BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020

Section 75: Contribution by Bank.

2020Section 75 of 132Federal Republic of Nigeria

(1) On the commencement date of the Resolution Fund, and on the first business day in each calendar year thereafter, the Bank shall pay, into the Resolution Fund, the sum of N10,000,000,000 or such amount as the Board of the Bank may determine.
(2) For the purposes of making the payment required under subsection (1), the Bank shall appropriate the said sum of N10,000,000,000 or such amount determined by the Board of the Bank under subsection (1) from the general reserves or other funds of the Bank, and cause the sum so appropriated to be paid into the Resolution Fund in the immediately available funds.

Cite this section

Section 75, BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020 (2020).

https://repo.podus.ai/laws/banks-and-other-financial-institutions-act-2020/section/75/