Chidioka urges South-East governors to attract bank headquarters to Onitsha

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By Chimaobi Nwaiwu

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NNEWI — Former Minister of Aviation, Chief Osita Chidioka, has called on South-East governors and the organised private sector to work together to restore Onitsha’s status as the commercial hub of the old Eastern Region by attracting banks to establish their headquarters in the city.

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Chidioka made the call during the investiture of Sir Chinedu Nwogu as the 16th President of the Onitsha Chamber of Commerce, Industry, Mines and Agriculture (ONICCIMA) and the inauguration of the chamber’s 2025–2027 council held in Onitsha, Anambra State.

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The former Corps Marshal of the Federal Road Safety Corps (FRSC), who chaired the event, said the absence of bank headquarters in the South-East had limited access to credit for businesses despite the region’s significant contribution to bank deposits.

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He urged state governments to use incentives such as tax rebates to encourage financial institutions to relocate their headquarters to the region, particularly Onitsha.

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According to him, Onitsha ranks among the country’s largest sources of bank deposits but does not receive a corresponding level of loans to support businesses.

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“For Onitsha to remain the commercial nerve centre it once was, we need businesses that support growth, infrastructure, manpower and banks. One thing missing in the South-East is that there is no bank with its headquarters in the region,” he said.

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He argued that having bank headquarters in the South-East would attract investors, improve access to financing and stimulate economic activities across the region.

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Chidioka also called for stronger collaboration among South-East states, suggesting that governments could leverage their financial resources to attract banks to the region.

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He stressed the need to tackle insecurity through both security measures and social interventions, including education and value reorientation.

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The former minister further urged entrepreneurs to formalise their businesses, noting that increased Value Added Tax (VAT) contributions would reflect greater business formalisation and strengthen the region’s economic profile.

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He tasked ONICCIMA with leading efforts to formalise businesses and improve their access to financing and investment opportunities.

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In his inaugural address, the new ONICCIMA President, Sir Chinedu Nwogu, pledged to reposition the chamber as the leading voice of the business community in the South-East.

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Describing the chamber’s theme, “Revitalising Onitsha as the Commercial and Industrial Hub of the South-East,” as a call to action, Nwogu acknowledged that Onitsha had historically been one of Africa’s foremost commercial centres but said its competitiveness had declined due to poor infrastructure, insecurity, flooding, inadequate electricity supply, multiple taxation, limited access to finance and weak logistics infrastructure.

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He said his administration would strengthen engagement with governments at all levels to advocate policies that improve infrastructure, reduce the cost of doing business and enhance the ease of doing business.

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Nwogu also pledged to actively market Onitsha as an investment destination through business summits, trade fairs, exhibitions and international partnerships aimed at attracting investments into manufacturing, logistics, agriculture, technology, healthcare, education, renewable energy and real estate.

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