The Microfinance Agency Board was among those reconstituted during the period of emergency rule in the state.

Rivers State Governor, Siminalayi Fubara, has dissolved the Board of the Rivers State Microfinance Agency, barely days after taking a similar step with the Rivers State Pension Board.

The two boards were among those reconstituted during the period of emergency rule in the state.

While the Pension Board is yet to be re-inaugurated, Governor Fubara has reappointed Jonathan Tobin, who previously served as chairman of the Microfinance Agency from October 2023, to continue in acting capacity as Managing Director.

In a government announcement issued in Port Harcourt and signed by the Head of Service, Dr. (Mrs.) Inyingi Brown, members of the defunct Microfinance Agency Board were directed to hand over all properties and assets in their possession to the Acting Managing Director.

The statement added that the Governor would reconstitute the Board in due course.

Tobin had been overseeing the ?4 billion loan facility introduced by the administration to support small and medium-scale businesses across the state.

The facility, launched under Governor Fubara’s economic empowerment programme, was targeted at boosting entrepreneurship, creating jobs, and strengthening the informal sector.

With his reappointment, Tobin is expected to continue the supervision of the loan programme while the Governor moves to reconstitute the Agency’s board following its dissolution. (Channels)