Section 5: Contribution by banks, etc.

(1)
Every commercial or merchant bank shall invest in the Fund 10 per cent of its loans and advances at an interest rate of 1 per cent above the interest rate payable on current accounts by banks.
(2)
Every registered insurance company shall invest a minimum of 20 per cent of its nonlife funds and 40 per cent of its life funds in real property development of which not less than 50 per cent shall be paid into the Fund through the Federal Mortgage Bank of Nigeria (in this Act referred to as "the bank") at an interest rate not exceeding 4 per cent.
(3)
Nothing contained in the Insurance Act or relating to investment of insurance companies in real property shall affect the provisions of this Act.
[1991 No. 58.]