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...insists on N25bn capital base President Olusegun Obasanjo yesterday in Abuja rejected an appeal by the Bank Directors Association of Nigeria, that the federal government review its decision to raise the minimum capital for commercial banks in the country to N25 billion. Speaking at an audience with a delegation of the association led by Alhaji Aliyu Salman (SAN), President Obasanjo reiterated that the decision was taken in the best interest of the nation and was aimed at protecting the econ-omy and depositors. The measure and other reforms in the banking sector, he said, would also reduce the incidence of fraud in Nigerian banks. The president said that the banks must begin to regard themselves as real agents of development. “We are not going back on this,” he told the delegation. The CBN recently announced the measure in what it described as an effort to enhance the banking sector in the country. TO NEXT NEWS PAGE...

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