Navy Microfinance Bank Opens at Admiralty University as Pro-Chancellor Highlights Development Impact

The Pro-Chancellor of Admiralty University of Nigeria (ADUN), Vice Admiral Victor Ombu (Rtd.), has said the establishment of the Nigerian Navy Microfinance Bank on the university campus will drive economic growth and development within the institution and its host community.

Vice Admiral Ombu made the statement during the official commissioning of the Nigerian Navy Microfinance Bank at Admiralty University, Igbuzor, Delta State.

He commended the Supervising Director of the Nigerian Navy Microfinance Bank Limited, Navy Captain Odihi Ikwuyatum, for initiating the establishment of the bank on the university campus, describing the project as a significant step towards strengthening institutional development.

During the event, the Pro-Chancellor also laid the foundation stone for the Faculty of Environmental Sciences building and praised the Vice-Chancellor, Prof. Christopher Ndubisi Ogbogbo, and the university management for their commitment to infrastructure expansion.

He stated that the new microfinance bank, the Faculty of Environmental Sciences project, and other ongoing developments would contribute to positioning Admiralty University for global competitiveness.

Speaking at the foundation-laying ceremony, the Vice-Chancellor, Prof. Ogbogbo, expressed appreciation for the institution's steady growth and disclosed that the Faculty of Environmental Sciences building would accommodate six departments upon completion.

He added that the Faculty of Agriculture would also commence academic activities in the newly developed facilities.

Prof. Ogbogbo described the establishment of the Nigerian Navy Microfinance Bank as a major milestone, noting that the bank would strengthen the university's financial ecosystem, attract investment, and support development within Delta State.

Earlier, the Supervising Director of the Nigerian Navy Microfinance Bank Limited, Navy Captain Odihi Ikwuyatum, highlighted the bank's growth trajectory since its incorporation on May 3, 2014, and commencement of banking operations on June 1, 2015.

He disclosed that the bank currently has a balance sheet exceeding N26 billion and serves more than 25,000 customers.

Captain Ikwuyatum stated that the bank operates six relationship centres located at NNS Beecroft, NNS Wey, NNS Victory, BMU Warri, BMU Port Harcourt, and Admiralty Printing Press, Asokoro, Abuja.

According to him, the centres were established to bring specialised financial services closer to the bank's target customers.

He credited the bank's growth to the strategic leadership of the Group Managing Director and Chief Executive Officer of Navy Holdings Limited, Rear Admiral Ibrahim, who also serves as Chairman of the bank's Board of Directors.

Captain Ikwuyatum also appreciated the Vice-Chancellor, Prof. Christopher Ogbogbo, for approving land for the bank's permanent site and commended the university's Bursar, Commodore Emmanuel Onu, for his support towards the establishment of the facility.

The event also featured the presentation of awards to individuals recognised for their contributions to the growth and development of Admiralty University.