Fidelity bank card banner Emerald Energy Institute Camano banner

VC hails CBN, as MOUAU MFB gets corporate headquarters

By Boniface Okoro, Umuahia on 17/11/2015

Gmail icon

Views: 3,544

Vice Chancellor of Michael University of Agriculture, Umudike (MOUAU), Prof. Hilary Odo Edeoga, has commended the Central Bank of Nigeria (CBN) for creating micro finance banks (MFBs), saying the development has had positive impacts on the nation’s economy through poverty alleviation and economy stimulation.

Edeoga gave the commendation today in the university during the inauguration and formal handing over of the corporate headquarters of the Michael Okpara Uniagric Microfinance Bank Ltd., which posted a balance sheet of N550 million within a year and empowered more than 600 customers.

On July 10, 2014, the CBN granted MOUAU an operational licence to establish a microfinance bank. Four days later, the bank commenced commercial operations, same day the foundation stone of the bank’s corporate office was laid. The storey building contains technology-driven banking halls, offices and equipment.

Before now, the bank had been operating from a temporary office at the Anyim Pius Anyim Auditorium of the school.

Performing the commissioning ceremony, Edeoga, who is also the Chairman, Board of Directors of the MOUAU MFB, said it was a celebration of the achievements of the fast-growing bank which he said presently has about 4,000 customers.

“As of today, the MOUAU MFB has over 4,000 customers and we expect a rise in this figure with the formal opening of this new and bigger place for its operations,” he said, adding: “It is on record that since its establishment over one year ago, this bank has consciously and consistently stimulated the economy of communities around it and beyond – Ikwuano, Olokoro, Umuahia – to mention but a few.”

Edeoga was full of praises for the CBN for evolving a people-oriented policy which gave birth to microfinance banks in Nigeria, stressing that they have helped in poverty alleviation and stimulating the economy positively.

He attributed milestones recorded by the MOUAU MFB to hard work and dedication of its management and staff, and enjoined them not to relent.

Managing Director and Chief Executive Officer of the bank, Prof. Bashir Ogungbabe, assured her teeming customers that the bank would not relent in her vision of developing the economy of the grassroots in its catchment areas.

“We have continued to provide financial services aimed at alleviating poverty to our esteemed customers in the area of granting micro credits to low income earners who form unstructured groups of 10 -20 members.

“We have empowered over 600 micro customers within and around Umudike and have extended credit facilities to so many clients in agricultural and agro-allied businesses exploring the CBN’s Agricultural Credit Guarantee Scheme,” Ogungbabe said while unveiling the score sheet of the MOUAU MFB.

Furthermore, he revealed that the bank was fully integrated with Interswitch and Remita, making it possible for their customers to access funds from  any location through transfers; provided customers with customised debit cards with which they could make withdrawals  from their accounts from any location while it has partnered with Zenith Bank Plc to provide a co-branded cheque which allows holders to withdraw money from their accounts with MOUAU MFB from any Zenith Bank branch in the country.

The MD/CEO also disclosed that the bank’s last return to the CBN last month was N550 million worth of balance sheet.

He announced the intention of the bank to increase its share capital through “private placement,” while it has stepped up efforts aimed at obtaining state license from CBN which would empower the bank to set up branches in urban and rural areas of Abia.

He thanked all stakeholders for their contributions to the “survival” of the bank.

In their testimonies, some customers confirmed that the bank's services were of high standard.

•Photo shows Vice Chancellor of MOUAU and Chairman, MOUAU MFB, Prof. Hilary Edeoga, cutting the tape to inaugurate the MFB Corporate Headquarters.

Source News Express

Posted 17/11/2015 04:46:19 AM





You may also like...
NAF helicopter suffers mishap during counter-insurgency operation

EFCC remands Ex-Adamawa Governor in custody

Zimbabwe public workers reject latest wage offer after...

Fifty killed during Saturday's elections-NHRC declares

Nigeria tilting towards failed state — Senators

It will a cloudy Saturday with chances of...

Court bars Police, EFCC, DSS, from searching Wike’s...

BREAKING: FG bans 50 indicted persons from traveling...

Ministerial list: Ambode’s loss, Mamora’s gain

ASA-USA medical team arrives Anambra for 2015 medical...

EFCC locates Ex-Gov Jang’s hidden houses in Kaduna...

Petroleum Minister Diezani Allison-Madueke’s brother kidnapped


Latest News Unbeatable Abdul Titi Kone re-emerges African Freestyle Football Champion Wadume: Military, Police disagreement stalls trial of kidnap kingpin, other suspects Unknown gunmen kill traditional ruler Igbos storm United Nations over alleged marginalisation by Buhari administration Minimum wage talks deadlocked again as FG, Labour fail to reach agreement NFIU clears the air on letter seeking bank account details of senators, judicial officers Over 100 LGAs ravaged by flood in 33 states Sacked Lecturer: PUNCH Correspondent arrested over petition Xenophobia: Apologies from South Africa not enough, says HURIWA Islamic State Leader issues fresh battle cry Abuja not under any form of siege — IGP Boko Haram: Borno Governor demands more protection for Maiduguri •Details of how terror group shook UNIMAID


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (540,812 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (443,101 views) Shameless Genevieve Nnaji exposes breasts in public (389,396 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,705 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,690 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,650 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,766 views) 10 cars more expensive than Jets (238,395 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,484 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,505 views) Lagos plane crash: Journalist releases victims’ names (195,850 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,453 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,444) Business Verdict (80) Columnists (1,109) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (812) Global Business Monitor (442) ICT Monitor (63) International (3,955) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (414) News (51,389) Opinion (1,359) Pidgin (17) Politics (11,447) Religion (1,102) Sports (2,168) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera