AMAC To Establish Microfinance Bank

The Abuja Municipal Area Council (AMAC) has inaugurated a committee to carry out feasibility study for the establishment of AMAC Microfinance Bank.Inaugurating the committee, AMAC chairman, Hon Abdullahi Adamu Candido said that the council is on a mission of reviving an almost crippled government by putting in place measures and means to ensure that it stands on its own without relying on government subvention to operate.Candido said that essence of the committee was to enable persons with experience and expertise to contribute towards making the idea a reality.The eleven-member committee has the managing director of AMAC-IPDC, Yakubu Mohammed Adamu as chairman, while Hellen Zamani will serve as secretary.He tasked the committee to submit report in four weeks on the following terms of reference: to look at the viability or otherwise of the council establishing microfinance bank; to liaise with relevant regulatory body to ascertain the conditions to be met for its establishment; to identify suitable sites for the location of the head office and other branches; and to ascertain the share capital of the council and that of other investors.The chairman added that the committee must ascertain the initial capital to be injected in both short and long term run, in addition to preparing executive bill, stating the modus operandi of the bank to be presented to the legislative council for passage into law.Responding, the committee chairman, Yakubu Adamu thanked the council chairman for finding them worthy and the confidence given them to look into processes of establishing the microfinance bank.He added that the committee will work to ensure a successful actualisation of the AMAC microfinance bank as envisaged by the chairman.
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