The Yobe State Government has announced plans to seek N1 billion to revive the Yobe Microfinance Bank (MFB) located along the Potiskum road in Damaturu, the state capital. The announcement was made by the acting Secretary to the State Government (SSG), Dr Mohammed Goje, during a visit by the bank's management team.
Recapitalisation to Strengthen Operations
According to Dr Goje, the resuscitation of the bank will facilitate an additional N1 billion recapitalisation of Yobe Microfinance Bank, aimed at strengthening its operations and expanding access to financial services across the state. He described the move as a strategic intervention to enhance the bank's financial base and improve support for individuals and businesses.
SSG Assumes Chairmanship of Board
Speaking during the congratulatory visit on Friday in Damaturu, the Managing Director of the bank, Prof. Sheriff Almuhajir, congratulated Dr Goje on his appointment as acting SSG. He informed him that by virtue of his office, he automatically assumes the position of Chairman of the Board of Directors of Yobe Microfinance Bank. Prof. Almuhajir expressed optimism that the bank would benefit from Dr Goje's leadership, guidance, and support in sustaining its growth and enhancing service delivery across the state.
Commitment to Economic Development
In his response, Dr Goje commended the management and staff of the bank for their commitment, professionalism, and resilience. He noted that their efforts had transformed the institution into a viable financial organisation contributing significantly to the economic development of Yobe State. He expressed satisfaction with the bank's progress and assured the management of his full support in his capacities as SSG and Chairman of the Board.
The acting SSG disclosed that he would seek the approval of Governor Mai Mala Buni for the additional N1 billion recapitalisation. He emphasised that the proposed recapitalisation would enhance the bank's capacity to drive financial inclusion and contribute more effectively to socio-economic development in Yobe State. Both the bank's management and the acting SSG reaffirmed their commitment to strengthening collaboration towards promoting sustainable economic growth and development in the state.
