Umunnachi Holds Annual General Meeting…Plans to Raise Additional Capital

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Umunnachi Microfinance Bank (Nig) Limited, St. Theresa Cathedral, Abakaliki held her combined 2017/2018 Annual General Meeting (AGM) on 13th November, 2019 at Pastoral Centre, Mile 50 Abakaliki, wherein issues that would serve as leverage to the speedy growth of the bank were discussed.

The meeting kicked off at nine O’clock, with the arrival and the recognition of the guests.

In attendance were the Board chairman, Rev. Fr. Peter Chukwu, the Managing Director, Mr. Sunday Uchechukwu Eze, the Bishop of the Catholic Diocese of Abakaliki, Most Rev. M. N. Okoro, ably represented by Rev. Fr. Donatus Oluwa Chukwu, the Secretary of the Board, Rev. Fr. Anacletus Ogbunkwu, the external auditors, Mr. Chukwu Daniel Chikaodiri and co, customers of the bank, other members and staff.

This was followed by the opening prayer, which was said by Monsignor Patrick-Mary Mmuo, who equally broke the kolanuts.

The main issue of the meeting was launched in by the statement of the chairman of the board of directors, who thanked everyone in attendance and went ahead to give a rundown of how the bank has fared through the past few years, the successes achieved and their hopes and aspirations for the years that lie ahead.

He however made an appeal to the shareholders in the bank to inject more funds into the bank to make the N200m capital base whose deadline by the Central Bank of Nigeria  April 30th, 2019.

He equally thanked everyone who was in attendance.

The minutes of the previous meeting was read by the board secretary, Fr. Anacletus Ogbunkwu. The minute was adopted by Fr. Cornelius Chukwu and was seconded by Fr. Raymond Ifeanyichukwu Eselu.

This was followed by different motions for authorizations that were moved and approved by the general body, among which are: the Authorization of Directors to raise additional capital from N100,000,000.00 to N200,000,000.00 for urban unit Microfiance bank for Umunnachi Microfiance Bank Limited. This will serve as a leeway for opening up another branch of the bank in another Local Government other than Abakaliki; authorization of Directors to review the bank’s investment for optimal performance and the Authorization of Directors to embark on any other thing deemed necessary for the growth of the bank.

The Annual financial statements for 2017 and 2018, were presented by the external auditors, Mr. Chukwu Daniel Chikaodiri, which stated the financial position of the bank as at 31st December, 2017 and Dec 31, 2018, approved by the board on 11th March, 2019 and signed on behalf of the other members by Rev. Fr. Peter Chukwu (Chairman of Board) and Mr. Sunday Eze (Managing Director).

This was followed by reactions and responses from individuals and the share holders, and suggestions that would further aid the growth of the bank.

Many individuals aired their views, which were tactfully tackled by the directors.

A customer also commended the staff of the bank for their high sense of duty and respect for their customers, and the close attention they pay even to the minute details.

The priests were also called upon to intimate and convince their parishioners on the need to open accounts with the bank, since they have large audience.

The shareholders of the bank also received cheques, which were the dividends that accrued from their shares.

At the end, the Bishops’ representative, Fr. Donatus Oluwa Chukwu thanked everyone in attendance.

He said the Diocese is not relenting in her efforts to make sure that life is more bearable for the less privileged and those at the grass root, that the bank is in fact, a continuation of the mission of Jesus Christ.

The bank helps low income earners to get loans; he said the bank is not so much least in profiteering as to lose sight of the mission of Christ that it has embarked.

He equally prayed God to bless everyone in the attendance.

In his closing remarks, the chairman of the board, Fr. Peter Chukwu thanked all in attendance and beckoned on them to be much more punctual, so as to save much time.

He equally pointed out that the bank is open to new ideas that would facilitate its rapid development, for the bank is what is believed would stand for years

The motion for adjournment was moved by Hon. Nwachukwu Oliver, and was seconded by Fr. Gabriel Enogu. The closing prayer was said by Fr. Wilfred Nwofoke and meeting ended at about 12:05 pm prompt.

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