Contribute 5% Profit To Agriculture - CBN to DMBs
Mr. Ahmad Abdullahi, Director of Banking Supervision of the Central Bank of Nigeria (CBN) has disclosed, on Thursday, that all Deposit Money Banks (DMBs) in the country shall contribute 5 per cent of their annual Profit after tax to boost Agriculture.
He further said that “The Bankers’ Committee has taken a decision to come up with an initiative in support of the federal government export drive by supporting SMEs and other businesses.
“Export drive as well as, import substitution and so have agreed to contribute 5 per cent of each bank’s Profit After Tax to a pool of funds that will be kept with the Central Bank of Nigeria and it will be used to finance eligible, bankable projects that are meant for export drive or import substitution.
“A Project Review Committee will assess submissions of projects and make recommendations to the Bankers’ Committee. The scheme is such that each bank has an equity holding based on its Annual contributions."