Section 15: Filling of Casual Vacancy.

If a member of the Board dies, resigns, retires, becomes disqualified or is removed from office, the Federal Ministry of Finance, the Central Bank of Nigeria (CBN ) or the Nigeria Deposit Insurance Corporation (NDIC), as may be applicable, shall nominate a person to fill the vacancy so occasioned and the person so nominated shall be appointed by the President for the remainder of the term of office of the member whose death, resignation, retirement, disqualification or removal occasioned the vacancy.