Ologbon Microfinance Bank has officially made a remarkable comeback under a new name and leadership. Now operating as Akata Microfinance Bank Ltd, the institution has been revived with a fresh vision, modern infrastructure, and a new board of directors committed to restoring trust and delivering efficient banking services.
The bank, which was among the 178 microfinance institutions whose licenses were revoked by the Nigeria Deposit Insurance Corporation (NDIC) in 2023, has now been granted a new lease of life following the reissuance of its license by the Central Bank of Nigeria (CBN) in January 2025.
At the official reopening ceremony held recently, the new Chairman of the Board, Pa A.A. Ajekigbe, a highly respected community leader, described the relaunch as a “new beginning” for the Akata community.
“Akata is witnessing a new dawn with the emergence of Akata Microfinance Bank Ltd,” he declared, explaining that the revival followed concerted efforts by a group of stakeholders who applied to repurchase the defunct Ologbon MFB from the CBN.
With extensive renovations and technological upgrades, Akata MFB now operates on Level 2 integrated banking software, a significant leap from its previous Level 1 framework. This upgrade enables USSD banking, mobile and internet banking, ATM services, airtime top-ups, and real-time transfers, allowing customers to enjoy seamless digital banking experiences.
Board member Rev’d Dr. Olubode Oke confirmed the bank’s investment in advanced digital infrastructure, noting:
“Ologbon was Level 1. We’re now on Level 2. With our mobile app and internet banking, customers can now bank conveniently from home.”
Pa Ajekigbe further assured both old and new customers that the bank is committed to robust corporate governance, customer satisfaction, and deposit safety.
“To our legacy customers, your funds remain intact. We urge you to continue banking with us. This is a secure and trustworthy institution,” he emphasized.
Now operating under the motto, “We solve, you evolve,” Akata MFB is positioning itself as a strong competitor in Nigeria’s microfinance sector.
New Board Members
The reconstituted board includes:
- Senator Oriolowo Adelere, former Senator for Osun West (2019–2023)
- Rev’d Dr. Olubode Oke
- Mr. Olaniran Sunday
- Very Rev’d Dorcas Akinyode
Senator Adelere expressed gratitude for the bank’s revival and emphasized the board’s commitment to transparency and integrity.
“This resurrection was due to governance lapses, not fraud. We are committed to ensuring that integrity and wisdom guide our path,” he stated.
Industry Support and Stakeholder Reactions
The relaunch ceremony drew dignitaries from the banking and business sectors, including representatives from First Bank, Zenith Bank, Polaris Bank, Caretaker MFB, Randalpha MFB, Doje MFB (formerly Olowolagba MFB), and Ajewole MFB, all of whom pledged support toward ensuring the bank’s stability.
Longtime customer and produce buyer, Prince Ayo Taiwo (aka Ayo Akala), welcomed the development, saying:
“We thank God for this rejuvenation. I hope the bank will now deliver prompt and quality services, especially in loan support.”
Other prominent guests also shared their commendations:
- Chief Yemi Alao, Chartered Accountant and Auditor
- Dr. Sunday Oyelami, Ogo-Oluwa Hospital
- Hon. Adedeji Adeyemo, former Chairman, Ogbomoso South LGA
- Mrs. Kike Adegbola, CEO, Kike Fabrics
- Rev’d Dr. Femi Ojo, Union Baptist Church
- Rev’d S.A. Adeoye, former Chaplain, Oyo State Government House
They praised the board for the bold initiative and urged strict compliance with banking regulations to secure a stable and enduring future for Akata Microfinance Bank.
