VISION STATEMENT
The vision of the Ekimogun Microfinance Bank Nigeria Limited is to be pacesetter in the provisions of excellent microfinance banking services in Ondo and its environs.
MISSION STATEMENT
To be the vehicle for consistent and efficient provision of excellent microfinance banking services to all its customers while meeting the aspiration of all the stakeholders.
SHORT HISTORY OF EkimogunMFB
In 1991, the Federal Government of Nigeria (FGN) introduced the then novel banks to be known as Community Banks nationwide. According to the guidelines, any Community Development Association (CDA) of any Community that was able to garner at least N250,000.00 could apply for the establishment of a Community Bank in its area or locality, as promoters of the Bank.
Hence the Ondo Development Committee (ODC) being the CDA of Ondo Kingdom sponsored the establishment of Ekimogun Community Bank at Enuowa, the heart of Ondo metropolis. The Bank was incorporated on 7th March 1991 and the first set of Directors of the Bank was appointed the same year (1991) while the inaugural meeting of the Board was held on 17th September, 1991 with High Chief (Sir) Olabanji .A. Akingbule (JP) emerging as the pioneer Chairman.
The Bank was commissioned on the 15th of January 1992 by the then Executive Governor of Ondo State, Mr Bamidele Olumilua with the statutory Board of Directors of the Bank constituted. Members of the Board at the inaugural meeting were as follows: High Chief Olabanji .A. Akingbule, Chief S. A. Ayodeji, Chief D. R. Akinola, Chief Yele Oyeneyin, Chief I. F. Akintade, and Mr A. A. Akingbule. In attendance at the meeting was the assistant Secretary Ondo Development Committee, Mr F. Olukayode Akinnagbe who acted as the acting secretary during the inaugural meeting.
The initial authorized share capital of the Bank which was N1m was oversubscribed. The authorised share capital was then raised to N10m with N1,651,760.00 fully subscribed.
The share capital of the Bank was later in 1998 raised to N3m as directed by the supervisory authority for Community Banks, the National Board for Community Banks (NBCB). And by December 31, 2001, the share capital of the Bank had again been raised to well over N5m in compliance with the Central Bank of Nigeria (CBN) directive to all Community
Then the Board at its meeting on 11th August, 2000 made serious deliberations on the issue of recapitalization of the Bank. And after extensive deliberations, the Board DECIDED:
1. To prescribe for each Director of the Bank, with the exception of the ODC members on the Board of the Bank, the minimum shareholding requirement to enable them retain their membership of the Board
2. That any Director that failed to comply as stipulated should withdraw his membership of the Board to give way to other interested investors.
Happily by August 15, 2007, the shareholding of the Bank had increased from N5,633,310.00 to a colossal sum of N26,933,310 which clearly was more that N6m above the minimum share capital requirement. No wonder then that the CBN after their pre-licencing examination granted the Bank Microfinance licence on the 2nd day of May 2008. These aforementioned laudable achievements were made possible partly by dint of hard work and perseverance on the part of the Management and Staff of the Bank and a dedicated Board of Directors under the able and indefatigable leadership Board Chairman, High Chief (Sir) Olabanji .A. Akingbule.
Members of a reconstituted Board of Directors who had managed the Bank to this enviable level are as follows: High Chief (Sir) Olabanji .A. Akingbule, JP, MFR - Chairman Chief (Dr) I.F. Akintade Sir (Chief) Ayo .A. Akingbule F.A. Adedinsewo Olori Anike Adesanoye Chief B.A. Oke F. Akinsete - Managing Director