Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, 1994 🇳🇬

Nigeria 5 Citing Cases

Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act, 1994

Commenced on 9 November 1994
[This is the version of this document at 31 December 2002.]

An Act to provide for the recovery of debts owed to failed banks and for the Trial of Offences relating to Financial Malpractices in Banks and other Financial Institutions.

Part I – Powers of the Federal High Court under this Act

1. Powers of the Court

(1)The Federal High Court (in this Act referred to as "the Court") shall have power to‐[1999 No. 62.]

(a)recover, in accordance with the provisions of this Act, the debts owed to a failed bank, arising in the ordinary course of business and which remain outstanding as at the date the bank is closed or declared a failed bank by the Central Bank of Nigeria;

(b)try the offences specified in Part III of this Act;

(c)try the offences specified in the Banks and Other Financial Institutions Act and the Nigerian Deposit Insurance Corporation Act; and

(d)try other offences relating to the b…

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