COMMENDATION, CELEBRATION GALORE AS SHAGAMU MICRO FINANCE BANK DECLARES SURPLUS AT 26TH AGM

History was made on Thursday October 17, 2019, the foremost and leading microfinance bank in Remo Land, Shagamu Micro Finance Bank (SMFB) held its 26^th Annual General Meeting, at the bank premises in Shagamu; where customers and shareholders passed a vote of confidence on the bank management and board for a job well done.

While presenting the Annual Report and Financial statement for the financial year ended 31^st December, 2018, the Board Chairman of SMFB, Asiwaju of Remo Land, Asiwaju Solomon K. Onafowokan, reported that in overall, Nigeria economy performed better in year 2018 than what was obtained in the previous year, 2017. He revealed that National Bureau of Statistics reported that economy expanded by 1.93% in 2018 as against 0.82% recorded in 2017. He stated that Foreign Exchange rates remain relatively stable through the year 2018 as a result of continuous intervention by Central Bank of Nigeria (CBN) although availability for financing imports as and when desired still remained a challenge.

What delighted the stakeholders most about their Board Chairman's statement was the Financial growth of the SMFB; as Asiwaju Reported that the bank recorded profit before tax of N13,349,031 as at 31^st December, 2018,and when compared that with N 4,980,138, achieved at 31^st December, 2017, there was a significant improvement. He also announced that the financial growth also affected the shareholders, noting that their fund raised from, N 112,917,055, in December, 25017 to 173,091,126 by 31^st December, 2018.

Asiwaju S.K Onafowokan, Chairman Sagamu Microfinance Bank flanked by other officials

Asiwaju Onafowokan also informed the bank’s stakeholders about the new re-capitalization policy issued by CBN to all Micro-Finance Banks in the country, he also suggested a good co-operation with the bank toward attaining a great future.

Asiwaju Onafowokin did not forget to inform the stakeholders about the retirement of the Managing Director of the bank, Mr. F.A. Kalejaiye, ACA, in compliance with Central Bank of Nigeria Corporate Governance directive. He pointed out that the former M.D’s retirement became effective from 31^st March, 2019 after attaining the 10(Ten) years mandatory service period as the bank M.D. He further wished the retiring Managing Director  well in his future endeavors on behalf of all the stakeholders.

Concluding his statement, Asiwaju commended all the bank Management team, staff, board members and stakeholders for their loyalty and meaningful contributions to the bank’s growth.

During the stakeholders interactive session, Mr. Oladunjoye Afuwape, Mr. Adepoju, the Proprietor of Glory Nursery & Primary School, Chief Segun and Mrs. F.O. Shotubo, commended the bank for its selfless services being rendered to all stakeholders. They however made suggestions to the board and management on certain areas of needed improvement.

Board and Management Staff of Sagamu Microfinance Bank at the AGM

Meanwhile, in a chat with Remo Times, Asiwaju Onafowokan revealed to during that transparency and unquantifiable customers satisfaction with quality and selfless management and staff remained the secrets behind the success story of the bank over the years. He also allayed the fear in some people’s minds about transacting with a micro finance bank, as he encouraged them to come to Shagamu Micro-Finance Bank and enjoy the benefits that would make their lives better.

Also, the Acting Managing Director of the bank, Mr. Ogunjimi Abiodun has urged investors and other who want a better banking services to come and do business with SMFB; stating that open door policy and proper fund management of the bank cannot be over emphasized.

A former M.D of the bank, Mrs. Janet T. Adetu, confirmed to Remo Times Magazine that the bank boast of a team of highly trained and dedicated staff and assured that no one ever did business with the bank and had cause a regret, due to good service delivery.

Earlier, at the AGM which began with the notice of the general meeting read by the company secretary, Mrs. Medunoye O. Tosin, was the representative of Abimbola Ijaduola & Co. (Chartered Accountants) Mr. Babajide, who gave the bank a pass mark in its financial activities. As the bank’s external auditor, Mr. Babajide assured stakeholders on behalf of Abimbola Ijaduola & Co. of the good management of their money kept in SMFB.

Some shareholders of Sagamu Microfinance Bank at the event

CRoss-section of some Sagamu Microfinance Bank stakeholders

Other activities of the AGM included re-election of Directors, amongst others.

Dignitaries at the meeting included, the pioneer chairman of the bank, High Chief Olusegun Ayodele, external Auditor of the bank, represented by Mr. Babajide; Directors, amongst others.