Section 12: Investment of loans.
(1) The loans taken from the Bank shall be invested within a short period thereafter, except in extenuating circumstances such as death of close relative or serious illness of the borrower.
(2) The zonal offices of the Bank shall monitor every person obtaining loans from the Bank to ensure that loans are used for the purposes for which they were obtained.
Cite this section
Section 12, PEOPLE'S BANK OF NIGERIA ACT (1990).
https://repo.podus.ai/laws/people-s-bank-of-nigeria-act/section/12/