Fifteen banks paid the sum of N126bn, equivalent to 0.5 per cent of their total assets, to the
The banks' chief executives had, at the monthly bankers' meeting in
The deal, according to insider sources, was not backed by law as the corporation's Amendment Act that would have permitted it to carry out such responsibility is still with the
The fund is to serve as a safety net for AMCON to ensure that it meets its obligations arising from debt securities issued by it and to insulate the tax payer from obligations occasioned by financial mismanagement by the banks.
Looking at the financial statements for the year ended
According to him, he was the only person that voted against the implementation of such policy when it was presented to them at the bankers' committee meeting last year.
Speaking on the facts behind the figures of the bank to the investing public on the
He said the increase in AMCON levy from 0.3 per cent to 0.5 per cent of total assets increased operating expenses of the banks.
But the spokesman for AMCON,
According to him, the amendment is aimed at strengthening the AMCON as an institution to be able to carry out its obligated functions, adding that the bill would remove contradictions relating to the purchase agreements between AMCON and financial institutions.
Lambo also said the inclusion in the Act is to protect the future remittance of the fund to AMCON so that no chief executive will come and deny its existence.
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