Oyo Social Communications

Ave Maria Microfinance Bank held its 2025 Annual General Meeting (AGM) on Tuesday, November 18, bringing together shareholders, financial experts, directors, auditors, and a representative of the Central Bank of Nigeria (CBN). The  meeting featured key addresses, financial reviews, and prayers for the institution’s continued growth.

Presiding over the gathering were notable figures, including the Bishop of the Catholic Diocese of Oyo, Most Rev. Emmanuel Adetoyese Badejo; the Chairman of the Bank and Director of the Justice, Development and Peace Movement (JDPM), Rev. Fr. Gabriel Opeyemi Adeleke; and Mrs. Yvonne Akintomide, who represented Mr. John Adedamola Alamu, founder and Group Managing Director of CapitalSage Holdings.

Directors and Professionals in attendance included Chartered Accountant and Forensic Expert Mr. Julius Olukayode Aina; acting Managing Director and pioneer staff of the bank Mr. Babatunde Patrick Faola; financial Consultant and certified microfinance banker Otunba Adebayo Sakirudeen Ogunbanjo; and Enterprise Architect Mr. Ayodeji Lawrence. Representatives of the external auditors, Olabisi Fayombo & Co., as well as a CBN representative, Mr. Onamusi Tolu.

In his welcome address, Rev. Fr. Adeleke thanked shareholders, regulators, and stakeholders for their continued confidence in the bank. He announced that Ave Maria Microfinance Bank had recorded notable progress in strengthening shareholders’ funds, expanding its risk assets, and improving customer-focused financial services.

He further disclosed that the bank had fulfilled requirements to upgrade to a Tier 1 Microfinance Bank, and is preparing for an aggressive digital transformation that will align its operations with global banking standards. The initiative will make online credit products available to customers nationwide. He assured shareholders that the institution is on track to become one of Nigeria’s leading microfinance institutions.

Key agenda items adopted during the meeting included:

•       Presentation and approval of the 2024 audited financial statements.

•       Adoption of the audit report.

•       Approval of Directors’ remuneration.

•       Appointment of the Audit Committee.

•       Authorization for the External Auditors to prepare the 2025 accounts.

Representing Mr. John Alamu, Mrs. Akintomide commended Management for its efforts and urged stronger deposit mobilization and marketing to boost profitability. She emphasized leveraging the support of Catholic parishioners, given the bank’s faith-based identity, and affirmed the shareholder’s continued long-term commitment.

In his remarks, Bishop Badejo thanked God for sustaining the bank in the past two years. He praised the Directors and Management for their sacrifices and reaffirmed the Diocese’s commitment. He also lauded the Chairman, Rev. Fr. Adeleke, for his leadership, expressing hope for greater achievements ahead. He then called for sustained commitment from all Management Staff and clients of the bank to help sustain its vision and mission.

Board members present also expressed gratitude for shareholders’ trust, pledging renewed commitment to growth, improved performance, and the possibility of dividends and bonuses by the next AGM.

The meeting concluded with a vote of thanks from the Chairman and a final blessing by Bishop Badejo.