Section 8: Disqualification and cessation of office.

A person shall not be appointed or remain a member of the Board if he is-(a) adjudged bankrupt or suspends payment to, or compounds or makes an arrangement with, his creditors;
(b) found guilty of misconduct in relation to his duties;
(c) convicted of an offence involving fraud, dishonesty or other offence, the maximum penalty for which exceeds imprisonment for six months;
(d) a debtor to an eligible financial institution, and the debt owed qualifies as an eligible bank asset;
(e) disqualified or suspended from practising his profession in Nigeria by order of a competent court made in respect of him personally; or
(f) disqualified or restricted from being a director of any corporate or financial institution by any law or regulatory body.