Rivers State Governor, Sir Siminalayi Fubara, has announced the dissolution of the Board of the Rivers State Microfinance Agency (RSMA), while immediately re-appointing Pastor Jonathan Tobin to spearhead the agency’s operations in an acting capacity.
The directive, contained in a Government Special Announcement on Friday, names Pastor Tobin as the Acting Managing Director of the RSMA. This move signals a commitment to seamless continuity, as Pastor Tobin had previously served as the chairman of the defunct board since October 2023.
Focus on the Billion Fund
The announcement emphasises the critical role Tobin is expected to play in continuing the supervision of the administration’s flagship program: The Billion Loan Fcility, designed to support small and medium scale (SMEs) across the state. His quick re-appointment ensures stability in the management of this crucial intervention fund.
Consequently, members of the now-defunct Board have been mandated to immediately hand over all properties and assets of the agency in their possession to the newly appointed Acting Managing Director.
According to the statement signed by the Rivers State Head of Service, Dr. Mrs. Inyingi S. I. Brown, Governor Fubara will “in due course reconstitute the Board,” indicating a strategic restructuring of the agency’s top leadership.
A Profile in Finance and Development
Pastor Jonathan Tobin brings to the role an impressive 32 years of experience rooted deeply in the Agriculture Value Chain and Micro, Small and Medium Enterprises (MSMEs) Financing, which provides significant credibility to his leadership of the RSMA.
A retired Deputy Director from the Central Bank of Nigeria (CBN), Tobin’s career trajectory includes high-impact roles at the national level. He was seconded by the CBN to the Bank of Industry (BOI) as Executive Director, Corporate Services, where he was responsible for overseeing the bank’s four subsidiaries.
His developmental finance expertise includes:
- Managing the CBN Billion Micro Small and Medium Enterprises Development Office.
- Serving as the Pioneer Project Manager of the Multi-Billion Naira CBN Anchor Borrower’s Rice Project, which involved about small holder farmers in Kebbi State.
Pastor Tobin holds a Bachelor of Science degree in Agricultural Economics and Extension and has received project management training from institutions including Boston University (USA), Kellogg Business School (Chicago), Columbia Business School (New York), and Galilee Business School (Israel).
His extensive professional pedigree—which includes being a Senior Honorary Member of the Chartered Institute of Bankers and a Fellow of the Nigeria Institute of Credit Administration—underscores the Governor’s choice to prioritize an experienced hand for the state’s microfinance sector.
