Section 21: Prohibition of certain persons, etc.

(1) No bank shall-
(a)
employ or continue the employment of a person who at any time has been adjudged bankrupt or has suspended payment or has compounded with his creditors or has been convicted by a court for an offence involving fraud or dishonesty or professional misconduct; or
(b) be managed by a management agent except as may be approved by the Board and the Central Bank of Nigeria.
(2) Except with the approval of the Board, no bank shall have as a director a person who is a director of-
(a) any other bank;
(b) companies which among themselves are entitled to exercise voting rights in excess of five per cent of the total voting rights of all the shareholders of the bank.
(3) Every director, secretary or officer of a bank shall sign a code of conduct in such form as the Board may, from time to time, prescribe.