Library / B 889 Federal Republic of Nigeria Official Gazette No. 189
B 889 Federal Republic of Nigeria Official Gazette No. 189

Page 10 of 29
B  898
(g)  evidence that the trustee comes from the relevant host community; and
(h)  any other information or document as the Authority may determine.
(3)  The Authority shall within 60 days of receipt of the application, give
notice to the licensee of the approval or rejection of the appointment of the
trustee.
(4)  Where the Authority fails to give notice to the licensee within the
time specified in sub-regulation (3) of this regulation, the appointment of the
trustee is deemed approved, provided that the trustee meets the criteria
specified under the Act, these Regulations and the constitution of the trust.
(5)  The Authority may reject the appointment of a trustee, where it
determines that the —
(a)  selection process of the trustee did not comply with provisions of the
constitution of the trust ;
(b)   trustee does not meet the criteria for appointment as provided in the
constitution of the trust and Companies and Allied Matters Act ; or
(c)  trustee is disqualified from acting as a trustee under these Regulations.
14.  Without prejudice to the provisions of the Act, a person shall not be
qualified to be appointed as a trustee of a trust, where the person —
(a)  is less than 18 years of age;
(b)  is of unsound mind;
(c)  is an undischarged bankrupt;
(d)  has been convicted of an offence involving fraud or dishonesty
within a period of less than 10 years before the proposed appointment; or
(e)  does not meet any other criteria as the Authority may prescribe by
notice or guidelines.
15.  The Board of Trustees shall administer the trust and perform the
duties provided under section 243 of the Act.
16.—(1)
A licensee may remove a trustee from office provided that
such removal shall be in accordance with these Regulations and the constitution
of the trust.
(2)  A trustee shall be removed from office where at any time during the
trustee’s tenure, the trustee becomes disqualified as a trustee in accordance
with these Regulations and the constitution of the trust.
(3)  A licensee shall remove a trustee within 45 days of being aware that
the trustee has become disqualified in accordance with these Regulations and
the constitution of the trust.
Minimum
qualifications
of a trustee
Duties of the
Board of
Trustees
Removal of a
trustee by a
licensee