Following the Central Bank of Nigeria (CBN)’s approval of a microfinance operating licence for the Abuja Municipal Area Council (AMAC), small-scale business owners can now be exposed to loans without collateral and with little or no interest to boost their businesses.
The microfinance bank would also support economic empowerment among the low income earning AMAC residents, among other benefits.
More so, as the bulk of Federal institutions, Ministries, Departments, and Agencies are located within the precinct of the Area Council.
How it all began
The bank’s Chairman of Board of Directors, Emmanuel Ohakim, recalled that the idea of the microfinance bank was mooted on June 12, 2017, when AMAC Chairman, Abdullahi Adamu Candido, inaugurated an eight-man implementation committee to source for private investors to liaise with CBN and establish the bank.
Ohakim described the microfinance bank as a dream come true and at a time the United Nations Sustainable Development Goals (SDGs) had taken a firm resolve to fight hunger and poverty in the land.
The institution comprises seasoned professionals drawn from both the public and private sectors. Nzegwu Michael is designated the CEO of the board that comprises Henry Opara, Steve Nwadiuko, Musa Dauda, Candido and Dr Helen Jekele.
The Abuja Municipal Area Council was created on October, 1984. It is located on the eastern wing of the Federal Capital Territory and comprise of Twelve Wards namely, City Centre, Garki, GUI, Gwagwa, Gwarimpa, Jiwa, Karshi, Kabusa, Karo, Nyanya, Orozo and Wuse.
Each of these wards are represented by an Elected Councillor. The Councillors form the Legislative Arm of the Area Council. The Executive Arm comprises of an elected Chairman and a vice together with an appointed secretary and other supervisory councilors and special advisers.