Section 60: Purpose of Resolution Cost Fund (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
subject to sub-section (2) of this section, the Resolution cost Fund shall be utilised exclusively for the following purposes-
(a)
meeting the obligations of the Corporation arising from debt securities issued by the corporation under this Act, if the corporation is unable to meet its obligations as and when due from its resources including the proceeds of sale and management of eligible Bank Assets it acquires from eligible financial institutions;
(b)
meeting expenses specifically incurred in respect of or incidental to the purposes specified in paragraph (a) of this sub-section; and
(c)
meeting expenses and costs specifically and incurred for the administration and management of the Resolution Cost Fund, up to an annual limit of an amount equivalent to 0.5 per cent of the total amount paid into the Resolution cost Fund for the calendar year in which the expense or cost is incurred.
(2)
where any sums standing to the credit of the Resolution cost Funds are utilised to meet the purposes specified in subsection (1)(a) and (b) of this section, the corporation shall refund any sums so utilised to the Resolution cost Fund as soon as the corporation becomes able to effect such refund out of its general revenue and assets.