The board of directors has approved the appointment of Usman Onoja as chairman of the board of directors of Lovonus Microfinance Bank Limited.

The appointment followed the retirement and transition of Alfred Okoigun to the position of chairman of Lovonus Group of Companies after more than a decade of pioneering leadership at the bank.

Under Okoigun’s stewardship, the bank recorded major milestones, significantly growing its customer base, expanding its balance sheet and acquiring land for the construction of the Group’s permanent headquarters.

Onoja described Okoigun’s tenure as one defined by excellence, discipline and integrity.

“Your tenure as Chairman of Lovonus MFB has been marked by vision, courage and steady leadership. You did not merely preside over board meetings; you provided direction in times of uncertainty, clarity when strategic choices had to be made, and stability when the institution required reassurance,” Onoja said.

He noted that under Okoigun’s leadership, Lovonus Microfinance Bank strengthened its capital base, improved governance structures, expanded its service offerings and deepened its commitment to financial inclusion.

“The growth we celebrate today is not accidental. It is the outcome of deliberate strategy, institutional discipline and forward-thinking leadership. Beyond financial performance and institutional milestones, your most enduring contribution may well be the culture you entrenched, a culture of integrity, accountability, resilience and service excellence,” he said.

He explained that Okoigun’s movement to the Group level signifies the evolution of Lovonus from a single financial institution into a broader corporate structure with diversified interests and expanding impact.

Onoja emphasised that integrity remained the hallmark of the outgoing chairman’s administration.