Chief Executive Officer's Review

Global Environment
Central Bank of Nigeria demands kudos and due credit for effectiveness of their various macro prudential initiatives that was successfully instituted to stimulate economic growth as well as to ensure recovery of the Nigerian banking sector.

Year 2010
In the period under review, your bank recorded significant progress in our effort to be the best microfinance bank in Oyo State, and one of the best in the country.  These developments have not gone unnoticed by a wide range of stakeholders, with attendant goodwill and brand benefits.

We continue to grow our market share of customers segments whose risk profile is consistent with our moderate risk appetite; In Ogbomoso land, competition among microfinance banks is quite keen, no doubt. However, the quality of our human capital, effectiveness of our banking software and confidence engendered by the Ologbon Brand were combined to give us a winning edge over our peers.

Our customers have strongly embraced our “Micro loan product” resulting in significant growth of the number of women borrowers and thereby imparting on poverty alleviation of the poor families in our community.

The Profit Before Tax rose to N13,987,000.00 as against N8,107,000.00 in 2009 representing a growth of 72.5%.

The Board of Directors has proposed a 10 kobo dividend per share.

Beyond 2010
There are lots and lots of lessons to learn from the recent global economic crisis which has also brought to the limelight a number of critical issues which are shaping and redefining Nigeria’s financial sector landscape.

Our Board and Management have spent a considerable amount of time reflecting deeply on these issues and there implications for your Bank going into the future.

We are confident that the strong competencies we have built in house in the areas of qualified staff recruited, reknown and time tested business consultants, majority of whom we have in the past shared several successful business combinations, will enable us to overcome the challenges to come.

In 2008, I shared with you our corporate aspiration to establish the benchmark for the cost-to-income in the microfinance services Industry in Nigeria. Our analysis convinces us that we have been operating within the unit of our set target of cost-to-income and we promise to adhere to the established benchmark in our future doings.

In my usual tradition, I extend on behalf of my colleagues our appreciation to our customers, shareholders, regulators and other stakeholders who continue to support our Quest for Service In Trust and Honesty.  I would especially like to thank all our employees who continue to demonstrate the quest for high performance and the hunger to excel.

Most especially I give thanks to the Almighty God for all He has made possible in the life of our great Ologbon Microfinace Bank Ltd. 
 

God Bless.

MR. TOSO-ADESOKAN
MD/CEO