Last Updated on December 23, 2025 by Olasunkanmi Olajide
By Joy Adeyiga
The UNAAB Microfinance Bank (UMFB) Limited has restated its steady growth trajectory and operational resilience as shareholders and stakeholders gathered for its 5th Annual General Meeting (AGM), today, December 11, 2025, at the Postgraduate School Auditorium of the Federal University of Agriculture, Abeokuta (FUNAAB).
Presenting the Bank’s performance report for the 2024 financial year, the Vice-Chancellor and Chairman of the Board of Directors, Prof. Babatunde Kehinde, highlighted the Bank’s remarkable progress despite a globally challenging economic climate. He noted that the year under review was shaped by extensive geopolitical shifts, rising inflation, and heightened living costs, all of which placed significant pressure on businesses and financial institutions nationwide. The Central Bank of Nigeria’s adjustments to the Monetary Policy Rate from 18.75% to 27.50% and higher Cash Reserve Ratio further tightened the operating environment.
Despite the headwinds, UNAAB Microfinance Bank recorded solid gains across major performance indicators. Total revenue rose by 32.5% to ₦146.28 million, while total assets increased by 23.3% to ₦632.36 million. The credit portfolio grew by 18.3%, and customer deposits surged by 51.3% to ₦385.81 million, underscoring rising customer confidence in the Bank’s services.
Prof. Kehinde also explained that profitability was significantly impacted by a mandatory regulatory compliance measure, stressing that although the write-off reduced short-term profit, it was a strategic step to strengthen financial integrity and ensure full regulatory alignment.
To sustain shareholder value, the Board recommended a dividend of 7 kobo per ₦1 ordinary share, amounting to ₦6.56 million, the same payout approved in the previous financial year.
The Chairman noted that the Board remained largely stable throughout 2024, with the only adjustment being the election of Prof. Remi Aduradola in early 2025 to replace outgoing Director, Alhaji Kamorudeen Adedo. He expressed confidence in the Board’s capacity to steer the Bank into its next phase of growth.
Looking ahead, Prof. Kehinde projected a more promising outlook for 2025. He outlined strategic plans to broaden market reach, enhance digital banking services, improve customer experience, and reinstate ATM card services. The Bank would also intensify efforts to optimise its Mobile App and USSD platforms to ensure seamless electronic banking for customers.
The Board Chairman, therefore, expressed profound appreciation to shareholders, customers, staff, and fellow Directors for their steadfast support.
In his presentation, the Managing Director, Mr. Adebiyi Ayoade, reaffirmed the management’s commitment to improving the Bank’s assets continually, ensuring adequate and proper records are maintained, strengthening service delivery, deepening its outreach, and empowering economically active Nigerians through dependable financial services.
In the Directors’ statutory report, Mr. John Alebiosu, affirmed the Bank’s strong corporate governance practices and full compliance with regulatory requirements. He chronicled the Bank’s evolution from UNAAB Community Bank to a Unit Tier 2 Microfinance institution and confirmed that no Director had any conflict of interest during the year. He also highlighted the Bank’s commitment to staff welfare, training, safety, and equal employment opportunities, including considerations for persons with disabilities. Additionally, he said that the Bank sustained its Corporate Social Responsibility engagements and maintained a strong record of attendance at its four Board meetings for the year.
A key highlight of the meeting was the update on the Bank’s expansion drive. The Camp/Apakila Branch, opened in September 2024 as the Bank’s first off-campus branch has received full CBN approval within its first year of operations. This achievement aligns with the Bank’s goal of expanding financial inclusion across Odeda Local Government Area and neighbouring communities.
