Each phase had significant economic effects: This reform focused on bank consolidation through the mechanisms of merger and acquisition.
Under this reform, deposits from the public sector and government-owned agencies can be collected by commercial banks in order to enhance their level of liquidity.
The financing of AMCON is composed of a ₦50 billion CBN fund and 0.3% of total assets of participating commercial banks.
Five replacements were named with immediate effect including Funke Osibodu to lead the Union Bank of Nigeria and Suzanne Iroche who took over as CEO of FinBank.
[16][17] Anele explained that the product has been rolled out in Nigeria before subsequent release in other countries where UBA operates.
On her part, Dupe Olusola, UBA’s group head of marketing, said the bank is committed to empowering its customers to fund their urgent needs.