LEAVE GOOD LEGACIES

Leave good Legacies, Ajayi task new ACSMFB Board

 

The outgoing chairman of Adeyemi College Staff Microfinance Bank Ltd (ACSMFB) Board and its Statutory Audit Committee, Dr. Adegboyega Isaac Ajayi has charged the incoming chairman and members to leave an enviable legacy behind in the discharge of their duties.

 

Ajayi gave the advice during the inauguration of the new ACSMFB board and its statutory audit committee held at the Bank Hall on Thursday, 25 March, 2021.

 

He pointed out that the bank got its license in 2018 and by 2020 the bank declared modest profit and invested the profit into shares. He added that: “By the grace of God, the bank has been solidly founded.”

 

The outgoing chairman expressed joy that: “Unlike before, all the new board members are members of the ACE No. 1 Staff Cooperative Society.” He seized the opportunity to remind the new board chairman and members that they would be accountable to shareholders, the Nigerian Deposits Insurance Corporation (NDIC) and Central Bank of Nigeria (CBN).

 

Speaking further, Ajayi hinted that 50% of whatever the bank has made as profit should be retained by the bank. He urged the new chairman and board members to prepare themselves for quality explanations for shareholders, stating that they should always be mindful of the fact that the task before them was not a small one.

 

In his reaction, the new board chairman, Dr. Folorunsho Balogun thanked God for making a day like that possible, expressing appreciation to the Managing Director, Mr.  Emmanuel Omoniyi Adetola and all the staff of the bank for taking their job seriously.

 

Balogun assured that the board members would abide by the oath of office they took. He added that they would not bend the rules and regulations governing their assignment.

 

High points of the ceremony were oath of office administered to the new board members by the outgoing chairman of the board as well as introduction of all the staff of the bank with their schedule of duty.

 

The new board members were: Dr. Folorunsho Balogun (chairman), Mr. Joseph Igbaro (member), Mr. Ganiyu Abdul (member), Mrs. Foluke Clara Yusuf (member), Mr. Idowu Oladosu Abimbola (re-elected member), Mr. Andrew Adekunle Adebayo, (re-elected member) and Mr. Emmaunel Omoniyi Adetola (managing director/chief executive officer), while the Statutory Audit Committee members were: Dr. Ekundayo Adekunle Ogunmosin (chairman), Mr. Taye Martins Omotayo (secretary) and Mr. Andrew Adekunle Adebayo (member representing the board of directors).

 

The former board comprised Dr. Adegboyega Isaac Ajayi (chairman), Mr. Akinade Awoyemi, Dr. Mopelola Akintoye, Mr. Oladosu Idowu Abimbola, Mr. Andrew Adekunle Adebayo as members and Mr. Emmanuel Omoniyi Adetola as the MD/CEO.

 

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