Governor Siminalayi Fubara of Rivers State has announced the immediate dissolution of the state’s Microfinance Agency board. The decision was communicated swiftly via the governor’s office, and an interim management committee is expected to be appointed.
Officials cited the need to reorganize and improve oversight and regulatory compliance of the microfinance institution. There were concerns over financial mismanagement, low loan recovery rates, and underperformance in servicing low-income clients. The governor said the move is part of a broader financial sector reform agenda being pursued by his administration.
Local financial analysts said that dissolving the board could lead to restaffing with experts and tighter governance systems. State government sources hinted that a review of policies, loan products, and customer experience will follow.
Residents and business owners who depend heavily on microfinance services expressed cautious optimism, saying that a well-managed local microfinance agency could support small businesses, agriculture, and cottage industries more effectively.
