Urban Development Bank of Nigeria Act

Arrangement of Sections

3. The initial share capital of the Bank shall be subscribed by the Federal Government,

4. of finance and banking services.

5. (g) other multilateral loans and donor agencies.

7. Financial Institutions Act.

An Act to establish the Urban Development Bank of Nigeria PLC.

[1992 No. 51.]

[2 nd January, 1992]

[Commencement.]

Establishment of the Urban Development Bank of Nigeria PLC

There shall be established, in accordance with the provisions of the Companies and

Allied Matters Act, a limited liability company to be known as the Urban Development

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

[Cap. C20.]

Share capital of the Bank

The initial share capital of the Bank shall be subscribed by the Federal Government,

State and Local Governments, the Nigeria Labour Congress and individual Nigerians.

The initial share capital of the Bank shall be subscribed by the Federal Government,

3. Objects of the Bank

The Bank shall, in accordance with the object clause of its Memorandum, foster the

rapid development of urban infrastructure throughout the Federation through the provision

of finance and banking services.

of finance and banking services.

4. Power to raise funds

Without prejudice to the provisions of its Articles of Association, the Bank may, with

the approval of the Minister of Finance, raise funds of such amount (in foreign currency)

from anyone or more of the following sources, that is-

(g) other multilateral loans and donor agencies.

5. Power to manage other offshore funds procured for urban development

Funds obtained from the aforementioned sources and other off-shore sources, other

than by the Bank, which are meant for urban and infrastructural development projects in

Nigeria whether by way of general loans, tied loans, bilateral loans, or grants on government

to government basis shall be channelled through the Bank which shall have responsibility for