By Stanley Onyekwere
The Chairman of Abuja Municipal Area Council (AMAC), Hon Abdullahi Adamu Candido has inaugurated AMAC Microfinance board members, to pave way for its full operations.
Our correspondent reports that the AMAC Microfinance Bank has eight board members with a share capital of 200 million Naira.
Speaking while inaugurating the board at the Council’s Legislative Chambers yesterday, Candido warned against politicising the AMAC Microfinance Bank.
He said the establishment of the Bank is an effort to make the council self reliant,adding that the bank must outlive his administration for the benefit of the citizens.
Candido said the administration has decided to be creative and innovative to boost the council’s Internally Generated Revenue (IGR), in order not to depend on federal allocation,adding it is difficult to run a council that solely depends on federation allocation.
“AMAC Microfinance Bank has come to stay,we have decided to be innovative and creative so that the council can be self reliant.
“This is strictly business nobody should politicise this business, I want this to grow,” he said.
Candido therefore charged subscribers to consider their investment a wise financial decision.
He equally charged the board members to complete the head office for quick take off of the Microfinance Bank, adding that the bank will begin with three branches.
Speaking earlier, the chairman of the implementation committee, Mr Emmanuel Ohakim, revealed that AMAC has a 40 percent share while private sectors have 60 percent share of the Microfinance Bank.
He further disclosed that the bank so far has 18 private investors in the bank.
In a vote of thanks, the head Audit, Mrs. Raji Fasilat thanked the chairman and shareholders.
She assured shareholders that the bank has come to stay as the committee has followed CBN guidelines.