Section 5: Managing director of the Bank

(1) There shall be appointed by the President, on the recommendation of the Bank and the Minister, a managing director of the Bank who shall be a person having such qualifications and experience as are appropriate for a person required to perform the functions of the office of the Managing Director under this Act.
[1979 No. 96.]
(2) The managing director shall, subject to the provisions of this Act and any regulations made thereunder, be responsible for-
(a) the management of the business of the Bank and he may, for that purpose, take such steps as he may consider desirable for the proper and efficient management of the affairs of the bank, and generally for carrying out the purposes of the Bank under this Act;
(b) the authorisation of the business of the Bank in any post office in Nigeria after consultation with the Postmaster-General, and the closure of any such business of the Bank in any post office in Nigeria; and
(c) the opening of new branches of the Bank, subject to the approval of the Board.