Section 13: Disqualification and Cessation of Office.

A person shall not be appointed or remain a member of the Board if he is-
(a) adjudged bankrupt or suspends payment to, or compounds or makes an arrangement with his creditors ;
(b) found guilty of misconduct in relation to his duties;
(c) convicted of an offence involving fraud or dishonesty or other offence the maximum penalty for which exceeds imprisonment for 6 months;
(d) a debtor to an eligible financial institution and the debt owed qualifies as an eligible bank asset;
(e) disqualified or suspended from practising his profession in Nigeria by order of a competent authority made in respect of him personally; or
(f) disqualified or restricted from being a director of a financial institution.