Founded on 7th July, 2019 by Arc. Bilal Abdullahi, a graduate of Bayero University Kano. BUKdaily aims to provide Nigerian students with a comprehensive resources encompassing daily news, campus updates and academic updates from Nigeria universities.

Wednesday, January 22, 2020

Bayero University Microfinance Bank to Raise Share Capital to N200m

  Bilal Abdullahi       Wednesday, January 22, 2020
BUK microfinance bank

The Bayero University, Kano, Microfinance Bank will soon be upgraded as the management and board have intensified effort to meet the Central Bank of Nigeria's recapitalization of all micro-finance institutions in Nigeria. This was disclosed by the Chairman of the Board, Dr. Nasir Isa Fagge, during a courtesy call on the Vice Chancellor last week.

The courtesy call was to formally present the new Managing Director (MD) of the bank, Alhaji Muhammad Kabir Ali and to request the approval of the Management on the bank's plan to raise its share capital to N200m. Dr.

Fagge explained that the appointment of the new MD followed the due process of short listing, screening and interviews, in which Alhaji Ali emerged on top. He was appointed based on the University's principle of equity, justice, competence and transparency.

The Board Chairman told the Vice Chancellor that with the expected N200 million, the bank would not be under any threat and it would generate more revenue. He said that the bank would like to generate additional shares from the management, unions of the University and individuals within the University community.

The Vice Chancellor, Professor Yahuza Bello congratulated the new Managing Director of the bank, Alhaji Ali for the appointment and commended the board of directors of the bank for transforming it into one of the most competitive micro-finance banks.

The Vice Chancellor informed the board of directors that the University had secured approval from KASEPA to construct shops at its residential houses in Zoo road and the University's Consultancy Services is at the helm of it, saying that the Micro-finance Bank can offer loan facility for the project.

Prof. Bello stated that the Consultancy Services would vacate its offices in Kabuga to a new building inside the Old Campus, urging the Microfinance Bank to use the vacated building to open a branch as part of efforts to expand its services.

On the additional share capital, the Vice Chancellor expressed optimism that the Management of the University would top up its investment to reach N120 million from the initial N95million it had earlier invested, calling on individuals and unions to also follow suite in order to raise the bank's capital share to N200 million.

Speaking earlier, the new MD of the bank, Alhaji Muhammad Kabir Ali, expressed gratitude over the confidence reposed in him and pledged to justify it. Other members of the board present were: the Registrar, Fatima Binta Mohamed, former Registrar, Dr. Sani Ibrahim Amin, the Bursar, Dr. Suleiman Bello, the Director, Public Affairs, Malam Ahmad Shehu and Alhaji M. K Shittu of the Internal Audit Unit.


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