Why UNILAG established a microfinance bank, according to VC

Prof. Folasade Ogunsola, Vice Chancellor of the University of Lagos (UNILAG), has revealed why the institution established a microfinance bank (MFB).

She stated that the goal was to make the college self-sustaining and dissuade youths from going abroad, sometimes known as the Japa syndrome, by offering job opportunities for some university graduates.

She spoke when the bank invited its first managing director, Mr. Tunji Jayeola, who recently retired, as well as some directors such as Prof. Solomon Wale Okunuga, Prof. Bola Oboh, and Mr. Segun Odusanya. Ogunsola solicited support for the three-year-old bank.

“Let us patronise our bank. I am convinced that the future of the bank is bright in view of those we brought in,’’ she said.

The bank’s Managing Director/CEO, Seun Adekanbi, recalled that the bank, which was established in April 2020, was licensed and commenced operations in April 2021. Among other achievements, it has grown its balance sheet to N500 million and opened a branch outside the campus.

While canvassing support for the Mfb, Adekanbi said: “UNILAG Mfb is a bank of the future; an evolving bank. We guarantee you satisfaction, convenience/simplicity and confidentiality.’’