By Providence Emmanuel

THE committee set up for the establishment of Abuja Municipal Area Council’s (AMAC) Microfinance Bank (MfB) has been mandated to make report available in four weeks time.

The committee is an 11-member committee that would carry out feasibility study on the establishment of AMAC MfB with a view to developing report that will look at the viability of the council establishing microfinance bank; liaise with relevant regulatory body to ascertain the conditions to be met for its establishment; identify suitable sites for the location of the head office and other branches and ascertain the share capital of the council and that of other investors.

Managing Director, AMAC Investment and Property Development Company (IPDC) Alh. Yakubu Adamu, will chair the committee.

Speaking at the Inauguration of the committee, AMAC Chairman, Alh. Abdullahi Candido, said that

the decision to set up committee was imperative to enable persons with experience and expertise contribute towards making the idea of establishing the bank a reality.

He said that the establishment of the bank would boost the council’s revenue thereby rendering services to residents, adding that the council is putting the measures in place as a means to ensure that it stands on its own without relying on government subvention to operate.

Candido who said that the bank would oversee the council’s businesses, pointed out that the government must diversify than relying on dwindling federal allocation.

“We are doing this because we want to stand on our own and we cannot lament while waiting for allocation. Measures must be put in place to ensure that solid institutions are established so as to revive the council,” he said.

On his part, Adamu commended the council for the trust reposed on him and his committee members, assuring that the committee would deliver on its mandate.

According to him, “the bank, if established, would redefine the council’s business profile and also benefit the entire people of Abuja.

This council has been long overdue for having a microfinance bank.”