Banking Sector Reforms 4.1.7 The banking sector underwent a major reform in the period under review. The reform was designed to ensure a diversified, strong and reliable banking sector so as to ensure the safety of depositors’ money and enhance the confidence of both local and international business players in the Nigerian economy. Other objectives of the reform include the following: to enhance the quality of banks; to establish financial stability; to enable the evolution of a healthy financial sector; 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 53