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Laws of the Federation Preview 34 min read

Nigerian Export-import Bank Act

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Arrangement of Sections

1. Tenure of office of members of the Board

2. Proceedings of the Board

3. committee thereof.

4. shall be determined by the Board.

5. Committees

6. Miscellaneous

An Act to establish the Nigerian Export-Import Bank with power, among other things, to carryon the business of export credit guarantee and export credit insurance and for matters connected therewith.

[1991 No. 38.]

[21 st August, 1991]

[Commencement.)

Establishment, etc., of the Nigerian Export-Import Bank

(1) There is established a bank to be known as the Nigerian Export-Import Bank

(hereafter in this Act referred to as “the Bank”).

(2) The Bank shall be a body corporate with perpetual succession and a common seal

and may sue and be sued in its corporate name.

Authorised share capital of the Bank

(1) The authorised capital of the Bank shall be N500 million divided into

N500,000,000 shares of N1 each and shall be subscribed equally by the Government of the

Federation and the Central Bank of Nigeria.

(2) The Minister may, by notice published in the Gazette and in the national news-

papers, approve other shareholders on the resolution of the Board of the Bank.

Power to raise funds

(1) The Bank may, with the approval of the Minister, raise funds in foreign currency

from any of the following sources, that is-

(a) multilateral development banks and institutions such as the International Bank

for Reconstruction and Development, otherwise known as the World Bank;

(b) Nigeria’s External Reserves;
(c) lines of commercial credit (either directly or in association with other persons);and
(d) regional development banks.
(2) The Bank may borrow such amounts in naira and foreign currency as it may from

time to time require for its activities under this Act.

Resources of the Bank

The resources of the Bank shall include-

(a) any currency which for the time being is a legal tender in Nigeria and foreign currency;
(b) premiums collected from policy-holders;
(c) recoveries from paid claims;
(d) income from investments;
(e) guarantee fees or other fees;

( f) interests and other returns from the management of the Bank’s assets;

(g) fixed and floating assets;
(h) gifts and grants; and
(i) such other resources as may arise from the Bank’s operations.

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