The Board of Directors, Ilobu Micro Finance Bank has restated its commitment towards helping the small businesses and also boosting the established ones.
The bank stated this on Thursday during its Annual General Meeting for years 2016 and 2017 held in Ilobu.
In his address, the Chairman, Board of Directors of the bank, Chief Owoade Adekunle Omoni took time to painstakingly highlight the land breaking achievements the financial institution was able to achieve within the period under review despite several challenges facing the economy of the country.
Chief Omoni also condemned the poor economic system where “masses are working but has nothing to show for it”, adding that the unpaid salaries of the civil servants is another hardship inflicted on the economy.
He said, “However, despite the hostility of the economy, our bank was able to wither the storm through introduction of so many measures that could generate substantial income to the bank. The use of ATM cards to withdraw from the Money Deposit Banks via Point of Sales (POS) becomes possible”.
He added that the bank has been able to secure a partnership with Chamsswitch Company to have transfer machine to facilitate transactions to various Money Deposits Banks in the country.
He furthered, “Let me give you good news that very soon Automated Teller Machine (ATM) will be installed within the bank premises for all and sundry. In addition, we are working assiduously to ensure that ATM cards in the name of the bank will be issued out to our customers.
Chief Omoni put the performance of the as impressive as the bank’s total assets in 2017 improved from 117million naira in 2016 to 135m naira.
He called on the shareholders and those who have interest in holding shares at the bank to to to aid of the bank in order to surmount the challenge posed to Micro Finance Banks by the Central Bank of Nigeria.
In his address, the National President of Ilobu Development Union, Alh Dauda Adebisi-Balogun commended the bank and urged the people of the community to invest in the bank.
He said the IDU has mandated all its branches to buy shares in the bank and that action will commence soon.
Adebisi-Balogun commended the bank for the prudence and top notch managerial skills it’s using to operate and safeguard the interests of the shareholders.
A minute silence was observed for the pioneer Chairman of the Board of Directors, Alh Assan Olasupo Arogundade who died on December 13, 2018.
Among other dignitaries at the AGM anchored by Alh Muideen Adeleke of OSBC, are Alh Lekan Yusuf, S. O. Opapeju, O. T. Ajadi, K. O. Ajayi and host of others.
