Onoja Takes Over as Chairman of Lovonus MFB

The board of Lovonus Microfinance Bank Limited has appointed Usman Onoja as the new chairman, following the transition of Alfred Okoigun to chairman of the Lovonus Group of Companies.

Onoja’s appointment comes after Okoigun’s retirement from the bank’s board leadership role, marking a new phase in the institution’s governance structure.

Under Okoigun’s leadership, Lovonus Microfinance Bank recorded significant growth, expanding its customer base, strengthening its balance sheet, and securing land for the development of the group’s permanent headquarters. The bank also enhanced its capital base, reinforced governance structures, broadened its service offerings, and deepened its commitment to financial inclusion.

Speaking at a ceremony held in his honour, Onoja praised Okoigun’s tenure, describing it as one defined by discipline, integrity, and strategic foresight.

Read Also:

• Meet the Appointee: Ifeyinwa Osime Named Chairman of Access Bank Board
• Ikeme Osakwe Named Chairman as Odogwu Resigns from Royal Exchange Plc Board

“Your tenure as Chairman of Lovonus MFB was marked by vision, courage, and steady leadership. You provided direction during uncertainty, clarity when strategic decisions were required, and stability when the institution needed reassurance,” Onoja said.

He noted that the bank’s achievements were the result of deliberate strategy and institutional discipline rather than chance, adding that Okoigun’s most enduring legacy may be the culture of accountability and service excellence he entrenched within the organisation.

According to Onoja, Okoigun’s elevation to chairman of the Lovonus Group of Companies reflects the evolution of the institution from a single financial entity into a broader corporate structure with diversified interests.

“This transition is not merely a change in title but an expansion of responsibility and strategic influence. It is reassuring that the leadership which guided Lovonus MFB will now provide oversight across the entire group,” he said.

As he assumed office, Onoja pledged to consolidate the gains made under his predecessor. He emphasised his commitment to strengthening governance, driving innovation, and sustaining customer confidence in the bank.

“Having worked closely with him, I understand the standards that have been set. My commitment is to build on that foundation and ensure that Lovonus MFB remains a pillar of financial empowerment,” he stated.

A director of the bank, Oliver Amike, also commended Okoigun’s leadership style, highlighting his insistence on ethical standards and his ability to provide stability during periods of uncertainty.

He said Okoigun’s calm disposition and principled approach helped build confidence among regulators, management, staff, and other stakeholders, leaving behind a culture of professionalism and accountability within the institution.