Section 5: Removal from office, etc

(1) Notwithstanding the provisions of section 4 of this Act, a member may at any time be removed from office by the President-
(a) for inability to discharge the functions of his office (whether arising from infirmity of mind or body or any other cause) or for misconduct ;
(b) if the President is satisfied that a member of the Board appointed by him -
(i) absents himself from three consecutive meetings of the Board without the permission of the Chairman or if that member is the Chairman without the permission of the Minister;
(ii) holds any other office of profit under the Agency ;
(iii) enters into contract with the Agency or is engaged or participates in the sharing of the profits of any contract with the Agency ;
(iv) becomes bankrupt ;
(v) is incapacitated by physical or mental illness and is unable to perform his duties ;
(vi) is guilty of serious misconduct in relation to his duties ; or
(vii) is convicted, or has at any time been convicted, in any court of law in Nigeria or elsewhere ; and
(c) if he is satisfied that it is in the public interest so to do.
(2) A member of the Board may resign his appointment by a notice in writing under his hand, addressed to the President and that member shall, on the date of the receipt of the notice by the President cease to be a member of the Board.