Section 53: Commencement of action at Special Tribunal. (amended by Section 4 of the Asset Management Corporation of Nigeria (Amendment) Act, 2021)

(1) The Corporation in exercise of its discretion may decide to commence debt recovery actions at the Special Tribunal For Enforcement and Recovery of Eligible Loans set up under the provisions of section 102 of the Banks and Other Financial Institutions Act, 2020 and the rules and practice direction of the Tribunal shall apply in such proceedings commenced by the Corporation.
(2) Where the Corporation commences an action under subsection (1), the Corporation may apply to the Tribunal for special orders availed eligible financial institutions under Banks and Other Financial Institutions Act, 2020 and its special practice directions.
(3) Without prejudice to the provisions of Banks and Other Financial Institutions Act, 2020 and the special practice directions of the Tribunal, the Corporation may bring applications before the Tribunal under this Act and the Tribunal shall be bound to hear such applications.