Failed Banks (Recovery of Debts) And Financial Malpractices in Banks Act

An Act to provide for the recovery of debts owed to failed banks and for the Trial of Offences relating to Financial Malpractices in Banks and other Financial Institutions.

[9th November, 1994] [Commencement. ]

PART I

Powers of the Federal High Court under this Act

1. Powers of the Court

(1) The Federal High Court (in this Act referred to as "the Court") shall have power to‐

(a) recover, in accordance with the provisions of this Act, the debts owed to a failed bank, arising in the ordinary course of business and which remain outstanding as at the date the bank is closed or declared a failed bank by the Central Bank of Nigeria;

(b) try the offences specified in Part III of this Act;

(c) try the offences specified in the Banks and Other Financial Institutions Act and the Nigerian Deposit Insurance Corporation Act; and

(d) try other offences relating to the business or operation of a bank under any enactment.

(2) The Court shall exercise exclusive jurisdiction over all ancillary matters, including remand, bail and any other preliminary issues connected with an offence or hearing over which the Court has jurisdiction.

(3) The Court shall, in the exercise of its powers under this Act‐

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