About Us

Our story

How we were founded

THE BIRTH AND FORMATION OF THE BANK

Ilora Microfinance Bank Limited (formerly Ilora Community Bank) came into being more than two decades ago as a result of passion of visionary Fathers and Community Developers who deemed it fit to have financial institution in form of bank for rapid development in Ilora Community in Ilora town of Oyo State.

Many prominent individuals, groups and associations in Ilora among who are: Late Chief John Obitunde Lawale, Late Prince John Oyebamiji Ojo, Mr. Joseph Ogunronbi Oluade, Dr. Oyebamiji Stephen Awotunde, Mr. Lasisi Adepoju Ajuwon, Ilora Development Associations, e.t.c made patriotic efforts to invite Banks such as Wema bank to establish branch in Ilora but all efforts proved abortive.

In January 1993, during the meeting of Ilora Development Association under the chairmanship of Chief John Obitunde Lawale , Mr. Joseph Ogunronbi Oluade and Mr. Lasisi Adepoju Ajuwon moved a motion that a community bank be established. The motion was unanimously adopted. Consequence upon this, a Working Committee was set up, Mr. Lasisi Adepoju Ajuwon (represented home (Ilora) front) while Late Prince John Oyebamiji Ojo and Mr. Joseph Ogunronbi Oluade (represented Ilora front) to work on the urgent and smooth modus Operandi that would lead to the establishment of the Bank. They succeeded in naming the Bank “Ilora Community Bank”, chosen Akibio Market as the site/ location of the Bank; they created awareness and sensitized the Ilora indigenes both at home and abroad which led to huge purchase of shares of the bank.

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THE BIRTH AND FORMATION OF THE BANK

REGISTRATION AS LIMITED COMPANY

On February, 1995, the application form collected for the establishment of the Bank was duly filled and submitted with all relevant documents and on July, 1996. A letter of authority to establish the Bank was received from the National Board for Community Bank (NBCB) while the certificate of incorporation (RC304364) under the Companies and Allied Matters Act 1990 was issued by the Corporate Affairs Commission, Abuja on August, 1997.

APPRAISAL INSPECTION AND PROVISIONAL APPROVAL TO COMMENCE BANKING OPERATIONS

In July, 1995, the application for appraisal and inspection of documents, Memorandum and Article of Association (MERMAT) were vetted at the NBCB and the provisional approval License was issued on August, 1997 conveyed the establishment of the Bank. On the September, 1997 the Bank was commissioned and commenced full banking operations on the October, 1997

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SHAREHOLDINGS OF THE BANK

The equity of the bank is distributed among the rank and file of the community where the bank operates.

Pre Conversion: The Bank commenced business with the Authorized Share Capital of 500,000 Issued and Paid up Capital of about 250,000  with over 25 Shareholders in the share register of the bank in 1997.

Post Conversion: In 2007 the Central Bank of Nigeria (CBN) promulgated a policy that changed the status of the bank from Community Bank to Microfinance Bank and raised their capital to N20 Million which every existing Community Banks in Nigeria complied with. Consequent upon the new requirements, Ilora Community Bank met the minimum Capital requirement of N20Million, its status changed to “Microfinance Bank” through a letter of approval dated July 29th, 2009 conveying the Microfinance Bank status to the Bank from the CBN. By December 31st, 2016 the Authorized Share capital stood at 60million while share issued and fully paid is  with 57,114,555 with 49 shareholders.

CORRESPONDENT BANKS :

The Bank carries out its correspondence banking activities with the under listed commercial banks:

  1. First Bank Nigeria Plc
  2. Stanbic IBTC

BOARD OF DIRECTORS

  1. DR. AWOTUNDE, Oyebamiji Stephen, B.sc, Phd (Veterinary Doctorate) – Chairman. He is a Community leader, the CEO of Ajike Golden Eggs Farms, he worked with Ministry of Agric & Nat. Resources. He manage his own enterprises.
  2. Mr. ADEYEMO, Omotayo James (Hnd. Banking and Finance; MCB) – Managing Director/CEO. He is a highly experienced versatile banker. His experience cut across communication, administration, public relations and banking relation at all levels. He graduated from Federal Polytechnics Offa from where he joined Ilora Microfinance Bank Ltd and he served as head Teller, CSO, Head Credit, Head of Operations, and as MD/CEO till date.
  3. Chief OGUNRONBI, Joseph Oluade (A businessman FARMER precisely) –Director. He is a community leader and accomplished entrepreneur.
  4. Mr. ONI, Abel Gbadebo (B.sc Accounting) –Director. He is a highly experienced versatile banker. He retired from First Bank Plc as the Assistsance Chief inspector.
  5. Mr. OYEKOLA, Oluremi Francis, (B.Sc, Accounting (charterred accountant) – Director. He served at various companies such as Frantivic & Associates as principal Consultant, Ernest & Young International as Head of unit and ighodalo& Co(charterred accountant) as Tax Manager till date
  6. Hon. (Dr.) AKINWANDE, Moroof Adebayo (B.sc, Phd (Veterinary Doctorate)– Director. He is a Community leader, he manage his own enterprises and accomplished entrepreneur.