Nigerian Bank for Commerce and Industry Act

Arrangement of Sections

2. movable) and shall have a common seal.

3. (c) the keeping of minutes and the custody, production and inspection of such minutes; and

4. six other members.

5. Board.

6. Every document purporting to be an instrument issued by the Bank and to be sealed with the

7. Any contract or instrument which, if made or executed by any person not being a body corpo

8. The validity of any proceedings of the Bank shall not be affected-

An Act to establish the Nigerian Bank for Commerce and Industry to provide capi tal for medium a nd long-term investments to indigenous bodies and person s en-

gaged in industr y and commerce and for matters connected therewith.

[1973 No. 22.]

[2nd Ap r il , 1 9 73]

[Commencement.]

Es tablishment of the Nigerian Bank for Commerce and Industry

perpetual succession.

movable) and shall have a common seal.

movable) and shall have a common seal.

2. Fu nctions

and commerce at such rates and upon such terms as may be determined by the Board in accordance with the policy directed by the President;

have power to-

bills; underwrite such stocks, shares and debentures as are issued in furtherance of the policy of the Government; purchase and sell stocks and shares quoted on the Nigerian Stock Exchange;provide guarantees, including guarantees in respect of export credit and letters of credit issued by licensed banks; accept term deposits from the public, financial institutions, trust funds, the post office and such other bodies as the Board may direct; and provide chequing facilities for its customers.