Balogun Gambari Microfinance Bank Limited remains committed to institutionalizing corporate governance principles as part of the corporate structure. It continues to ensure adherence to the implementation of corporate governance rules of the Central Bank of Nigeria. Presently, the Board continues to operate in line with its responsibilities as contained in Regulatory Codes of Corporate Governance, the Articles of Association and the Companies and Allied Matters Act. Its oversight of the operations and activities of the bank are carried out transparently, without undue influence. Essentially, fair value corporate governance depends on the quality and integrity of our directors. Consequently, the bank has undertaken to create the institutional framework conducive to defending the integrity of our directors, and is convinced that on account of this, the Board of Balogun Gambari Microfinance Bank Limited is functioning in a highly effective manner. It is intended that we continue to challenge ourselves to improve the standard in areas where need for improvement has been identified.
The Board of Directors of Balogun Gambari Microfinance Bank Limited is composed of a chairman and four directors – one executive director, one independent non-executive directors and three non-executive directors – in line with regulatory best practice, which requires the number of non-executive directors to be more than the executive directors. There is a clear separation of duties between the Managing Director and the Chairman of the Board. The Board meets regularly to set broad policies for the Bank’s business and operations, and it ensures that an objective and professional relationship is maintained with the Bank’s auditors in order to promote transparency in financial and non-financial reporting. Directors’ emoluments, as well as their shareholding information, are disclosed in the Bank’s Annual Report and Accounts.
Insider credit applications are presented to the Board Credit Committee and related party transactions are disclosed in the Annual Reports and to the Central Bank of Nigeria (CBN). The Bank has established effective whistle-blowing procedures and the implementation of the Corporate Governance code is monitored and reported on.
Balogun Gambari Microfinance Bank Limited maintains regular contact with its shareholders through its Investor and the Managing Director, Chief Financial Officer and various members of the management of the Bank’s operating