The Umuchinemere Pro-Credit Micro Finance Bank (UPMFB) has successfully held its combined 29th and 30th Annual General Meeting (AGM) on Friday, 2nd October, 2026, at the Ofuobi African Centre, Independence Layout, Enugu.
The well-attended meeting was graced by the Bishop of the Catholic Diocese of Enugu, His Lordship, Most Rev. Dr. Callistus V.C. Onaga.
In attendance were the outgoing Chairman of the Board, Rev. Msgr. Prof. Obiora Ike, the incoming Chairman, His Royal Majesty, Igwe Dr. Chike P. Onodugo, the Directors, Rev. Fr. Dr. Ambrose Agu, Rev. Fr. Wilfred Agu ACA, Rev. Fr. Dr. Stanley Ikeche, and Mrs. Nnenna Ekete, the Managing Director, Mr. Charles Udeani, the Company Secretary, Clifford Obu, Esq., Head, Legal, Rev. Fr. Patrick Ozonweke, Esq., the Chairman of the Statutory Audit Committee, Chief Sir. Emeka Ibe, FCA, Chairman of the Remuneration Committee; Rev. Fr. Donatus C. Onuigbo, Chancellor, Catholic Diocese of Enugu; Rev. Fr. Dr. Wilfred Agubuchie, the Bishop’s Secretary; Rev. Fr. Charles Ezeonu; and the Financial Administrator, Rev. Fr. Slyvanus Ugwu.
Also in attendance were the Pioneer Members of UPMFB, Rev. Msgr. Dr. Edward Kanife and Rev. Fr. John Amadi, the External Auditors for 2024, Chief Chibuzo Utugbu and his associates from Alexander Chijiuba & Co., the External Auditors for 2025, Mr. Jude Sunny Egbo and his associates from Hegbo-J & Co., as well as Management and delegated staff of UPMFB.
The meeting commenced with the reading of the Notice of Meeting and Ordinary Resolutions by the Company Secretary, Clifford Obu, Esq. The business of the day included the consideration and adoption of the Audited Financial Statements for the years ended 31st December, 2024 and 2025, respectively, together with the Reports of the Directors, Auditors and Audit Committee, election of members of the Audit Committee and appointment of External Auditors.
In his address, the outgoing Chairman, Rev. Msgr. Prof. Obiora Ike, gave a reflective account of the Bank’s 30-year journey. He traced its origin to the vision of the founding Bishop, Most Rev. Dr. Michael Eneja, and spoke on the Bank’s humble beginnings, its growth trajectory and its present standing as a resilient microfinance institution.
The Directors’ Reports for 2024 and 2025 were presented by Rev. Fr. Dr. Stanley Ikeche and Mrs. Nnenna Ekete respectively. The reports provided insights into the Bank’s corporate governance, comprehensive income, risk assessment and control mechanisms, property and equipment, employment and labour relations, external training, and business focus. It was noted that the Bank, incorporated in 1995 with RC 30172 and duly licensed by the Central Bank of Nigeria (CBN), continues to operate as a going concern.
The 2024 Report of the Independent/External Auditors on the Audited Financial Statements was presented by Chief Chibuzo Utugbu of Alexander Chijiuba & Co., while that of 2025 Audited Report was presented by Mr. Jude Sunday Egbo of Hegbo-J & Co. Both reports affirmed that the Bank maintains proper books of account, adheres strictly to relevant CBN circulars, and has effective internal control systems including cyber-security safeguards. The audits were conducted in accordance with International Standards on Auditing and were deemed sufficient and appropriate, with no fraud or theft identified.
The Statutory Audit Committee’s Report was presented by its Chairman, Chief Sir. Emeka Ibe, FCA.
Speaking at the AGM, the Financial Administrator, Rev. Fr. Slyvanus Ugwu, admonished customers on the importance of timely loan repayment, noting that prompt repayment ensures a healthy account statement that can be proudly presented for verification at any time.
A key highlight of the AGM was the election of His Royal Majesty, Igwe Dr. Chike P. Onodugo as the new Chairman of the Board of Directors, following the completion of tenure by Rev. Msgr. Prof. Obiora Ike in line with regulatory stipulations. Other resolutions included the appointment of a Director to represent CIDJAP on the Board and the authorization of the Board to appoint Auditors and fix their remuneration. Resolutions 1-6 were read and adopted as working documents as contained in the notice of the AGM.
BISHOP’S CHARGE AND FORMAL HANDOVER
In his address, Bishop Onaga paid glowing tribute to the founding members and staff of the Bank, particularly commending Msgr. Prof. Obiora Ike for his expertise, passion, and systematic and sustainable approach to leadership. He thanked the Board members for their shared commitment and appreciated the incoming Chairman for accepting the call to continuity. He charged shareholders and stakeholders to remain worthy ambassadors of the Bank and to continue to spread its good news in order to grow its shareholder base. He further encouraged staff to remain faithful to the commitment made on their first day at work, to work diligently for one another and for the people, and stressed the power of prayer for the Bank’s overall financial security.
In his acceptance speech, the incoming Chairman, HRM Igwe Dr. Chike P. Onodugo, expressed profound gratitude to the Bishop and to Msgr. Ike. He described his appointment as an extension of his lifelong passion for service to the community and to God, having left the banking sector earlier with a promise to continue serving humanity. Speaking on leadership transition, he explained the considerations that come with a new administration. He lauded the existing Board members for their wealth of experience and assured that together they would continue to evolve new ways of serving customers better. He also commended the outgoing Chairman for running the Bank responsibly and pledged to continue on that path of responsible banking and responsible growth of the Bank’s assets.
The climax of the event was the official handover of leadership to HRM Igwe Dr. Chike P. Onodugo, the Ujaligwe III of Umuavulu-Abor, Udi L.G.A., Enugu State, who formally accepted his election as Chairman of the Board of UPMFB, a Bank owned by the Catholic Diocese of Enugu. In his goodwill message, Msgr. Ike noted that the Bank needs a leader with a Godly spirit and wished the new Chairman success.
The AGM also featured the presentation of Long Service Leadership and Legacy Awards to deserving staff.
The meeting ended with a closing remark and vote of thanks by the Managing Director, Mr. Charles Udeani.
By Sr. Loveth Onwukwe [SCHC]
