that create employment and stimulate economic growth, we will be creating a more financially inclusive society.

Management of our Natural Resources.

We recognize the immense potential that the large deposits of kaolin and sand in our community hold. We have also taken cognizance of the activities of strangers who come to our community to mine these resources without allowing for optimal benefits to our community. Our core objective is to play a key role in harnessing these natural resources responsibly and sustainably for the benefit of the community while creating a positive impact on the environment.

By leveraging these resources ethically and responsibly, we aim to create a lasting positive impact on our community’s socio-economic development while preserving the environment for future generations of Oza people. Working with artisanal miners in the community and critical stakeholders, we shall responsibly exploit the mineral resources in the most ethical manner. Before commencing any extraction activities, we will conduct a comprehensive Environmental Impact Assessment to understand the potential ecological consequences. This assessment will help us design responsible mining practices that minimize environmental damage and protect the ecosystem.

Exploiting these resources will create employment opportunities for members of our community. We will prioritize hiring locally and invest in skill development programs to equip community members with the necessary expertise to work in the mining sector safely and efficiently.  Beyond direct employment, we will encourage and support local entrepreneurs to establish ancillary businesses related to mining operations. This could include transportation services, equipment maintenance, and processing facilities, thereby boosting economic activity in the community.

Cooperative Development Initiatives

A pivotal strategy that lies at the heart of our vision for community development is the Cooperative Framework. We believe that a well-established cooperative society can be a transformative force in fostering growth and prosperity for all. To this end, we will adopt the cooperative strategy as a potent tool for development within our community. Our mission with this strategy is to facilitate a sense of togetherness and solidarity, pooling our collective resources and talents for the betterment of each and every member of our community.

We will use the cooperative platform to leverage government intervention funds and partner with donor agencies. These funds are provided to promote entrepreneurship, create jobs, and enhance productivity in critical sectors such as agriculture, solid mineral exploration, and small and medium-sized enterprises (SMEs). Oza Invest Limited will serve as a bridge between these funding sources and our community members. We will professionally guide and support entrepreneurs in navigating the application processes, ensuring that eligible businesses can access these funds and take advantage of the opportunities they offer.

Through the implementation of these initiatives and a steadfast commitment to our vision, we are confident that our social impact investment company will play a pivotal role in advancing economic and social development within our community. By empowering individuals with financial access and knowledge, we can collectively pave the way towards a more prosperous, equitable, and inclusive society.

THE JOURNEY SO FAR

We have taken decisive steps to get Oza Invest Ltd started on a sound footing by ensuring that we operate with all the legal and regulatory covers we need to carry on all our businesses.  One of the key milestones in this regard was the incorporation of your company with the Corporate Affairs Commission.  We have also obtained the Money Lender’s Permit from the relevant State agency and registered two cooperative societies under the state’s ministry of commerce and industry – Ozainvest Multi-Ppurpose Cooperative Society and Ozainvest/Agro Multi-Purpose Cooperative Society. These permits and registrations allow us to provide financial services to our community, enabling us to support entrepreneurs and businesses in their quest for growth and success. By obtaining official recognition and registration, we have solidified our commitment to transparency, accountability, and adherence to the highest standards of corporate governance. 

We have also applied for registration with the Association of Non-Bank Microfinance Institutions. This organization is at the forefront of promoting financial inclusion and fostering the growth of microfinance institutions, aligning perfectly with our own vision for the community. By becoming a part of this esteemed network, we gain access to valuable resources, best practices, and support that will enhance our capacity to create meaningful impact.

Ultimately, our goal is to run a Holding Company structure and after a few years of operation, convert our financial inclusion business to a full-fledged microfinance bank by applying for a CBN license.

A TRUE OZA INITIATIVE

The promoters were greatly encouraged by the zeal with which Oza people embraced and responded to the call to raise the seed capital for the company. As a result of your support, Oza Invest Limited is commencing business with adequate capital with a shareholding structure comprising of about 44 Oza indigenes, plus the six quarters that make up our community.  Thus, Oza Invest Limited belongs to all of us and we will collectively work with a team of passionate individuals who share in our commitment to the betterment of our community.  In this regard, we have recruited six Oza indigenes led by Harry Adagbon, who are presently undertaking a one-month training program to familiarize them with our processes.

The journey has been tough but the support of the shareholders and the commitment of members of the board of directors has made it possible for us to be here today.  We are eternally indebted to the Ogisi of Oza who not only allowed us the use of the former Postal Agency building, graciously approved the annexation of the adjoining bus stop but also provided the fatherly guide that made it possible for the vision to see the light of day.

Permit me to once again, extend my heartfelt gratitude to all those who have supported us in making this dream a reality. I want you all especially our esteemed shareholders to be fully assured that you will reap immense benefits from your investment in the company. Your unwavering belief in our vision has inspired us to persevere, and it is with great pride that we declare our social impact investment company officially open today.

I thank you all for being part of this very significant event. Let us step forward into a future of progress, prosperity, and empowerment for our beloved community.

May God bless you all as we progress on this very exciting journey.

EMMANUEL OSA AGWOJE

CHAIRMAN

OZA INVEST LIMITED