URBAN DEVELOPMENT BANK OF NIGERIA ACT

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LAWS OF THE FEDERATION OF NIGERIA

URBAN DEVELOPMENT BANK OF NIGERIA ACT

ARRANGEMENT OF SECTIONS

1. Establishment of the Urban Development Bank of Nigeria PLC.
2. Share capital of the Bank.
3. Objects of the Bank.
4. Power to raise funds.
5. Power to manage other offshore funds procured for urban development.
6. Exemptions.
7. Short title.

URBAN DEVELOPMENT BANK OF NIGERIA ACT

An Act to establish the Urban Development Bank of Nigeria PLC.

 [2nd January, 1992]                                                                                [Commencement.]

1. Establishment of the Urban Development Bank of Nigeria PLC

There shall be established, in accordance with the provisions of the Companies and Allied Matters Act, a limited liability company to be known as the Urban Development Bank of Nigeria PLC (in this Act referred to as “the Bank”).

2. Share capital of the Bank

The initial share capital of the Bank shall be subscribed by the Federal Government, State and Local Governments, the Nigeria Labour Congress and individual Nigerians.

3. Objects of the Bank

The Bank shall, in accordance with the object clause of its Memorandum, foster the rapid development of urban infrastructure throughout the Federation through the provision of finance and banking services.

4. Power to raise funds

Without prejudice to the provisions of its Articles of Association, the Bank may, with the approval of the Minister of Finance, raise funds of such amount (in foreign currency) from any one or more of the following sources, that is—

(a)      the International Bank for Reconstruction and Development (the World Bank);

(b)      the International Development Association;

(c)       the European Investment Bank and Fund;

(d)      the African Development Bank;

(e)      bilateral loans and grants on government to government basis;

(f)       Shelter Afrique and other donors; and

(g)      other multilateral loans and donor agencies.

5. Power to manage other offshore funds procured for urban development Funds obtained from the aforementioned sources and other off-shore sources, other than by the Bank, which are meant for urban and infrastructural development projects in Nigeria whether by way of general loans, tied loans, bilateral loans, or grants on government to government basis shall be channelled through the Bank which shall have responsibility for the management of such funds.
6. Exemptions

(1)      The Bank and the beneficiaries of its loan facilities shall be exempted from the provisions of the Land Use Act with regard to the size of urban land an individual or a body corporate may hold, provided that the loan to  the individual or body corporate shall be utilised for the purposes specified in section 3 of this Act.

(2)      The Bank shall also be exempted from the provisions of the Banks and Other Financial Institutions Act.

7. Short title

This Act may be cited as the Urban Development Bank of Nigeria Act.

URBAN DEVELOPMENT BANK OF NIGERIA ACT

SUBSIDIARY LEGISLATION

No Subsidiary Legislation