Rivers State Governor, Siminalayi Fubara, has dissolved the Board of the Rivers State Microfinance Agency, just days after taking a similar action against the Rivers State Pension Board.
Both boards were among those reconstituted during the period of emergency rule in the state.
Although the Pension Board has not yet been re-inaugurated, Governor Fubara has reappointed Jonathan Tobin — who served as chairman of the Microfinance Agency from October 2023 — to act as Managing Director.
In a government statement issued in Port Harcourt and signed by the Head of Service, Dr (Mrs) Inyingi Brown, former board members were instructed to hand over all properties and assets in their possession to the Acting Managing Director.
The announcement further stated that the Governor would reconstitute the Board in due course.
Tobin had been overseeing a ₦4 billion loan scheme launched by the administration to support small and medium-sized enterprises across the state.
The initiative, part of Governor Fubara’s economic empowerment programme, aims to promote entrepreneurship, create jobs, and strengthen the informal sector.
With his reappointment, Tobin will continue to supervise the loan programme as the Governor prepares to reconstitute the Agency’s board.