Section 5: Membership of Governing Council of the Institute, etc.

(1) There is established for the Institute a Governing Council (in this Act referred to as "the Council") which shall be charged with the responsibility for the administration and general management of the Institute.
(2) The Council shall consist of the following members-
(a) a chairman who shall be the President of the Institute ;
(b) two Vice-Chairmen ;
(c) a National Treasurer ;
(d) the Governor of the Central Bank or his representative ;
(e) the Managing Director of the Nigeria Deposit Insurance Corporation or his representative ;
(f) six Managing Directors/Chief Executive of Banks to be appointed by the Council ;
(g) six persons elected by the Institute ;
(h) two Past Presidents of the Institute;
(i) a representative each of the following Federal Ministries-
(i) Finance ;
(ii) Education ; and
(iii) Mortgage/Micro-Finance Banking Institutions (alternates) ;
(j) a representative each of the National Universities Commission (NUC) and the National Board for Technical Education (NBTE) ;
(k) a representative of branches in each zone of the Institute and such other zones as may be created by the Council from time to time ; and
(l) the Registrar/Chief Executive who shall serve as the Secretary.
(3) The provisions of the First schedule to this Act shall have effect with respect to the qualifications and tenure of office of members of the Council and the other matters mentioned therein.