Both parties agreed to work together for the smooth operation and development of the bank.
There had been serious boardroom fight between Maduka and the management. This led to series of litigations in which Maduka threatened to withdraw his stake from the bank.
The chairman of the bank, Dr (Mrs) Doyin Abiola, after the meeting, said there was peace in the bank as both parties had resolved their differences and were ready to move forward.
“You can see that there is peace at the board level now. We have resolved our differences and ready to move forward,” she said, adding that both parties had agreed to instruct their lawyers to withdraw court cases for peace to reign in the bank.
Maduka, who said the bank had pacified him, stressed that he had agreed to return to the bank.
A director of the bank, Dr Jerry Ariomovuohoma thanked members of the board and Maduka for high level of maturity displayed in resolving their differences adding that it was normal for a growing institution like IMFB to have tutelage problems which must be resolved amicably to enable the organization moved forward.
Managing Director of the bank, Simon Akinteye, said a new chapter had been opened in the history of the bank adding that everyone had learned from the crisis.
He said depositors and other stakeholders in the bank would enjoy the benefit of undivided board as more meaningful decisions that would move the bank to greater heights would be made.
IMFB is currently warming up to list its shares at the floor of the Nigeria Stock Exchange (NSE) in order to enable it have access to fresh funds to expand and operate effectively on poverty alleviation and grassroots empowerment.
The management had been given approval to list its shares on the floor of NSE at their last annual general meeting held early this year.
IMFB posted N316.463 million profit before tax at the end of September 30, 2008 financial year representing about 11,674 per cent increase over N2.689 million declared in 2007 financial year while its gross earnings grew by 160.84 per cent to N 1.39 billion to N532.89 million.
As a result, the bank declared a dividend of five kobo per ordinary share of N1 each amounting to N58.28 million.
The bank recorded a major drop in operating expenses as a percentage of earnings which is a reflection of best business models that continuously drive low cost to income.
