Section 131: Interpretation.

In this Act-
“associate" means a company in which another company owns not less than 20% of the paid-up share capital;
"bank" means a bank licensed under this Act;
"Bank" means the Central Bank of Nigeria;
"Bankers' Committee" means a committee comprising the Bank, the chief executives of all banks and such other members as the Committee as may from time to time admit;
"banking business" means the business of receiving deposits on current account, savings deposit account or other similar account, paying or collecting cheques, drawn by or paid in by customers; provision of finance consultancy and advisory services relating to corporate and investment matters, making or managing investments on behalf of any person whether such businesses are conducted digitally, virtually or electronically only or such other business as the Governor may, by order published in the Gazette, designate as banking business;
"Board” means the Board of Directors of the Central Bank of Nigeria;
"chief executive" means a person, by whatever name called, who either individually or jointly with one or more other person, is responsible, subject to the authority of the Board of Directors, for the conduct of the business and administration of the bank; specialised bank or other financial institution;
"the Corporation" means the Nigeria Deposit Insurance Corporation;
"deposit" means money lodged with any person whether or not for the purpose of any interest, profit or dividend and whether or not such money is repayable upon demand upon a given period of notice or upon a fixed date;
“Deputy Governor” means a Deputy Governor of the Central Bank of Nigeria;
"director" includes any person by whatever name such person may be referred to, performing or empowered to carry out substantially the same functions of a director in relation to the affairs of a company incorporated under the Companies and Allied Matters Act;
"eligible loan" means any credit facility, overdraft, loan, risk asset to the tune of at least N25,000,000.00 or such other amount as may be prescribed by the Bank which repayment obligations have become due for not less than 90 days and has been designated by an instrument under the hand of the Governor as being eligible for enforcement and recovery before the Tribunal;
"factoring" means the business of acquiring debts due to any person;
"Federation" means the Federal Republic of Nigeria;
“Governor” means the Governor or any of the Deputy Governors appointed to act on behalf of the Governor of the Central Bank of Nigeria;
"leasing” means the business of letting or sub-letting movable property on hire for the purpose of the use of such property by the hirer or any other person in any business whatsoever and where the lessor is the owner of the property regardless of whether the letting is with or without an option for purchase the property;
"licence" means a licence issued under this Act;
"non-interest bank" otherwise known as profit and loss sharing bank, means a bank which transacts banking business, engages in trading, investment and commercial activities as well as the provision of financial products and services in accordance with the principles and rules of Islamic finance;
"non-interest banking instruments", means instruments that do not pay interest but which may entitle the holder to profit in conformity with principles and rules of Islamic finance;
"other financial institution" means any individual, body, association or group of persons; whether corporate or unincorporated other than the banks licensed under this Bill, which carry on the business of a discount house, bureau de change, finance company, money brokerage, authorized buying of foreign exchange, international money transfer services, mortgage refinance company, mortgage guarantee company, financial holding company or payment service providers regardless of whether such businesses are conducted digitally, virtually or electronically only and companies whose objects include factoring, project financing, equipment leasing, debt administration, fund management, private ledger services, investment management, local purchases order financing, and such other business as the Bank may from time to time, designate regardless of whether such businesses are conducted digitally, virtually or electronically only;
"payment, clearing, or settlement activity" means an activity carried out by one or more financial institutions to facilitate the completion of financial transactions, but shall not include any offer or sale of a security under the Investment and Securities Act;
"payment service provider" means an entity licenced by the Bank to provide payment service;
“payment service" means technical or technology infrastructure, software solutions or services for facilitating end-to-end electronic payment to third parties and such other services as the Governor may by regulation designate;
"President" means the President of the Federal Republic of Nigeria;
"related party" includes spouse, father, mother, child, brother, sister, uncle, aunt and cousins where applicable, and their spouses and such other relationships as the Bank may by regulation prescribe from time to time;
"shareholders funds" means the aggregate of paid-up share capital, statutory and all other reserves of a bank, specialised bank or other financial institution;
"significant shareholder" means a person or entity who-
(a) beneficially owns five percent or more of the paid-up share capital of a bank, specialised bank or other financial institution;
(b) is entitled to cast a majority of the votes that may be cast at a general meeting of the bank, specialised bank or other financial institution or has the ability to control the voting of a majority of those votes, either directly or through a controlled entity; or
(c) is able to appoint or to veto the appointment of a majority of the directors of the bank, specialised bank or other financial institution, and the term "significant shareholding" shall be consumed accordingly.
"specialised banks" include, Bank of Industry, Bank of Agriculture, Development Bank of Nigeria, Nigerian Export Import Bank, The Infrastructure Bank, Federal Mortgage Bank of Nigeria, Nigeria Mortgage Refinancing Company, primary mortgage banks, micro-finance banks, non interest bank and such other banks as may be designated from time to time by the Bank; and
"State" means any of the States of the Federation.