…as Alfred Okoigun transitions to the group role
The board of directors has approved the appointment of Usman Onoja as chairman of the board of Lovonus Microfinance Bank Limited, following the retirement and transition of Alfred Okoigun to the position of chairman of Lovonus Group of Companies after more than a decade of pioneering leadership at the bank.
Under Okoigun’s stewardship, the bank recorded major milestones, significantly growing its customer base, expanding its balance sheet, and acquiring land for the construction of the Group’s permanent headquarters. His exit and elevation were marked by a befitting send-off ceremony held in Lagos in recognition of his contributions to the institution’s growth and stability.
Speaking with BusinessDay at the event, Onoja described Okoigun’s tenure as one defined by excellence, discipline and integrity.
“Sir, your tenure as Chairman of Lovonus MFB has been marked by vision, courage and steady leadership. You did not merely preside over board meetings; you provided direction in times of uncertainty, clarity when strategic choices had to be made, and stability when the institution required reassurance,” Onoja said.
He noted that under Okoigun’s leadership, Lovonus Microfinance Bank strengthened its capital base, improved governance structures, expanded its service offerings and deepened its commitment to financial inclusion.
“The growth we celebrate today is not accidental. It is the outcome of deliberate strategy, institutional discipline and forward-thinking leadership. Beyond financial performance and institutional milestones, your most enduring contribution may well be the culture you entrenched, a culture of integrity, accountability, resilience and service excellence,” he added.
According to him, Okoigun built confidence among regulators, inspired management, empowered staff and assured stakeholders that the bank stands on a solid ethical foundation.
“Today, we are not witnessing a departure; we are witnessing an elevation. You are transitioning from Chairman of Lovonus Microfinance Bank to assume the distinguished role of Chairman of the Lovonus Group of Companies. This is not simply a change of title, but an expansion of scope, responsibility and strategic influence,” Onoja said.
He explained that Okoigun’s move to the Group level signifies Lovonus’ evolution from a single financial institution into a broader corporate structure with diversified interests and expanding impact.
“It is fitting and reassuring that the same steady hands that guided Lovonus MFB will now provide oversight, strategic coordination and leadership across the entire Lovonus Group. As chairman of the Group, your influence will shape not just one institution, but the collective direction of all companies under the Lovonus umbrella. That is a testament to the confidence placed in your leadership capacity and your proven ability to build sustainable institutions,” he said.
Onoja emphasised that integrity remained the hallmark of the outgoing chairman’s administration.
“He is a chairman whose watchword is integrity. The transactions we undertake are guided by our commitment to our word. Integrity is something you cannot buy; it is built over time and it speaks for itself. We felt it was important to recognise him formally and appreciate his service,” he said.
As he assumed office, Onoja pledged to continue and consolidate the bank’s gains.
“As I take on the role of Chairman of Lovonus MFB, I do so with a deep sense of responsibility and continuity. Having worked closely with you, I understand the standards that have been set. My commitment is to build on the foundation you laid, to drive innovation, enhance governance, strengthen customer confidence and ensure that Lovonus MFB remains a pillar of financial empowerment,” he said.
Also speaking with BusinessDay, Okoigun reflected on the journey of building and sustaining a microfinance bank within Nigeria’s challenging operating environment.
“To survive 10 years in Nigeria is not a joke, especially as a financial institution and particularly as a microfinance bank. We started from very little and have grown to the level we are today. That growth has been achieved through our own resources,” Okoigun said.
He noted that beyond financial performance, the bank contributed to job creation and economic activity.
“We have engaged people, paid salaries responsibly and contributed in our own way to growing the economy. I am happy that we have survived all the challenges,” he said.
Recalling turbulence within the microfinance sub-sector in recent years, he said several institutions were shut down due to non-performance and regulatory actions.
“About two and a half years ago, many microfinance banks were closed for non-performance or other reasons. But Lovonus Microfinance Bank is still standing strong. That is something positive,” he said.
On the challenges encountered during his tenure, Okoigun cited environmental and policy uncertainties, including periodic liquidity constraints within the financial system.
“The challenges are usually environmental, policy changes and how you adjust to them. Sometimes there are liquidity crises in the system. You face all of that, but what you must ensure is that you have people of integrity. Once you have colleagues and staff of integrity, you can go far,” he said.
Oliver Amike, director, at the event, said Okoigun’s leadership instilled a lasting culture of professionalism, accountability and ethical conduct within the institution.
Those who worked closely with him often speak of his calm wisdom, firm insistence on ethical standards and ability to inspire confidence by example. In moments of uncertainty, his counsel provided reassurance. In seasons of growth, his discipline ensured stability. During challenging periods, his composure reinforced confidence among stakeholders.
His influence extends beyond banking. As a pioneer in indigenous engineering development and through his broader contributions to national enterprise, Okoigun has consistently demonstrated a commitment to excellence and nation-building. Whether in industry or finance, his leadership philosophy has remained constant: institutions must be built on competence, sustained by integrity and guided by long-term vision.
