UNILAG VC Highlights Purpose of Microfinance Bank Establishment
The Vice Chancellor of the University of Lagos (UNILAG), Prof. Folasade Ogunsola, sheds light on the motive behind the establishment of a microfinance bank (MFB) within the institution.
Chris Oyeoku Okafor 
The Vice Chancellor of the University of Lagos (UNILAG), Prof. Folasade Ogunsola, has elucidated the rationale behind the establishment of a microfinance bank (MFB) by the institution. She highlighted that the primary aim is to foster self-sustainability and deter the phenomenon of youth migration abroad, commonly known as the Japa syndrome, by creating employment opportunities for UNILAG graduates.
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Prof. Ogunsola articulated these sentiments during a gathering where the bank honored its first managing director, Mr. Tunji Jayeola, upon his retirement, alongside other directors including Prof. Solomon Wale Okunuga, Prof. Bola Oboh, and Mr. Segun Odusanya.
She urged stakeholders to support and patronize the three-year-old bank, expressing confidence in its potential for growth given the caliber of individuals involved.
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Reflecting on the bank's journey, the Managing Director/CEO, Seun Adekanbi, noted its inception in April 2020, with licensing and operational commencement in April 2021. Despite being relatively nascent, the bank has achieved milestones such as expanding its balance sheet to N500 million and establishing a branch beyond the campus.
Adekanbi emphasized the UNILAG MFB's commitment to customer satisfaction, convenience, simplicity, and confidentiality, positioning it as a forward-looking and evolving financial institution deserving of support and patronage.
