Msgr. Ike Appointed Umuchinemere Bank's Director and Chairman

21st December 2021

The Umuchinemere Procredit Micro Finance Bank Board of Directors, at its meeting held on Wednesday, 21st December 2021, appointed Rev. Msgr. Prof. Obiora Francis Ike a Non-Executive Director of the Bank, with effect from 1st January 2022, to replace Rev. Fr. Dr. Geoffrey Mmaduabuchi Aguigwo, whose tenure as a Non-Executive Director of the Bank was due to reach its 12-year maximum limit at the end of 2021.

The Board also elected Msgr. Ike the Chairman of the Board, with effect from 1st January 2022, to replace the retiring Fr. Aguigwo, who had served as the Chairman of the Bank since 1st January 2020.

Like Fr. Aguigwo, Msgr. Ike shall represent the Catholic Diocese of Enugu on the Umuchinemere Bank Board when his tenure commences. According to Section 2.4.6. of the CBN Code of Corporate Governance for Finance Companies in Nigeria, 2019, Non-Executive Directors of Finance Companies (like Umuchinemere Bank) are only allowed to serve a maximum of three terms of four years each, bringing the total to 12 years maximum.

Msgr. Ike, a peerless academic of international repute, a founder of several institutions within and outside Nigeria, and a seasoned administrator with an intimidating track record brings with him a vast wealth of knowledge and experience, and the Bank looks forward to him taking it to even greater heights and surmounting all the challenges it is currently faced with, one of which is the approaching CBN deadline for State MFBs to attain a minimum capital requirement of ₦1bn by 1st April 2022.

Fr. Aguigwo, on the other hand, now returns to his primary constituency, the Catholic Diocese of Enugu, after serving meritoriously on the Umuchinemere Bank Board for 12 years, and also piloting the affairs of the institution successfully during his tenure as the Bank's Chairman.

Umuchinemere Bank wishes Fr. Aguigwo, who is currently the Parish Priest of Holy Trinity Parish, Independence Layout, Enugu, and the Procurator of the Catholic Diocese of Enugu, all the very best in his future endeavours.

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