vc inaugurates board of directors of ae-funai microfinance bank ltd

As part of its effort to bridge the gap in banking activities within and around the campus and also to boost the financial base of the institution, the Vice-Chancellor, Alex Ekwueme Federal University Ndufu-Alike, Ebonyi State, Prof. Sunday Elom on Thursday, 14th March, 2024 inaugurated the Board of Directors of the AE-FUNAI Microfinance Bank, to oversee the policymaking activities of the financial institution.

The appointment and inauguration of the Board of Directors is one of the conditions required by the Central Bank of Nigeria – the apex banking regulator, for the official take-off of the Microfinance Bank of the university. The Central Bank of Nigeria had granted operational license to the AE-FUNAI Microfinance Bank Ltd on 29th February, 2024.

While inaugurating the Board, the Vice-Chancellor, Prof. Elom expressed joy on the licensing of the bank, stating that the approval has taken almost 5 years but to the glory of God, it has now been actualized.
The Vice-Chancellor applauded the Managing Director and his team for their doggedness and resilience which led to the registration of the bank by the CBN.
He equally commended the Chairman, House of Representatives Committee on Banking, Rt. Hon. Eze Nwachukwu Eze, for his intervention, which facilitated the registration of the bank by the CBN, adding that the university is indebted to him for his laudable role.

Prof. Elom further assured the shareholders of his unwavering commitment in ensuring that the bank breaks even within the shortest time, directing that all students’ payments, henceforth should be made through the bank, while thanking the shareholders for their patience.
Earlier, the Managing Director of the Bank, Mr. Cornelius Offia, stated that the bank which filed its registration intent to the CBN on 24th December, 2019, to the glory of God, was granted operational license on Thursday, 29th February, 2024, adding that AE-FUNAI MFB LTD is licensed to operate as Tier 1 Unit Microfinance Bank with Two Hundred Million Naira (N200, 000, 000) capitalization.

He outlined the benefits of a Tier 1 Microfinance Bank, stressing that any MFB that meet up with the minimum capital requirement and demonstrates strong corporate governance in their operations, would be allowed to open account with the CBN within their state of operation, have branches in 5 local government areas that are consistent to the primary place of operation as well as be channeled for micro funding of the CBN and the Development Bank of Nigeria.

The Managing Director reiterated that the strategic vision of the bank is “to become a world-class Microfinance Bank that will promote creative and innovative endeavours of entrepreneurs for economic transformation and development of the nation”, while its corporate mission is to “provide world-class microfinance services at the least possible costs to clients that will enable them become competent and confident entrepreneurs, capable of self-employment, and to enhance the well-being of the stakeholders through innovative products and services”.
Continuing, he stated that the Board of Directors which is the apex policymaking organ of the MFB and composed of 7 members are charged with the responsibilities of evaluating the performance of the Bank, including the appropriate use of corporate resources, establish a corporate environment that promotes timely and effective disclosure (including appropriate controls), fiscal accountability, high ethical standards and compliance with applicable laws and Central Bank of Nigeria prudential standards, and evaluate the overall effectiveness of the Board and its Committees amongst others, adding that the Central Bank of Nigeria places premium on the composition and quality of the Board.

Concluding, he affirmed that the bank in line with their vision, will leverage on their 10 months’ work plan which has been submitted to the Vice-Chancellor, for approval to commence business operation on 3rd April, 2024, using manual and intranet, while appreciating the university management and the shareholders for their patience and steadfastness in believing in them.

The AE-FUNAI MFB LTD Board includes; Prof. Sunday Oge Elom (Vice-Chancellor) – Board Chairman; Barr. Ifeanyi Titus Igwe (Registrar) - Non-Executive Director representing the interest of the university; Dr. Kingsley Sunday Oyekezie (Bursar) - Non-Executive Director representing the interest of the university; Dr. Onuora Benedict Nweke - Non-Executive Director, representing interest of AE-FUNAI Multipurpose Cooperative Society Ltd; Dr. Kanu Clementina Iruka - Non-Executive Director, appointed to meet the requirements of CBN guidelines for composition of Board of MFB and representing interest of other shareholders; Mr. Ekpe Samuel Nwangbo - Independent Non-Executive Director, appointed to meet the requirements of CBN guidelines for composition of Board of MFB and Mr. Offia Cornelius - Managing Director/CEO, appointed as per CBN requirements for composition of Board of MFB.
The Bank’s Management team includes: Mr. Offia Cornelius, Managing Director/ Chief Executive Officer; Mr. Egede Alexander Esheye, Head, Risk Management, Credit and Marketing; Mr. Ikwechegh, Anayochukwu, Head of Operations/Finance and Accounts; Miss Ekpe Chioma Ann, Head, Internal Audit and Compliance; Mr. Nkwuda Chinedu Nkwuda, Head, Information and Communication Technology/MIS.