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ABU Micro Finance Bank Reports N300m Profit After Tax

The Ahmadu Bello University Micro Finance Bank has declared a profit after tax of N300 million from its operations.

The Vice Chancellor of the University, Prof. Ibrahim Garba made the disclosure when the Minister of State for Agriculture, Senator (Dr.) Heineken Lokpobiri, who was on familiarization tour of agricultural institutes in the university visited his office.

Garba explained that the bank, which started with an initial capital of N20 million, concentrated efforts in supporting peasant farmers to improve their livelihoods.

He noted that the farmers did not disappoint as they fully repaid their loans.

Earlier, the minister said that the purpose of the visit was to have first-hand knowledge of activities of the research institutes and know their challenges in order to determine the level of support the government could offer them.

He noted that the delay in the inauguration of the boards of the institute due to the need to strictly respect the provisions of the Acts establishing them, adding that the Boards will soon be inaugurated.

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