Arrangement of Sections
1. Establishment of the Nigeria Deposit Insurance Corporation.
3. Functions of the Corporation.
5. Prohibition against proliferation of deposit insurance schemes.
6. Offices of the Corporation.
9. Disqualification of members of the Board.
10. Composition of Interim Management Committee.
11. Filling of vacancy in the Board.
13. Responsibilities and powers of the Board.
14. Appointment of the Managing Director and Executive Directors.
15. Appointment of Secretary and other staff.
18. Operating Fund of the Corporation.
21. Participating financial institutions.
23. Assessment of insured institutions and special contribution.
26. Right to set-off obligor’s deposit.
28. Payment of insured deposit.
29. Payment of insured deposit pending action in Court.
32. Grievous violation of obligations.
33. Conditions for termination of insured status.
34. Procedure upon termination of insured status.
35. Conditions for participation after termination of insured status.
36. Power of the Corporation to require information.
38. Appointment, powers and functions of examiners.
39. Duties of insured institutions in relation to examination.
42. Confidentiality of examination report.
43. Recommendation to Central Bank of Nigeria on violations.
45. Obligations in respect of unauthorised disclosure.
46. Returns on frauds and forgeries.
53. Acquisition of insured institution whose capital is lost.
55. Appointment as liquidator.
57. Action following a failure.
59. Right of disposal of collateral.
60. Closure of failed insured institutions.
Continue reading Nigeria Deposit Insurance Corporation Act, 2023
You have read the opening. Unlock the full library once and it stays unlocked - one payment, no subscription, the same library as the app.
- All 725 Laws of the Federation, A to Z
- 916 full judgments and 269 case collections
- 8,046 legal principles and 124 rules of court
- 343 drafts, with the Draft Builder
- The Law Dictionary - 31,442 terms
- Law School notes and 2,082 MCQs
Every Act, case collection and principle beginning with A, B or C is free to read in full, without unlocking - the same boundary as the Android app.