Forward Microfinance Bank elects new board, to recapitalise

Forward Microfinance Bank has elected a new board and chairman, as the previous members retired in line with the Central Bank of Nigeria (CBN) regulation.

The company also announced the take off of a new banking application to make its services competitive.

According to a statement sent to Ripples Nigeria, the microfinance bank based in Onitsha, Anambra State, it was learnt that three directors; Dr Nduka Ochuba, Lady Pat Okeke and Hon. Chike Anyaonu formally retired from the board.

They were replaced by Lady Gozie Ochuba, Barrister Uche Okeke, and Sir Ernie Onwumere during a recent Extra Ordinary general meeting of the bank.

In the statement dated January 30, 2023, and signed by company secretary, Bar. Lizzy Anyaonu, it was also disclosed that the shareholders of Forward Microfinance Bank appointed Onwumere as the chairman of the board.

Although the appointment is still subject to the CBN approval, it was stated, that “At the recent Extra Ordinary general meeting of the bank, the key members of the board having satisfactorily served out their mandatory tenure in compliance with CBN regulation formally retired.

READ ALSO:NDIC begins verification of depositors in failed Micro-Finance Banks May 9

“The three directors are; Dr Nduka Ochuba, Lady Pat Okeke and Hon. Chike Anyaonu. Accordingly, new replacements were elected as follows; Lady Gozie Ochuba, Barrister Uche Okeke, and Sir Ernie Onwumere.

“The meeting also approved that their names be submitted to the Central Bank of Nigeria for confirmation.”

The newly appointed chairman was charged to ensure high return on shareholders’ investment going forward and provide “the key board members like Chief G.U.O Okeke, Dr Nduka Ochuba, Chief Jude Mbaegbu and Barrister Dom Obiekie in their contributions, charged the new Chairman to ensure that the shareholders get a high return on their investment, while also serving the needs of the customers with tailor-made banking solutions to meet their business requirements. They also assured that given their pedigree in business, they will continue to support the bank to deliver.”

Also, the shareholders of Forward Microfinance Bank agreed to the recapitalisation of the creditor, “the meeting approved the recapitalization of the bank and mandated the shareholders to act immediately to enable the bank to benefit from the emerging opportunities created in the economy.”

Speaking on his emergence as the chairman of the board, Onwumere appreciated the appointment, assuring he will build on the legacy of the company that started in 2009.

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