Section 5: Capital

(1) The capital of the Bank shall consist of equity and loan capital.
(2) The authorised capital of the Bank shall be N50 million which shall be divided into 500,000 shares of N100 each, out of which 100,000 shares shall be issued at par and paid up, and the balance shall subject to the provisions of subsections (3), (4), (5), and (6) of this section, and be issued and paid for in the manner stipulated by the Bank.
(3) The share capital of the Bank shall be subscribed by the Government and the Central Bank.
(4) The proportion of the share participation of the Government and the Central Bank shall be sixty per cent and forty per cent, respectively, or such other proportion as the President may direct.
(5) Notwithstanding the foregoing provisions of subsections (1), (2), (3) and (4) of this section, the Central Bank may, subject to the approval of the Minister, transfer a proportion of its own shareholding (which shall not exceed twenty per cent thereof) to banks licensed under the Banks and Other Financial Institutions Act, insurance corporations and such other financial institutions as may be approved for this purpose by the Central Bank.
(6) The loan capital of the Bank shall be provided by the Government and other shareholders as aforesaid in such amount and upon such terms and conditions as may be determined by the Board with the approval of the Minister.