Lagos - Shareholders of banks are not pleased with the Memorandum of Understanding (MoU) signed between the Central Bank of Nigeria (CBN) and the banks for the establishment of a sinking fund.
The shareholders are angry that the fund is robbing them of their investments, reports The Nation.
They are worried that some of the banks' contributions to the fund were higher when compared with the dividends they paid their shareholders.
The MOU stipulates that while the CBN will contribute N50 billion to the fund, commercial banks will contribute an amount equivalent to 0.3 percent of their total assets each as at the date of their audited financial statements and annually for 10 years.
Read more at The Nation.
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