Western Region Finance Corporation

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The Western Region Finance Corporation (WRFC) was a credit and investment firm owned by the Western Nigeria regional government. It was established in 1955 and was placed as an investment firm under the region's Ministry of Trade and Industry.

Operations

The company's major responsibility was to grant loans to small agricultural and industrial firms and to invest in or acquire established foreign companies operating in the country. The comapny then followed the latter by acquiring, Arab Brothers for 1.1 million pounds and also acquired, G.L. Gaiser. From 1955-1962, it made a total investment and credit grant of 5 million pounds. However, by 1964, it suspended operations in investment and credit allocation as a result of operational inefficiencies rising partly due increasing loan defaults.



Further reading

  • Report of the Coker Commission, Vol 2 p 44, Vol 4, pp 90-91.