Section 16: Declaration of Debt Obligations and Disclosure of Interest. (amended by Section 2 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1) All members of the Board shall, before assumption of duty, declare in writing to the Board their personal debt and pecuniary obligatioans to eligible financial institutions as well as those of their family members or those of their close business associates known to them or any company or firm in which they own such significant shareholding as may be prescribed by the Central Bank of Nigeria.
(2) If a member of the Board has pecuniary interest or other beneficial interest in, and material to, a matter that falls to be considered by the Board, he shall-
(a) disclose to the other members of the Board the nature of his interest in advance of any consideration of the matter ;
(b) not influence nor seek to influence a decision to be made in relation to the matter ;
(c) take no part in any consideration of the matter;
(d) absent himself from the meeting or that part of the meeting during which the matter is discussed ; and
(e) not vote or otherwise act on a decision relating to the matter.
(3) lf a member declares an obligation or discloses an interest pursuant to subsection (1) or (2) of this section, the declaration or disclosure shall be recorded in the minutes of the meeting of the Board or otherwise duly recorded.
(4) All employees of the Corporation shall, within one month of employment, declare in writing to the Corporation their personal debt and pecuniary obligations (interests) to eligible financial institutions as well as those of their family members or close business associates known to them, any company or firm in which they own such significant shareholding as may be prescribed by the Central Bank of Nigeria.
(5)
A Member of the Board or any employee of the corporation shall not either directly or indirectly be involved in the purchase of assets acquired by the corporation as part of, or in pursuance of, the acquisition of an eligible bank asset or the enforcement or realisation of any right relating to an eligible bank asset acquired by the Corporation.