Chairman of Abuja Municipal Area Council (AMAC), Hon Abdullahi Adamu Candido has inaugurated AMAC Microfinance board, warning members against politicisation of the financial institution.
Candido also explained that the establishment of the bank was an effort to make the council self reliant, adding that the bank must outlive the present administration for the benefit of the citizens.
He stated that the administration has decided to be creative and innovative to boost the council’s IGR in order not to depend on federal allocation, adding that it is difficult to run a council that solely depends on statutory 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 and nobody should politicise it, because I want this to grow,” he said.
Candido, who charged subscribers to consider their investment a wise financial decision, also called on board members to complete the head office for quick take off of the bank, adding that the bank would begin operations with three branches.
Earlier, the chairman of the implementation committee, Mr. Emmanuel Ohakim, had disclosed that the AMAC Microfinance Bank has eight board members with a share capital of N200m.
Ohakim said that AMAC has a 40 per cent share, while private sectors have 60 per cent share, adding that the bank, so far has 18 private investors.
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