Section 53: Designation of a Court to hear matter. (amended by Section 20 of the Asset Management Corporation of Nigeria Amendment Act, No. 2, 2019)

(1) The respective heads of Courts shall designate, in their respective jurisdictions, one or more courts exclusively for hearing and determining civil causes or matters:
(a) connected with or pertaining to the acquisition, disposal or realisation of eligible bank assets and any collateral or security by which such eligible bank asset is secured in which the Corporation or a receiver appointed by the Corporation or the eligible financial institution from which the Corporation acquired the eligible bank asset is a party;
(b) relating to debt owed or alleged to be owed to the Corporation by reason of the Corporation's acquisition of an eligible bank asset; or
(c) connected with or pertaining to the exercise or intended exercise of power by the Corporation under this Act to recover debt owed to the Corporation or otherwise realise an eligible bank asset or take enforcement or realisation action in relation to any asset or property by which such eligible bank asset is secured.
(2) The number of courts to be designated under subsection (1) shall be determined by the relevant head of the relevant courts having regard to the volume of such cases then pending or likely to be instituted in the relevant court.
(3) Each court specially designated under subsection (1) shall hear and determine within six months in the case of existing actions, from the date of the coming into effect of this section and in the case of new actions, within six months from the date of filing of such new action.
(4) Each head of court shall issue or cause to be issued special practice directions applicable exclusively to the specially designated courts for the expedited and accelerated hearing and determination of causes and matters before the specially designated courts within the time limit stipulated under subsection (3).
(5) The Court of Appeal shall hear and determine all appeals emanating from the courts specially designated under subsection (1) on an accelerated basis within 60 days and in priority to all other appeals, and, for this purpose, the President of the Court of Appeal shall issue or cause to be issued special practice directions for the Court of Appeal exclusively for the expedited and accelerated hearing and determination of appeals emanating from the specially designated courts.
(6) The Supreme Court shall hear and determine all appeals emanating from the Court of Appeal in relation to appeals against the Court of Appeal's decisions on appeals to the Court of Appeal from the specially designated courts on an accelerated basis within 60 days and in priority to all other appeals, and, for this purpose, the Chief Justice of Nigeria shall issue or cause to be issued special practice directions for the Supreme Court exclusively for the expedited and accelerated hearing and determination of such appeals.
(7) The grant of stay of proceedings, stay of execution or injunction pending appeal, or leave to appeal in favour of any party other than by the Corporation or a receiver appointed by the Corporation in any matter within the scope of subsection (1) shall:
(a) in the case of stay of proceedings and leave to appeal in respect of interlocutory appeals, be conditional upon the deposit by the applicant of the sum claimed by the Corporation in such action into an interest yielding account in the name of the registry of the relevant court; and
(b) in the case of stay of execution, injunction pending appeal or leave to appeal in respect of a final judgment, be conditional upon the deposit by the applicant of the judgment sum into an interest yielding account in the name of the registry of the relevant court.