Yobe plans N1bn capital boost for state-owned microfinance bank

 The Yobe State Government has concluded plans to inject an additional N1 billion into Yobe Microfinance Bank to strengthen its capital base, expand access to credit and enhance financial inclusion across the state. The Acting Secretary to the State Government (SSG), Dr Mohammed Goje, disclosed this during a visit by the management and staff of […]

 The Yobe State Government has concluded plans to inject an additional N1 billion into Yobe Microfinance Bank to strengthen its capital base, expand access to credit and enhance financial inclusion across the state.

The Acting Secretary to the State Government (SSG), Dr Mohammed Goje, disclosed this during a visit by the management and staff of the bank to his office in Damaturu.

Goje, who also assumes the position of Chairman of the Board of Directors of the bank by virtue of his office, said he would seek the approval of Governor Mai Mala Buni for the recapitalization initiative.

He described the proposed capital injection as a strategic intervention aimed at boosting the financial capacity of the state-owned bank and enabling it to provide more support to businesses, farmers and other customers across Yobe State.

 

 

 

The SSG commended the management and staff of the bank for their commitment and professionalism, noting that their efforts had transformed the institution into a viable financial organisation contributing to the state’s economic development.

 

 

 

Earlier, the Managing Director of Yobe Microfinance Bank, Prof. Sheriff Almuhajir, congratulated Goje on his appointment and expressed confidence that the bank would benefit from his leadership and support.

 

 

 

He said the institution had recorded significant achievements since 2019, including successful recapitalization, expansion of physical and institutional assets, recruitment and capacity building of staff, as well as the deployment of modern information and communication technology infrastructure.

 

 

 

According to him, these interventions have improved service delivery and expanded financial inclusion across the state.

 

 

 

Prof. Almuhajir said the bank remained committed to supporting the government’s economic development agenda through the provision of accessible financial services to individuals and businesses.

 

 

 

Both the state government and the management of the bank reaffirmed their commitment to deepening collaboration towards sustainable socio-economic development in the state.