People’s Bank of Nigeria Act

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Arrangement of Sections

An Act to establish the People’s Bank of Nigeria to provide basic credit to under-

privileged Nigerians and to make provision for related matters.

[1990 No. 22.]

[ 1 st October, 1 990 ]

[Commencement]

(a) a chairman;

(b) a representative of the Economic Affairs Department of the Presidency;

(d) a representative of the Federal Ministry of Finance Incorporated;

(e) the Managing Director of the Bank; and

(f) four other persons.

Establishment of the People’s Bank of Nigeria

(1) There is hereby established a bank to be known as the People’s Bank of Nigeria

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

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

and may sue and be sued in its corporate name.

(3) The Bank may, for the purposes of its functions under this Act, acquire, hold or

dispose of property (whether movable or immovable).

(4) Notwithstanding the provisions of the Banks and Other Financial Institutions Act,

the People’s Bank of Nigeria is hereby authorised without any other licence than this Act,

to operate as a specialised bank throughout the Federal Republic of Nigeria.

[Cap. 83.]

the People’s Bank of Nigeria is hereby authorised without any other licence than this Act,

2. Functions of the Bank

(1) The functions of the Bank shall include-

(a) the provision of basic credit requirements of the under-privileged Nigerians

who are involved in legitimate economic activities in both urban and rural ar-

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