By Austin Ogwuda, Asaba
ANIOCHA Micro Finance Bank Limited in Issele-Uku, Delta State says it is repositioning to serve the shareholders and members of the public better but expressed deep concern over unpaid debts ans that that “the bank will work relentlessly to recover all overdue debts”.

Speaking at 18th Annual General Meeting (AGM),  the Chairman of the Board of Directors, Mr. Sylvester Moemeke although announced a cheering news that the bank recorded an operating income of N33.3m in the year under review as against N26.9 million in the previous year lamented over the debts.

According to him, “the new operating guidelines set by the Central Bank of Nigeria made it compulsory for micro finance banks to provide a hundred percent profit of all loans that could not be repaid three months after their due date”.

He further explained that the “implication of the move by CBN was the additional provision for bad debts of N8.3 million from profits compared to N4.7 million written back or added to the profit of last year. He therefore said that  due to the adjustment, the bank recorded a net profit before  tax of N1.6 million as against N12 million in the previous year, pointing out that “the bank will work relentlessly to recover all overdue debts”.