The board of directors of Lovonus Microfinance Bank Limited has approved the appointment of Usman Onoja as chairman of the board, following the retirement and transition of Alfred Okoigun to chairman of Lovonus Group of Companies.
The bank said that under Okoigun’s stewardship, it recorded major milestones, significantly growing its customer base, expanding its balance sheet, and acquiring land for the construction of the group’s permanent headquarters.
Speaking at a ceremony to mark his exit and elevation, the new chairman, 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 added.
According to him, Okoigun built confidence among regulators, inspired management, empowered staff and assured stakeholders that the bank stands on a solid ethical foundation.
“Today, we are not witnessing a departure; we are witnessing an elevation. You are transitioning from Chairman of Lovonus Microfinance Bank to assume the distinguished role of Chairman of the Lovonus Group of Companies. This is not simply a change of title but an expansion of scope, responsibility and strategic influence,” Onoja 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.
“It is fitting and reassuring that the same steady hands that guided Lovonus MFB will now provide oversight, strategic coordination and leadership across the entire Lovonus Group. As chairman of the Group, your influence will shape not just one institution, but the collective direction of all companies under the Lovonus umbrella. That is a testament to the confidence placed in your leadership capacity and your proven ability to build sustainable institutions,” he said.
Onoja pledged continuity and consolidation of the bank’s gains: “As I take on the role of Chairman of Lovonus MFB, I do so with a deep sense of responsibility and continuity. Having worked closely with you, I understand the standards that have been set. My commitment is to build on the foundation you laid, to drive innovation, enhance governance, strengthen customer confidence and ensure that Lovonus MFB remains a pillar of financial empowerment.”
A director, Oliver Amike, added that Okoigun’s leadership instilled a lasting culture of professionalism, accountability and ethical conduct within the institution, saying, “Those who worked closely with him often speak of his calm wisdom, firm insistence on ethical standards and ability to inspire confidence by example. In moments of uncertainty, his counsel provided reassurance. In seasons of growth, his discipline ensured stability. During challenging periods, his composure reinforced confidence among stakeholders.”
