Mathias Omeh, chairman of Nsukka Microfinance Bank, beat out Olutayo Adenekan, chairman of All Stars Microfinance Microfinance Bank, to become the National President of the Nigerian National Association of Microfinance Banks (NAMB) by a vote of 288 to 202 [1]. Upon election, Mr Omeh directly addressed waning public trust in microfinance banks.

He blamed such problems on “intruders who disguised themselves as microfinance operators,” stating that his administration would solve the problem through increased regulatory scrutiny and public education about microfinance banks. Mr Omeh was optimistic about the future of microfinance in Nigeria, going so far as to state that the country would become one of the best microfinance markets in the world [2].

The Central Bank of Nigeria (CBN) reflected Mr Omeh’s statements regarding regulatory scrutiny. Femi Fabanwo, director of Other Financial Institutions Department in the CBN, stated that any trace of malpractice would be thoroughly investigated by the Economic and Financial Crimes Commission [2].

Other elected leaders include Bunmi Lawson, Managing Director of ACCION Microfinance Bank as National Treasurer; Alhaji Abdukarim Mohammed as National Legal Advisor; Jethro Akin, chairman of Eagle Microfinance Bank, as First Vice President; and Jude Nsazie as Second Vice President.

By Matthew Castner, Research Assistant

National Association of Microfinance Banks of Nigeria (NAMB):
The National Association of Microfinance Banks of Nigeria (NAMB), an association of various microfinance institutions (MFIs), was recently reformed by merging with the Association of Microfinance Banks in Nigeria (AMBN), under the supervision of the Central Bank of Nigeria (CBN). For more information on this merging of associations, visit the last MicroCapital brief in the bibliography.

Central Bank of Nigeria (CBN)

Some of the regulatory objectives of CBN as follows: to issue legal tender, to maintain the external reserves of the country, to promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government.

Additional Resources

[1] The Tide: “Umeh Emerges NAMB President,” April 12, 2010, http://www.thetidenewsonline.com/?p=10908

[2] BusinessDay: “Confidence comes to play as CBN inaugurates new executives for MFBs,” by Hope Moses-Ashike, April 14, 2010, http://www.businessdayonline.com/index.php?option=com_content&view=article&id=10069:confidence-comes-to-play-as-cbn-inaugurates-new-executives-for-mfbs-&catid=107:microfinance&Itemid=328

MicroCapital: “MICROCAPITAL BRIEF: Central Bank of Nigeria (CBN) Developing a Framework to Regulate Microfinance Banking in the Country and Keep “Monsters” Out of the Industry,” by Christine Chang, April 2, 2010, http://www.microcapital.org/microcapital-brief-central-bank-of-nigeria-cbn-developing-a-framework-to-regulate-microfinance-banking-in-the-country-and-keep-%E2%80%9Cmonsters%E2%80%9D-out-of-the-industry/

MicroCapital’s Microfinance Universe profile: National Assiciation of Microfinance Banks of Nigeria (NAMB): http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=National+Association+of+Microfinance+Banks+of+Nigeria+%28NAMB%29

MicroCapital’s Microfinance Universe profile: Central Bank of Nigeria (CBN)

http://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Central+Bank+of+Nigeria+%28CBN%29

Browse the MicroCapital Universe and add your entry to the wiki at http://www.microcapital.org/microfinanceuniverse/