Banking & Finance

Ajikobi Microfinance Bank declares N71.7m


Ajikobi Microfinance Bank has declared N71.7 million as the financial strength of the bank.

The bank has also concluded plans to install an Automated Teller Machine (ATM) within premises of the bank to meet the yearning demands by her customers.

Speaking at the bank’s first Annual General Meeting (AGM) since its establishment in 1993, the Managing Director, Mr. Gbenga Adams said the bank has made tremendous progress in the past years, hence the need to keep shareholders and customers abreast of developments.

“The essence of the AGM is to assure our shareholders and the public that their money is safe to further consolidate on the confidence they have in us.

“We have new investors coming in, therefore we have changed our programmes and customers’ approach to make them attractive for investment,” he added.

The MD stated that the bank financial strength stands at N71.7 million, adding that the authorised share to the capital is N100 million.

He said, “We have been making profit in the past four years. At the moment the profit we are realising is affected by the backlog of losses, however the profit is reducing the losses that have accumulated over the years.

“I want to assure the shareholders that by the time these losses are cleared in the next two years we will be harvesting our profit smoothly.”

On the demand for ATM installation, Mr. Adams said “The ATM will be installed in the next three months at the bank premises. We are already working on it.”

He equally said there would be more media patronage in the coming year to create awareness for the various services rendered at the bank.

Also speaking, the Chairman of the bank, Alhaji Ladi Hassan stressed that the AGM was aimed at giving shareholders, directors and customers of the financial report.

He said, “We have moved from the era of indebtedness, we are now in prosperity. We have relocated to our new building and conducive atmosphere for easy business.”

The Chairman called on Kwarans s to patronise the bank, assuring them of good customer friendly packages for next year.

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