GROUNDBREAKING CEREMONY FOR UNIBADAN MICROFINANCE BANK: PART OF OUR EFFORT TO STRENGTHEN THE BOND BETWEEN THE GOWN AND THE TOWN – UI VC

The Vice-Chancellor, University of Ibadan and the Chairman, Board of Directors, UNIBADAN Micro Finance Bank Limited, Prof. Abel Idowu Olayinka, has reiterated the need to further strengthen the bond between the gown and the town to promote partnership for developmental purpose.

The VC disclosed this on Friday, 13 November, 2020 at the groundbreaking ceremony of the UNIBADAN Micro Finance Bank Limited (UMBL) new site situated along Amina Way, UI directly opposite Mobil Filling Station and close to UI Post Office.

UNIBADAN Micro Finance Bank Limited is presently located in the central business district of the University of Ibadan and has been fully approved by the Central Bank of Nigeria (CBN) for banking purposes, as it prides itself in offering a financial support system to her highly esteemed customers by helping them in strategic planning to achieve optimum success in business.

According to the VC, “there is an opportunity for the bank to grow naturally, as you can see that it is facing Agbowo. So, it is going to be part of our effort to strengthen the bond between the gown and the town, so that people from outside the campus can invest.”

The bank is saddled with responsibilities to cater for her customers with deposit and loans portfolio and has since grown in leaps and bounds to provide support for its ever-growing customers, as well as grant support to Micro, Small and Medium Scale Enterprises (MSMEs) which cut across all sectors of the economy. This growth cannot be severed from the efforts of its founding members, who are professionals in various field of human endeavours (medicine, development finance, banking, ICT specialist etc) that pulled resources together to provide support for the MSMEs in and around its immediate environment.

While speaking about the performance of the bank so far, Prof. Olayinka noted that the bank is doing very well as a business outfit established to improve the status of the institution. He further explained that the bank has been making a profit as contained in the guidelines given by the Central Bank of Nigeria.

The VC gave credit to Chief Wole Olanipekun, who was the then Chairman, Board of Directors and Prof. Folorunsho Adewole, the then Vice-Chancellor, for their thoughtfulness towards expanding the horizon of the institution when the bank was established in 2012.

Speaking earlier at the ceremony, the Managing Director, UNIBADAN Microfinance Bank (UMBL), Mr Taiwo Akinyemi said the essence of this new structure is to serve as a suitable permanent site for the Micro Finance Bank as requested by the Central Bank of Nigeria. This, in a way, will help to enhance the operation of the bank to serve the University of Ibadan and its environs and support the University of Ibadan in meeting societal needs.

The MD expressed his sincere appreciation for the opportunity given to the bank to exist and make a profit, and contribute its quota to the community by generating profit enough to push for a new structure and bringing the bank closer to the University environs which to a large extent is expected to contribute to its further growth and expansion.

In his words: “I want to specially thank the Chairman of the Bank, Prof. Abel Idowu Olayinka, all the members of the Board, and all my working staff for efforts put into ensuring that the bank generates enough profit to start a building of its own. So, this is just a laudable achievement worth mentioning.”

Present at the occasion were the Deputy Vice-Chancellor (Administration), Prof. Kayode Adebowale; Registrar, Mrs. Olubunmi O. Faluyi; Bursar, Dr. Micheal Alatise; Dean, Student Affairs, Prof. ‘Keye Abiona; Member, Board of Directors, Prof. A. Adewuyi; Deputy Registrar (Legal)/Secretary to the UNIBADAN Micro Finance Bank Board, Barrister A.F. Ajayi; Director, Works and Maintenance, Engr Olufemi Adetolu; Director, Institute of Education, Prof. Gbenga Adewale; Mr. B.G. Amusan; Dean, Faculty of Science, Prof.. Abiodun Ayodele; Dean, Faculty of Technology, Prof. Olaosebikan Fakolujo; Dean, Faculty of Education, Prof. Andrew Fadoju; Dean, Faculty of Veterinary Medicine, Prof. Olufemi Adedeji and the Director, Public Communication, Mr Olatunji Oladejo.