The Nigerian Navy Microfinance Bank Limited (NNMFB) has announced that its assets have grown to N20 billion, a decade after its establishment.

The Director of Supervision, Navy Capt. Olatunji Ayoade, made the announcement at the bank’s 10th Anniversary Dinner, on Thursday in Abuja.

Ayoade described the milestone as a celebration of a decade of growth, resilience, and impact in Nigeria’s microfinance sector.

He stated that the bank was licensed by the Central Bank of Nigeria (CBN) a decade ago to provide financial solutions aimed at empowering naval personnel, their families, and the wider Nigerian community.

According to him, NNMFB understands the unique financial needs of servicemen and women, positioning itself as a bank that offers stability in uncertain times while fostering financial growth opportunities for its customers.

“Today, we stand tall, not just as a microfinance bank, but as a symbol of trust, security, and empowerment.

“From a very humble beginning, of a seed capital of 20 million Naira, we have expanded our services, enhanced financial inclusion, and helped thousands achieve economic stability.

“We are now worth in excess of N19 billion; In 2024 your bank doubled its balance sheet.

“Thus, this is not just an anniversary it is a testament to our shared vision, dedication, and the unwavering trust placed in us by our founders and customers,” he said.

In a remark, Rear Adm. Zakariya Muhammad, the Group Managing Director(GMD)/Chief Executive Officer, Navy Holdings Limited, said the bank celebrated not just a decade of financial service, but a decade of vision, resilience, and impact.

Muhammad said the journey of the institution had been one of steady growth, unwavering commitment, and an enduring dedication to serving the financial needs of naval personnel and the Nigerian community at large.

According to him, the accomplishments of NNMFB over the past 10 years are worthy of commendation.

“This bank has provided financial empowerment, supported small businesses, facilitated wealth creation, and ensured that our servicemen and women have access to secured and reliable banking solutions.

“The role of microfinance banks in national economic development cannot be overstated, and NNMF bank has positioned itself as a key player in this space.

“However, this milestone is not the final destination but a stepping stone to even greater achievements,” he said.

He urged the leadership and staff of the bank to embrace innovation to enhance service delivery in an ever-evolving financial landscape.

The GMD also urged the bank to expand outreach to support more individuals and businesses across Nigeria, as well as strengthen corporate governance to ensure transparency, accountability, and sustainability.

He also urged them to foster strategic partnerships to increase financial inclusion and economic opportunities.

Muhammed commended the Board of Directors, management, and staff for their relentless dedication and hard work, adding that their commitment had ensured that NNMF Bank remained a pillar of financial security for the Nigerian Navy and beyond.

“To our customers, partners, and stakeholders, we appreciate your trust and support.

“Your confidence in this institution has been instrumental in its success, and I encourage you to continue being a part of this journey towards a brighter future.

“Let us leave with a renewed sense of purpose and commitment to ensuring that the Nigerian Navy Microfinance Bank continues to thrive.

“The next ten years present new opportunities, challenges, and possibilities, and with collective effort, I have no doubt that this institution will reach even greater heights,” he added.

The Chief of Policy and Plans, Rear Adm. Ibrahim Dewu, represented by Rear Adm. Chiedozie Okehie, said the accomplishments of the bank over the past 10 years were worthy of commendation.

Dewu said the bank had provided financial empowerment, supported small business needs and ensured wealth creation.

He added that the bank had also ensured that the servicemen and women had access to secured and reliable banking solutions.

He urged the management not to see the current milestone as a final destination but a stepping stone to greater achievements.

According to him, the next 10 years presents new opportunities, challenges and possibilities, and with collective efforts, this institution will reach even greater heights.

The  new Managing Director of the bank, Dr Okeoma Aguocha, took over the mantle from the pioneer Managing Director, Mr Adamu Odoma.

In his remarks, Aguocha pledged to improve on the milestone so far achieved by the bank.

The anniversary celebration featured presentation of long service awards to some deserving members of staff of the bank. (NAN)