Section 10: Disposal of moneys of the Bank

(1) Subject to the provisions of this Act, moneys in the Bank, except so far as any sums be directed by the Minister to be kept in hand for the general purposes of the Bank, shall be deposited in the Consolidated Revenue Fund of the Federation and, so far as practicable, be invested on behalf of the Bank-
(a) in accordance with the provisions of subsection (1) of section 9 of the Finance (Control and Management) Act; or
[Cap. F26.]
(b) in all forms of securities, including the purchase of equity shares, debentures quoted on the Nigerian Stock Exchange and any other forms of securities offered through private placement by reputable companies:
Provided that any investment through private placement shall first be approved by both the Board and the Minister; or
(c) in any other investment as the Minister, after consultation with the Board may, from time to time, direct.
(2) Any sums of money that may, from time to time, be required for the repayment of deposits under the provisions of this Act, or for the payment of interest thereon or expenses incurred in the execution of this Act, may be raised by the sale of the whole or part of any securities in which moneys in the Bank are invested:
Provided that any sums of money which may be required for the purposes aforesaid may, with the approval of the Minister, be advanced to the Bank by the Accountant-General of the Federation out of the Consolidated Revenue Fund of the Federation until they can be raised by the sale of the securities, and the sums of money so advanced shall bear interest at the rate in which interests are payable to depositors at that time.