Daily Trust

Candido inaugurates board of directors of AMAC microfinance bank

The Chairman of Abuja Municipal Area Council (AMAC), Abdullahi Adamu Candido, has inaugurated the board of directors of AMAC Microfinance Bank with a warning that politics should not be mixed with business.

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Candido, who also presented certificates to the bank’s shareholders, said the bank’s eight-man board of directors must never allow politics to come in.

Candido said, “I am a politician who conceptualised the initiative, but never am I going to bring politics here, and never should the bank’s directors entertain anything that looks like political activity. It is purely business and they must see it in that manner.”

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He said with the inauguration of the board members and the presentation of certificates, the bank was ready to take off after the completion of its head office at the council’s secretariat in Area 10, Garki, while two other braches within the FCT would be opened soon.

He said the bank was a viable project that would better the lot of the residents, especially rural dwellers, farmers and small and medium scale entrepreneurs.

“Any government that is worth its name needs to go into business to support the bureaucratic structure of governance; that is exactly what we want to do. At least as a financial institution we can also empower less privileged members of the society, Candido said.

The Chairman of the bank’s implementation committee, Emmanuel Ohakim, said AMAC Microfinance Bank had been given approval by the Central Bank of Nigeria (CBN) with a share capital of N200m.

Ohakim, who is also a member of the board of directors, said AMAC had 40 per cent share, while the private sector had 60 per cent equity.