2yrs after, Ologbon MFB Ogbomoso reopens as AKATA MFB, customers assured of deposits' safety

2yrs after, Ologbon MFB Ogbomoso reopens as AKATA MFB, customers assured of deposits’ safety

Khalid ABRAHAM

Rev’d Dr P.O. Olaleye, pastor of Ayegun Baptist Church cutting the tape to commission the rebranded bank , assisted by the new chairman of board of directors, Mr. A A. Ajekigbe and Very Rev’d Mrs. Dorcas Akinyode, a shareholder

After two years of being in the limbo, Ologbon Microfinance Bank, Akata area, Ogbomoso, Oyo state, has been resuscitated under a new identity – Akata Microfinance Bank Ltd.

The bank was distressed and liquidated in 2023, leading to its license being withdrawn by the Nigeria Deposit Insurance Corporation (NDIC) along with 177 other banks across the country.

However, the bank resiliently survived the travail and has now rebounded, under a new name. The edifice is renovated and refurbished, the bank leadership is restructured and rebranded to meet today’s challenges and for improved operations and services.

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The Board of Directors now composes a new team headed by a revered community leader, Pa A.A. Ajekigbe. Other members of the board are Senator Oriolowo Adelere, Rev’d Dr Olubode Oke, Mr. Olaniran Sunday and Very Rev’d Dorcas Akinyode.

“(Akata) is witnessing a new beginning with the arrival of a new bank called Akata Microfinance Bank Ltd.,” Mr. Ajekigbe, the new chairman of the board of directors said in his welcome address.

Pa Ajekigbe

“Akata MFB came into being when a group of people came together to apply to repurchase the defunct Ologbon Microfinance Bank Ltd from the Central Bank of Nigeria as a rescue due to some challenges that bedeviled the bank. By January 2025, the license to operate as a new bank, was issued and this led us to where we are today,” Pa Ajekigbe added.

He assured the bank under a new “respected board members and Management” will be run “with well-established Corporate Governance,” adding the bank “would incorporate the best of the technology to serve the customers effectively and efficiently in the community and even beyond. It is a bank that can compete favourably with other MFBs in Nigeria today.”

He guaranteed customers of the safety of their deposits both inherited customers and the potential ones.

“Know that with this new bank, your investment is safe. Likewise I want to make it known to the existing customers inherited from the defunct Ologbon Microfinance Bank that your money is intact. Please continue with us and trust us; you will not regret doing so.”

Informing the bank will operate under the motto, “We solve, you evolve,” he affirmed they would adhere to best microfinance banking practices and that technology has been embraced. “We will be starting from higher integrated banking software Level 2 instead of Leve I that will ensure efficient core banking services, inward and outward transfers by payments and USSD banking that will enable the customers to top-up airtime, check balances, ATMS, internet and self-service digital banking.”

He appealed to the residents of Akata community, Ogbomoso in general and beyond, formal and informal sectors as well as government agencies for patronage.

The opening ceremony had an impressive presence of banking czars in Ogbomoso from both commercial and microfinance banks including from First Bank, Zenith Bank, Polaris Bank, Caretaker MFB, Randalpha MFB, Doje (formerly Olowolagba MFB), and Ajewole MFB. All praised for standing with the bank during its trying period, they pledged further support in terms of partnership and services to ensure “affliction does not arise the second time.” The new bank was also charged to operate with compliance to the guidelines and requirements of various regulatory bodies and to work in unity.

In his brief exhortation Rev’d Dr P.O. Olaleye of Ayegun Baptist Church, urged workers and management to be driven by faith in God and depend on God for everything.

He pleaded with them to “follow procedures and guidelines and to honour and treat your customers well. Put the interest of your customers in mind but then, put the interest of the bank above all other things even above the interests of the board and management. Adhere to guidelines. I pray the glory of this bank will surpass the former, and it will be a model.”

Senator Adelere, a board member, expressed joy the bank rebounded saying it is rare grace.

Senator Adelere

The legislator, who represented Osun West senatorial district in the Upper Chambers of the National Assembly (2019-2023), noted the “former bank collapsed due to governance flaws and not due to fraud,” emphasizing “integrity, knowledge and wisdom will be the guiding principle of the new bank.”

Some old customers who spoke at the occasion expressed joy the bank was able to recover. Prince Ayo Taiwo, a.k.a. Ayo Akala and a produce buyer, said, “We thank God for the rejuvenation of this bank. I commend the bank staff, and l urge you to be ready to render valuable services to customers and support their businesses in terms of prompt loans.”

Dr Olubode Oke, also a board member, answering questions from pressmen reiterated the bank had invested heavily in technology for improved services, stressing, “customers can access the bank’s services from the comfort of their homes without having to visit the bank. We now have the advantage of internet banking. We moved to level 2, Ologbon was on level 1, people can now have our app. So, it’s a new bank with new idea and with new technology. I am telling you we are going to beat others because we have strategized for best practices.”

Chief Yemi Alao (a chartered accountant and auditor), Dr. Sunday Oyelami (Ogo-Oluwa Hospital), Hon Adedeji Adeyemo (a former chairman of Ogbomoso South local government), Mrs. Kike Adegbola (CEO Kike Fabrics), Rev’d Dr Femi Ojo (Union Baptist Church), Rev’d S.A. Adeoye (a former Chaplain Oyo state Government House) and bank managers and staff of banks in Ogbomoso were among the dignitaries who graced the event.