NIGERIAN DEPOSIT INSURANCE CORPORATION ACT, 2006

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NIGERIAN DEPOSIT INSURANCE CORPORATION

CHAPTER N102 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

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EXPLANATORY MEMORANDUM

This Act was enacted to repeal the Nigeria Deposit Insurance Corporation Act 1988 and to enact the Nigeria Deposit Insurance Corporation Act, 2006; and for related matters.

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ARRANGEMENT OF SECTIONS

PART I: ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION

1.       Establishment of the Nigeria Deposit Insurance Corporation

2.     Functions of the Corporation

3.     Prohibition against proliferation of Deposit Insurance Scheme

4.     Head Office

PART II: ADMINISTRATION

5.     Composition of Board.

6.     Disqualification of members of the Board

7.     Powers of the Board

8.     Appointment of Managing Director and Executive Directors etc

9.     Appointment of Secretary and other staff

PART III: CAPITAL AND FUNDS OF THE ORGANIZATION

10.    Funds of the Corporation

11.    Capital

12.    General reserve fund

13.    Bank account and investment of the funds of the Corporation

14.    Expenditure.

PART IV: DEPOSIT INSURANCE SCHEME

15.    Participating Institutions

16.    Insurable deposit

17.    Assessment of insured institutions and special contribution

18.    Payment of Dividends by Insured Institutions while in Default of Assessment

19.    Prohibition of set off

20.    Maximum claim.

21.    Payment of insured deposit

22.    Power to withhold deposits or discharge of the Corporation

PART V: NOTICE OF TERMINATION OF INSURED STATUS 

23.    Violation of obligations

24.    Conditions for termination

25.    Procedure for termination of Insured status

26.    Conditions for participation after termination

PART VI: SUPERVISION OF INSURED INSTITUTIONS

27.    Power of the Corporation to require information

28.    Appointment of examiners

29.    Functions of examiners

30.    Special Examination

31.    Report of examination.

32.    Prompt corrective action

PART VII: DUTIES OF INSURED INSTITUTIONS

33.    Fidelity insurance.

34.    Obligations in respect of unauthorized disclosure

35.    Returns on frauds and forgeries

36.    Notification to the corporation of dismissed staff and employment of dismissed staff

PART VIII RESTRUCTURING OF FAILING INSURED INSTITUTION

37.    Financial assistance

38.    Management and restructuring of failing Insured Institutions.

39.    Bridge bank

PART IX: LIQUIDATION OF FAILED INSURED INSTITUTIONS

40.    Power of the Corporation to act as liquidator

41.    Action following a failure

42.    Power to appoint agents.

43.    Closure of failed insured institutions

44.    Limitation law not applicable

PART X: CRIMINAL PROSECUTION AND OFFENCES

45.    Offences and penalties

46.    Power to compound offences

47.    Right to appear in court

PART XI: FINANCIAL ACCOUNTS

48.     Accounts and audit

49.    Annual report

PART XII: GENERAL PROVISIONS

50.    Advertisement

51.     Exemption from Insurance Act

52.    Power to borrow.

53.    Relations with the Central Bank of Nigeria

54.    External Auditors of all insured Institutions and reporting requirements

55.    Indemnity of the Corporation

56.    Regulations

57.    Liquidation.

58.    Repeal of Cap. 310 LFN as amended.

59.    Interpretation

60.     Citation.

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NIGERIA DEPOSIT INSURANCE CORPORATION ACT 2006

AN ACT to repeal the Nigeria Deposit Insurance Corporation Act 1988 and to enact the Nigeria Deposit Insurance Corporation Act, 2006; and for related matters.

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

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