Section 3: Board of Directors of the Bank .

(1) There shall be a Board of Directors (in this Act referred to as "the Board") which shall be responsible for the overall policy and general management of the Bank and shall consist of the following members, that is
(a) a chairman;
(b) a representative of the Economic Affairs Department of the Presidency;
(c) a representative of the Governor of the Central Bank of Nigeria;
(d) a representative of the Federal Ministry of Finance Incorporated;
(e) the Managing Director of the Bank; and
(f) four other persons.
(2) The chairman and members of the Bank shall be appointed by the President on such terms and conditions as the Federal Government may, from time to time, determine.
(3) The provisions of the Schedule to this Act shall have effect to the proceedings of the Board and the other matters contained therein.