Section 15: Maintenance of Reserve Fund.

(1) Every bank shall maintain a statutory reserve fund and shall, out of its net profits for each year after due provision has been made for taxation and before any dividend is declared, where the amount of the reserve fund is-
(a) less than the paid-up share capital, transfer to the reserve fund a sum not less than 30% of the net profits; or
(b) equal to or in excess of the paid-up share capital, transfer to the reserve fund a sum not less than 15% of the net profit:
Provided that no transfer under this subsection shall be made until all identifiable losses and accumulated losses have been made good.
(2) Any bank which fails to comply with the provisions of subsection (1) commits an offence and is liable on conviction to a fine of not less than N2,000,000.
(3) Notwithstanding paragraphs (a) and (b) of subsection (1), the Bank may, specify a different proportion of the net profits of each year, being either lesser or greater than the proportion specified in paragraphs (a) and (b) of subsection (1) to be transferred to the reserve fund of a bank for the purpose of ensuring that the amount of the reserve fund of such bank is sufficient for the purpose of its business and adequate in relation to its liabilities.