Lagos - All deposit money banks in the country have contributed N111 billion to the Sinking Fund of the Asset Management Corporation of Nigeria (AMCON) in 2014.
Each of the banks contributed 0.5 percent of total assets and 0.5 percent of 33 percent of their off balance sheet items to the fund, reports Vanguard.
The banks’ contributions to the fund, which is otherwise called the Resolution Cost Fund (DMBs) were based on their financial accounts as at December 31st 2013.
The sinking fund was established to assist AMCON to meet its goals and also ensure that government and tax payers are insulated from obligations occasioned by financial mismanagement by the banks.
Read more at Vanguard.
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