Shareholders of Ultimate MfB appoint 3 new directors

The shareholders of Ultimate Microfinance Bank have appointed three new directors to run the affairs of the Unit MfB for another 5 years.

The Extra-Ordinary General Meeting (EGM) that was conducted at the company’s office in Lagos on Friday witnessed huge turnout by shareholders who delightfully voted the three out of the five directors invited persons for the election.

The newly voted directors of Ultimate MfB are Ms. Saidat Oluwo election with 18 million plus share Units, while Mr. Timothy Ayodele, a chartered accountant, and Mr. Shadare Akanji were elected with over 16 million share units each.

Two other directors that did not participate in the election after being invited are, Dr. Mrs. M Olufunmilayo Odunayo and Mr. Abiola Jimoh.

A former Chairman of the board, Dr. Henry Adewale Odunayo was also absent at the EGM which was attended by four former directors of the bank.

The election that was witnessed by officials from the Central Bank of Nigeria (CBN), Mr. O. Osuwah and Mrs. D.S. Alebe. The representatives of the Nigeria Deposit Insurance Corporation (NDIC) are Mrs. M.B. Isiaka and Mr. Dahiru Musa.

As a result of the election of the three new directors, the board of Ultimate MfB now comprises of Arc Oluwfunmi Bamkole, chairman; Professor Olwarotimi Akinola, Director, Ms. Saidat Adetoun Oluwo, Director, Mr. Timothy Ayodele, Director, Mr. Shadare Akanji Kayode James, Director, Mr. Lanre Akinpelu, Managing Director, and Adedamola Lanre Olaotan, the Company Secretary.

The retiring directors are Professor Femi Adeyeye, Dr. Henry Adewale Odunayo, and Mr. Shakir Oluwo.

Speaking at the EGM, the Chairman, Ultimate MfB, Bamkole expressed satisfaction over the election, stressing that shareholders of the bank should brace up to raise the N200 million new operating capital for single unit MFBs as directed by CBN.