Section 11: Appointment of Managing Director and other staff of the Bank

(1) There shall be for the Bank a Managing Director, who shall be appointed by the President, on the recommendation of the Governor of the Central Bank of Nigeria.
(2) The Managing Director shall be the chief executive of the Bank and be responsible for the day-to-day administration of the Bank.
(3) Without prejudice to the generality of subsection (1) of this section, the Bank shall have power-
(a) to appoint such other staff as it may determine;
(b) to pay its staff such remuneration and allowances as it may, from time to time, determine;
(c) as regards any staff in whose case it decides so to do, to pay to or in respect of such staff, such pensions and gratuities as are payable to persons of equivalent grade in the civil service of the Federation; and
(d) to give loans to its staff for purposes approved by the Bank.
(4) The Managing Director and the Executive Directors shall each hold office for a period of five years and shall be eligible for re-appointment for a further period of five years.
(5) The two Executive Directors shall perform such duties as may be assigned to them, from time to time, by the Board or Managing Director.