Mission statements contain aspects of the most strategic information of any business and thus are  central in strategic planning. In entrepreneurship thinking, the capacity to generate realistic mission statements tend to point the way to the future of the organization. Incidentally, there is a suspicion that business enterprises in Nigeria do not maximize the provisions of mission statements. This is the motivation for this study. Our focus has been on the mission statements of selected microfinance banks in Lagos State. In doing this, we purposively selected twenty microfinance banks from one hundred and fifty active ones in Lagos state. The data were subjected to content analysis using the pragma-stylistic framework. It was discovered that the banks studied, did not incorporate the market and public image considerations. The mission statements did not reflect adequate use of technology which is key in a knowledge-based economy. Their focus appeared to have been on the products and services as well as on their self-concept. It is expected that a more robust representation would be needed if mission statements of these microfinance banks would be leveraged upon by budding entrepreneurs.