A Review of the Nigeria Deposit Insurance Corporation's Power as a Liquidator

J Onele 'A Review of the Nigeria Deposit Insurance Corporation's Power as a Liquidator' (2018) 9(2) The Gravitas Review of Business and Property Law 1-8

8 Pages Posted: 21 Dec 2015 Last revised: 21 Nov 2018

See all articles by Joseph Onele

Joseph Onele

University of Adelaide; Primus Grace LP; Sustainable Development Laws

Date Written: June 1, 2018

Abstract

This article considers: (a) the appropriateness of the Nigeria Deposit Insurance Corporation (NDIC) filing a petition for winding up of a failed bank in the face of an action challenging the revocation of the banking licence of a failed insured institution; (b) the authenticity of the postulation that where a failed bank is challenging the revocation of its banking licence, a petition for winding up of the bank should be stayed until the determination of the suit challenging the revocation and that any disposal of assets of a failed bank will be caught by the doctrine of lis pendens; and (c) the veracity of the proposition that once the licence of a bank is revoked, it stands revoked until the revocation is set aside by an order of court. The article posits that the NDIC can realise assets of a failed institution without having recourse to court, even in the face of a court action challenging the revocation of the licence of such failed institution, except where there is an injunction expressly restraining it from doing so.

Keywords: Failed Bank, Petition, Winding up, Nigeria Deposit Insurance Corporation

Suggested Citation

Onele, Joseph, A Review of the Nigeria Deposit Insurance Corporation's Power as a Liquidator (June 1, 2018). J Onele 'A Review of the Nigeria Deposit Insurance Corporation's Power as a Liquidator' (2018) 9(2) The Gravitas Review of Business and Property Law 1-8, Available at SSRN: https://ssrn.com/abstract=2706085 or http://dx.doi.org/10.2139/ssrn.2706085

Joseph Onele (Contact Author)

University of Adelaide ( email )

Adelaide Law School
Adelaide, South Australia SA 5000
Australia

HOME PAGE: http://https://www.adelaide.edu.au/

Primus Grace LP ( email )

Bourdillion Road, Ikoyi
Lagos, 101233
Nigeria

HOME PAGE: http://https://primusgrace.com/

Sustainable Development Laws ( email )

Aberdeen
Scotland
United Kingdom

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