to ensure that the financial sector contributes to the real economy and;
to improve financial infrastructure supervision, auditing, accounting and
corporate governance.
Some of the key elements of the banking reforms are:
capital injection of N620 billion into Nine Banks that were found to have
significant erosion in capital base;
minimum reliance of banks on public sector funds;
adoption of a risk -focused and rule- based regulatory framework;
adoption of zero tolerance in the regulatory framework, especially in the
area of reporting and interactions;
removal of Managing Directors of eight banks which were found to have
significant erosion in capital base;
establishment of Assets Management Corporation of Nigeria (AMCON)
to serve as a veritable vehicle to free banks from the weight of their
non-performing
assets
and
accelerate
the
process
of
their
recapitalization;
4.2
establishment of the Financial Stability Committee (FSC); and
adoption of common year end for banks.
Objective 2: Implement Sound, Transparent & Predictable Government
Economic Policies
4.2.1 Stakeholders’ participation in policy, planning and budgeting was enhanced
during the period under review. The Economic Transformation Blueprint of
Nigeria’s Vision 20:2020 was produced and launched in 2009. The objective
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