Section 7: Composition of the Board.

(1) The governing body of the Corporation shall be a Board of Directors (in this Act referred to as "the Board").
(2) The Board shall consist of-
(a) the Chairman who shall be the Permanent Secretary of the Federal Ministry responsible for finance;
(b) the Managing Director;
(c) two Executive Directors;
(d) one representative of the Central Bank of Nigeria who shall be the Director of Banking Supervision;
(e) the Director-General of the Securities and Exchange Commission; and
(f) one independent director.
(3) The members of the Board shall not be persons with significant interest in any insured institution in Nigeria.
(4) The President shall appoint the Chairman and other members of the Board and the appointment of the members of the Board referred to in subsection (2)(b), (c) and (f) shall be subject to the confirmation of the Senate.
(5) The appointment of the-
(a) Managing Director and the two Executive Directors by the President shall be on the recommendation of the Governor of the Central Bank of Nigeria; and
(b) independent director by the President shall be on the recommendation of the Minister.
(6) The members of the Board other than the Managing Director and the two Executive Directors shall be part-time members.
(7) The members of the Board shall be citizens of Nigeria and in the case of the-
(a) Managing Director and Executive Directors, shall be persons possessing at least 15 years cognate experience in banking and finance, economics, law, business administration, accounting or other relevant discipline at a senior management level; and
(b) member of the Board referred to in subsection (2)(f), shall be a person with relevant cognate experience.
(8) All members of the Board shall within one month of appointment to the Board declare in writing to the Board their direct and indirect shareholdings and interests in any insured institution including those of their family members or close associates known to them.
(9) The supplementary provisions contained in the Schedule to this Act shall have effect with respect to matters mentioned in it. [Schedule]