Prof. Francis Otunta after a brief journey abroad saw how high institutions of learning generate massive revenue for their institutions and resolved to replicate same in Akanu Ibiam Federal Polytechnic, Unwana where he was the Rector. Upon return, he tasked lecturers and staff of the Polytechnic to present proposals on viable businesses the Polytechnic can embark on. Several proposals were submitted one of which was the proposal for the establishment of a Microfinance Bank by the Polytechnic submitted by Mr. Emmanual Ogbonnia Urom, FCA. The proposal received favorable attention, and a feasibility study committee was setup, led by Mr. Emmanuel O. Urom with Prof. Mrs. V. N. Ezeano and Mr. D. N. Ikpe. The Committee submitted a report which was approved and the process of registration with relevant regulatory authorities kick-started.
The Bank was incorporated with registration number RC886774 on 13th May, 2010 by the Corporate Affairs Commission (CAC) and obtained license from the Central Bank of Nigeria (CBN) to carry on Microfinance business on 5th May, 2011. The Bank opened shops for business on January 2, 2012 in a compact office in the Old Administration Block of the Polytechnic as its temporary corporate office.
At the start of operation, Prof. Otunta was the Chairman of the pioneer Board of Directors, with the following as members: Engr. Dr. O. C. Ihemadu, Prof. Mrs. Victoria N. Ezeano, Mr. Godwin C. Olemgbe, Mr. Emmanuel Ogbonnia Urom and Mr. Hycinth Akuma Aleke (Managing). Mr. Emmanuel Ogbonnia Urom was also appointed as Board Secretary in addition to his position as company secretary in CAC records at incorporation. All the Board members, who are accomplished professionals whose appointments reflected well governed selection process based on merit, all received full regulatory approvals.
At the end of the first financial year, the Bank was able to recover all pre-incorporation expenses and posted a profit after tax of N1.8m.
In June 2014, Prof. Otunta resigned his membership of the Board following the expiration of his tenure as the Rector of the Polytechnic and consequent return to Benin. Engr. Dr. O. C. Ihemadu assumed office as the new Board Chairman.
In June 2023, following the expiration of the tenure of the pioneer Board Members, they honourably retired after leading the Bank to great heights. The transition from old to new Board was smooth. After undergoing a well-organized selection process, in compliance with all relevant regulatory requirements, policies and guidelines, the new face of Polyunwana Microfinance Bank Board of Directors, with effect from July 3, 2023 are as follows:
Despite several challenges faced by the Bank there have been significant and substantial growth made by the Bank. For instance, the Bank's profile as at date include:
F - - Fear of God
T - - Timeliness
I - - Integrity
P - - Professionalism
Our Directors are accomplished professionals in all spares of life, ranging from Academics to Businesses. They are examplinary and the major reason the Bank is doing extremely well
EZEANO, NNAEMEKA ALEX
MEMBERUROM, YVONNE OGERI
MEMBEROGBOGU, CHIDIEBERE ENYIOMA
MEMBERATTAH, FELIX UROKO
MEMBERIHEMADU, JOY NWAFOR
MEMBEROFFOR, EMMANUEL
CHAIRMANOKO, NKEIRUKA NKEM
MEMBER/MANAGING DIRECTOR