Section 18: Reserve fund.

(1) There is hereby established for the Corporation for payment of indemnities under the Scheme a reserve fund into which shall be paid an initial authorised capital of N200 million contributed by the following institutions in the percentage appropriate thereto
(a) the Federal Government, 70 per cent;
(b) the State Government and Federal Capital Territory , Abuja, 10 per cent;
(c) the Central Bank of Nigeria, 5 per cent;
(d) the commercial banks, 6 per cent;
(e) the merchant banks, 3 per cent;
(f) the development banks, 2 per cent;
(g) the insurance companies, 2 per cent; and
(h) the oil companies, 2 per cent.
(2) A contributor shall pay its contribution over a period of four years commencing from such year and in such manner as the Corporation, with the approval of the Minister, shall specify.
(3) The Corporation shall have the power
(a) to sue in a High Court for a contribution which remains unpaid within a period of ninety days from the date it is demanded by the Corporation; and
(b) to charge a contributor an additional sum of N1,000 for every day in which a contribution remains unpaid after the same period.
(4) The Corporation may invest money from the reserve fund not immediately required in Federal Government securities or in such other securities as the Board may, from time to time, determine.