BY LAW IBITOYE
Omiye Microfinance Bank has appointed Dr Femi Babalola as its new Chairman following the conclusion of its 2024 Annual General Meeting (AGM) held on Friday, December 19, 2025, in Ilupeju-Ekiti, Ekiti State.
Dr Babalola’s appointment was unanimously approved by shareholders at the AGM, marking a new phase in the leadership of the fast-growing microfinance institution.
Speaking at the AGM, the outgoing Chairman and founder of the bank, Oloye Esan Ogunleye, said his decision to step aside was deliberate and timely, stressing the need to allow younger and brilliant financial minds to steer the affairs of the bank.
Ogunleye assured shareholders and customers that the bank was being handed over to capable hands, noting that the achievements recorded by Omiye Microfinance Bank over the years were the result of teamwork and the collective brilliance of its board of Directors.
“The success and wide acceptance of the bank today is a product of the dedication and competence of the Directors I worked with,” he said.
In his acceptance speech, Dr Femi Babalola expressed appreciation to the board and shareholders for the confidence reposed in him, pledging to consolidate on the bank’s existing successes.
According to him, the bank has recorded remarkable growth in total assets, share value, financial inclusion, and community impact, adding that his leadership would focus on providing strong strategic direction to ensure sustained growth.
“We will build on the solid foundation already laid. Our priority will be expanding access to loans, strengthening corporate governance, and ensuring that Omiye Microfinance Bank continues to flourish,” he said.
Dr Babalola also commended the outgoing chairman, described him as a visionary leader who nurtured the bank from its formative stage to becoming one of the most sought-after microfinance institutions.
On his part, the Managing Director of Omiye Microfinance Bank, Mr Gbenga Adegun, disclosed that the bank is set to increase its capital base as part of plans to migrate from a Tier-2 microfinance bank to a state-level microfinance bank.
Adegun applauded the Ekiti State Government for its continued partnership with the bank and revealed that a women-focused loan empowerment scheme is currently available, offering loans at nine percent interest. He urged interested beneficiaries to seek clarification on the application procedures to participate in the scheme.
Shareholders at the AGM commended the bank’s management for its dedication, innovation, and excellent customer relations, describing the qualities as the “magic wand” behind the bank’s consistent growth. The Managing Director received special applause for his leadership role.
As part of the AGM resolutions, Omiye Microfinance Bank declared a dividend of #0.135 kobo per share to its shareholders.
The AGM was attended by notable traditional rulers and dignitaries, including the Onisan of Isan-Ekiti, Oba Dr. Gabriel Ayodele Adejuwon , the Apeju of Ilupeju-Ekiti, Oba Sunday David Awe Akingbade, the Onire of Ire Ekiti ,Oba Dr Victor Bobade , Alafon, other monarchs, their wives, community leaders, chairman Ifeloju LCDA, Ilupeju Ekiti, Hon Olusola Michael Oniyelu, Rtd Permanent Secretary, Mr Sola Ogunmiluyi, Agla Celsus, Head banking Services, CBN Ado Ekiti , Branch Controller, Mr Hassan Adeleke , chiefs among others.