Section 10: Composition and Tenure of the Board.

(1) The Board shall consist of the following members to be appointed by the President subject to the confirmation of the Senate-
(a) a part-time Chairman who shall be a nominee of the Federal Ministry of Finance in consultation with the Minister;
(b) a Managing Director who shall be the Chief Executive Officer of the Corporation nominated by the Central Bank of Nigeria ;
(c) 3 Executive Directors who shall be nominated by the Central Bank of Nigeria in consultation with the Minister; and
(d) 5 other Non-Executive Directors, 2 to be nominated by the Federal Ministry of Finance, 2 by the Central Bank of Nigeria and one by the Nigeria Deposit Insurance Corporation.
(2) A person shall not be appointed as a member of the Board unless such a person possesses 10 years cognate financial experience at a senior management level or such other relevant experience as may be prescribed by the Central Bank of Nigeria.
(3) A member of the Board appointed pursuant to this section-
(a) shall hold office for a term of five years ; and
(b) may be eligible for reappointment for another term of five years and no more.
(4) The provisions contained in the Schedule to this Act, shall have effect with respect to the proceedings of the Board and the other matters contained therein.