Section 60: Appointment of Fund managers (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
For the purposes of managing and investing moneys standing to the credit of the Resolution cost Fund as required under sub-section (1) of section 76, the Board of Trustees shall appoint independent third party professional fund managers who shall act on behalf of the Board of Trustees to administer and manage the Resolution Cost Fund and invest or re-invest moneys standing to the credit of the Resolution Cost Fund and accretions thereto in accordance with the provisions of this Act and fund management guidelines to be issued from time to time by the Board of Trustees.
(2)
A prospective fund manager shall be appointed by the Board of Trustees through open and competitive selection procedures, and to qualify for appointment, the prospective fund manager shall-
(a)
be a limited liability company duly incorporated in accordance with the laws of Federal Republic of Nigeria-
(b)
have a minimum paid up share capital of N 150,000,000 or such higher sum as may be prescribed, from time to time by the Board of Trustees;
(c)
be duly registered with the Securities and Exchange Commission as a portfolio/fund manager and be in good standing with the Securities and Exchange Commission;
(d)
possess a proven track record of managing funds amounting to N 10,000,000,000 or more (or such other amount as may be from time to time be prescribed by the Board of Trustees) in Nigeria;
(e)
not be engaged in any business other than the management of funds and assets;
(f)
not have compounded its debt or failed to honour its lawful obligations;
(g)
have never been a manager or administrator of any funds or assets which were mismanaged or has been in distress due to any fault, either fully or partially, of the prospective fund manager or any of its subscribers, director or officers;
(h)
have never been nor is a debtor of the Corporation or the obligor whether directly or indirectly in relation to an eligible Bank Asset;
(i)
have a management team comprising at least two sponsored individuals duly registered with the Securities and Exchange Commission;
(j)
possess appropriate information and communication technology to adequately cater for online real-time transactions and for keeping proper accounting records; and
(k)
meet such other additional requirements or conditions as may be prescribed from time to time by the Board of Trustees.
(3)
In addition to meeting the criteria stipulated in sub-section (2) of this section, an applicant shall only be appointed as a fund manager if it procures, to the reasonable satisfaction of the Board of Trustees, loss insurance cover and fidelity bond in such amount as the Board of Trustees may stipulate from time to time.
(4)
The appointment of a fund manager in pursuance of the provisions of this section, and the terms of such appointment, shall be documented in a written contract, between the Resolution Cost Fund and the fund manager to be known as the Fund Management Contract.
(5)
No fund manager appointed in pursuance of this section shall directly or indirectly have or keep custody of any or maintain any settlement accounts in relation thereto.