Introductory Remarks
My Lord Bishop, our dear shareholders and stakeholders, invited guests, I welcome you to the 28th Annual General Meeting (AGM) of Umuchinemere Procredit Microfinance Bank Limited (UPMFB), the Listening Bank. It is the second AGM that we are holding in the current year (2024), but this AGM is for the Year 2023, and we are grateful to God for the opportunity to gather once again and reflect on the current state of our institution.
Tribute
I would like to request that we observe a One-Minute Silence in honour of the pioneer Chairman of our Bank, Chief Sir Gabriel Akachukwu, who was laid to rest on 31st May 2024 at Mgbowo in Awgu Local Government Area of Enugu State.
May the soul of Chief Akachukwu and the souls of all the faithful departed, through the mercy of God, rest in peace. Amen.
Economic Landscape During the Period
One word that could be used to describe the performance of the Bank in the year under review is this: RESILIENCE. 2023 was a period of transition and elections for the country in general and came with an avalanche of challenges. We were ushered into that year by a nationwide fuel scarcity and a crippling scarcity of cash brought about by the Naira redesign policy instituted in the twilight period of the previous administration.
The assumption of office by the new administration in May of that year, the economy was subjected to the shock of an abrupt removal of fuel subsidy, which was closely followed by such things as a hike in electricity tariffs, the floating of the Naira, an increase in taxation, rising cost of goods and services, galloping inflation, et cetera, from which we are yet to recover to this very day.
Presentation of the 2023 Audited Financial Statements
Things have become quite hard, as we can all attest, and doing business in Nigeria is not for the faint of heart. However, UPMFB has managed to thrive and make profit despite all of the above challenges. I invite you to peruse the contents of the Audited Financial Statements for the Year Ended 31st December 2023, which I hereby present for your adoption at this meeting, for further information on the Bank’s performance during the period.
2023 Dividend and New Board Members
Dear shareholders, we the Board of Directors hereby propose the payment of a dividend of 5 kobo per share for the 2023 Financial Year. If it is approved, you may visit the Bank as from 10th December, 2024, and either collect the said dividend or, better still, plough it back into the purchase of more UPMFB shares. I present, for your approval, the appointment of Dame Elizabeth Agu and Mr Basil Ogbozor as Independent Non-Executive Directors (INEDs) and Mr Charles Udeani as the Managing Director (MD) of the Bank. These individuals, who are experienced experts in banking and finance, would be of immense assistance to the Bank as it navigates the perilous waters of the Nigerian economy. I also present, for (re-)election to the Audit Committee, the following individuals: Chief Sir Emeka Ibe (Chairman), Rev. Fr. Wilfred Agu, ACA (Member), Rev. Fr. Stanley Ikeche (Member), Rev. Fr. Dr Donatus Onuigbo (Member), and Dr Nkechi Egenti (Member).
Looking Forward with Realistic Optimism
The Bank is ever ready to do business and serve its customers. It is also keen on maintaining steady growth and providing adequate returns on investment, while sustaining the “evangelization through economic development” vision of its Founding Fathers. We have a fully functional mobile app in place (available on Google Play Store) to enable our customers conduct banking business online. We have established a new Branch at ESUT, Agbani, and a new Customer Meeting Point (CMP) at Akpugo, and we plan on setting up more Branches and CMPs in the coming days. We are currently collaborating with the Enugu State Government in the actualization of the economic vision of the Dr Peter Mbah-led administration in several areas, and we are also exploring further cooperation with institutions and businesses across the State that would benefit both the Bank and its vast clientele. Our plan to expand to regional status as a Bank is still on course, and I urge you to retain your faith in the Umuchinemere Project and your confidence in the ability of those who are piloting its affairs to deliver.
Gratitude and Conclusion
I thank His Lordship, Most Rev. C.V.C. Onaga, the Bishop of Enugu Diocese, and his Auxiliary, Most Rev. Ernest Obodo, for their unalloyed support and encouragement. I thank the Catholic Diocese of Enugu (CDE) and her parishes, chaplaincies, organizations and institutions for their constant patronage. I thank Godfrey Okoye University (GOU), Ugwuomu Nike, for being a peerless customer to our Bank. I thank our Board Members, past and present, and the Management and staff of the institution for working very hard to serve the Bank. I thank the regulatory authorities that guide and establish policies for Banks in our country. I thank our customers and service providers, advisors, auditors and shareholders for your trust and support. Your Bank is the leading Bank in our State for people at the grassroots. I pray that the good Lord would grant you journey mercies to your various destinations. Thank you for your presence and patience. God bless you.
SIGNED
VERY REV. MSGR. PROF. OBIORA IKE
CHAIRMAN