Modibbo Adama University, Yola (MAU), has established a new Board and Management team to oversee its Microfinance Bank. This happened after the university removed the previous team. Professor Ibrahim Umar, the Vice Chancellor, led the event.
Professor Umar stated that the University Council decided during its 103rd regular meeting. The goal is to protect the school’s finances and ensure the bank operates smoothly in the future. He explained that the new team was chosen due to their excellent qualifications and experience in banking.
The Vice-Chancellor instructed the new team to be professional and adhere to both university rules and national financial laws. He said it is important to be open and honest, especially when collecting back loans. He reminded them that the money belongs to the people and must be repaid when due.
To help the bank recover, the university will cover all its expenses and also pay the allowances of the Board and Management for the first year. However, the new leaders are currently not allowed to take any loans or accept financial assistance from the bank. This is to avoid any conflict of interest.
The new Chairman of the Board, Professor Aliyu Bawuro, who is also the Deputy Vice-Chancellor (Administration), thanked the university for trusting them. He promised that the Board would work hard to revive the bank and make it useful again for the school and the public. He also asked the management team to adhere to all the rules that govern microfinance banks in Nigeria.
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