 
 Acts
The major Acts that guide the operations of the Corporation are the following:
(i) Nigeria Deposit Insurance Corporation (NDIC) Act
An Act to establish the Nigeria Deposit Insurance Corporation (NDIC) for the purpose of insuring all deposit liabilities of licensed banks and other financial institutions operating in Nigeria, providing assistance in the interest of depositors in case of imminent or actual financial difficulties; and other financial institutions; guaranteeing payments to depositors in case of imminent suspension of payments by insured banks and other financial institutions and assisting the authorities in the formulation and implementation of banking policy. To view the Act, Click NDIC Act
To view the Corrigendum,Click Corrigendum on Nigeria Deposit Insurance Corporation Act,2006
(ii) Banks and Other Financial Institutions Act (BOFIA)
An Act which confers on the Central Bank of Nigeria (CBN) the power to regulate banks and other financial institutions and for matters connected therewith which includes but not limited to licensing, examination (on-site and off-site), supervision, take over and control of management of distressed banks, prescription of capital requirement, revocation of licences, and general control over banks and other financial institutions operating in Nigeria. To view the Act, Click BOFI Act
(iii) Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act (Failed Banks Acts)
An Act to provide for the speedy recovery of debts owned to failed banks arising in the course of business and which remains outstanding as at date the bank is closed or declared a failed bank and for the speedy trial of offences relating to financial malpractices in banks and other financial institutions as specified in the Act or such other offences relating to the business or operation of a bank under any enactment.
Pursuant to its Statutory Powers under the NDIC Act 2006,and as part of the statutory obligations towards ensuring safe and sound banking practises,the Corporation's efforts at sanitizing the banking sector is manifested in its implementation of the failed Banks Acts
To this end,the Corporation is involved in the criminal prosecution of Bank Directors,officials and customers suspected of commiting banking malpractices as well as the recovery of debts owned to failed banks in order to pay dividends or depositors of the failed banks using the provision of the failed banks Acts.To view the Act,Click Failed Banks Act.
Implementation of the failed Banks Act
The Failed Banks Act was promulgated in November, 1994. The Tribunals that were established under the Act commenced sitting in July, 1995. From that time up to May, 1999, they determined 45 criminal cases and 672 civil cases and were able to recover the total sum of -N-4.453 Billion.
However, with the return to democratic rule in 1999 the Tribunals were abolished by the Tribunal, (Consequential Repeal, etc) Act No.62 of 1999, which transferred jurisdiction to try civil and criminal cases pursuant to the Failed Banks Act to the Federal High Court.
Since then, very few criminal cases has been concluded on their merits. Currently, there are 18 criminal cases pending against Directors and Officers of Banks. To view the summary of criminal cases pending against Directors/Officers of Banks and debt recovery instituted against debtors on behalf of failed Banks as well as suits being defended by the Corporation as liquidators therefore,go to Litigations and Click Legal Matters
To view the Act, Click Failed Banks Act.
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