NIGERIAN DEPOSIT INSURANCE CORPORATION ACT, 2023

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NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023

LAWS OF THE FEDERATION OF NIGERIA

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ARRANGEMENT OF SECTIONS

PART I—ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION

1.       Establishment of the Nigeria Deposit Insurance Corporation

2.       Public policy objectives

3.       Functions of the Corporation

4.       Powers of the Corporation

5.       Prohibition against proliferation of Deposit Insurance Schemes

6.       Offices of the Corporation

PART II—ADMINISTRATION OF THE CORPORATION

7.       Composition of the Board

8.       Tenure and remuneration of part-time members of the Board

9.       Disqualification of members of the Board

10.     Composition of Interim Management Committee

11.     Filling of vacancy in the Board

12.     Conflicts of interest

13.     Responsibilities and powers of the Board

14.     Appointment of the Managing Director and Executive Directors

15.     Appointment of Secretary and other staff

PART III—CAPITAL AND FUNDS OF THE CORPORATION

16.     Capital

17.     Deposit Insurance Funds

18.     Operating Fund of the Corporation

19.     General Reserve Fund

20.     Bank Account and Investment of Funds of the Corporation

PART IV—DEPOSIT INSURANCE SCHEME

21.     Participating financial institutions

22.     Insurable deposit

23.     Assessment of insured institutions and special contribution

24.     Prohibition of set-off

25.     Maximum claim

26.     Right to set-off obligor’s deposit

27.     Application of Global Standing Instruction Scheme and statutory right to funds of obligors in insured institutions

28.     Payment of insured deposit

29.     Payment of insured deposit pending action in Court

30.     Power to withhold deposits on discharge of the Corporation

31.     Interim dividend payment

PART V—TERMINATION OF INSURED STATUS

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

PART VI—SUPERVISION OF INSURED INSTITUTIONS

36.     Power of the Corporation to require information

37.     Investigation in respect of related entities of insured institutions

38.     Appointment, powers and functions of examiners

39.     Duties of insured institutions in relation to examination

40.     Special examination

41.     Report of examination

42.     Confidentiality of examination report

43.     Recommendation to Central Bank of Nigeria on violations

PART VII—DUTIES OF INSURED INSTITUTIONS

44.     Fidelity Insurance

45.     Obligations in respect of unauthorised disclosure

46.     Returns on frauds and forgeries

47.     Notification to the Corporation of dismissed staff and employment of dismissed staff

48.     Foreclosure of mortgages

PART VIII—FAILURE RESOLUTION OF INSURED INSTITUTIONS

49.     Financial assistance

50.     Technical assistance

51.     Mergers and acquisitions

52.     Purchase and assumption

53.     Acquisition of insured institution whose capital is lost

54.     Bridge banks

PART IX—LIQUIDATION OF INSURED INSTITUTIONS

55.     Appointment as liquidator

56.     Inapplicability of Chapter 21 of the Companies and Allied Matters Act and winding up rules

57.     Action following a failure

58.     Power to appoint agents

59.     Right of disposal of collateral

60.     Closure of failed insured institutions

61.     Limitation law not applicable

62.     Power of the Corporation as liquidator

63.     Power to take interim custody

64.     Freezing powers

65.     Special powers in bankruptcy

66.     Special power to track and trace

67.     Special power to obtain information from insured institution

68.     Special powers in winding up

69.     Protection of the Corporation in respect of judicial proceedings 70. Prohibition of assets stripping

71.     Pre-liquidation contracts

72.     Priority of claims

73.     Stay of pending suits

74.     Termination of liquidation activities

75.     Inconsistency with other laws

76.     Liability of directors, shareholders and officers

PART X—CRIMINAL PROSECUTION AND OFFENCES

77.     Offences and penalties

78.     Civil damages

79.     Power to compound offences

80.     Power to investigate

81.     Right to appear in court

82.     Accounts and audit

83.     Annual report

PART IX—GENERAL PROVISIONS

84.     Liquidation expenses

85.     Advertisement

86.     Exemption from taxation

87.     Exemption from Insurance Act

88.     Power to borrow

89.     Relationship with the Central Bank of Nigeria

90.     External auditors of all insured institution and reporting requirements 91. Indemnity of the Corporation

92.     Pre-action notice

93.     Service of process

94.     Designation of special judges

95.     Institution of action at the Special Tribunal

96.     Regulations

97.     Liquidation of the Corporation

98.     Repeal, savings and transitional provisions

99.     Interpretation

100.   Citation

SCHEDULE

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NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023

ACT NO. 33

AN ACT TO REPEAL THE NIGERIA DEPOSIT INSURANCE CORPORATION ACT, NO. 16, 2006 AND ENACT THE NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023; AND FOR RELATED MATTERS.

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[COMMENCEMENT]                                      [26th Day of May, 2023]

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ENACTED by the National Assembly of the Federal Republic of Nigeria-

1. NIGERIAN DEPOSIT INSURANCE CORPORATION, 2006 (READ/DOWNLOAD)

2. NIGERIAN DEPOSIT INSURANCE CORPORATION, 2006 (CORRIGENDUM) (READ/DOWNLOAD)

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