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Nigerian Bank for Commerce and Industry Act 🇳🇬


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Nigerian Bank for Commerce and Industry Act

  • Published in Official Gazette supplement no. 26 on 10 May 1973
  • Assented to on 5 May 1973
  • Commenced on 2 April 1973
  • [Up to date as at 31 December 2002]
An Act to establish the Nigerian Bank for Commerce and Industry to provide capital for medium and long-term investments to indigenous bodies and persons engaged in industry and commerce and for matters connected therewith.

1. Establishment of the Nigerian Bank for Commerce and Industry

(1)There is hereby established a bank to be called the Nigerian Bank for Commerce and Industry (in this Act referred to as "the Bank") which shall be a body corporate with perpetual succession.
(2)The Bank shall have power to sue and be sued in its own name and may for the purposes of its functions, acquire, hold or dispose of property (whether movable or immovable) and shall have a common seal.

2. Functions

(1)The principal functions of the Bank shall be to-(a)provide equity capital and funds by way of loans to indigenou…

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