Section 122: Powers of the Tribunal and President of the Tribunal.

(1) The President of the Tribunal shall issue or cause to be issued rules regulating its procedures which shall include provision for the expedited and accelerated hearing and determination of causes and matters before the Tribunal.
(2) The Tribunal shall, for the purposes of performing its functions under this Chapter-
(a) grant an injunction or appoint a liquidator by an interlocutory order in all cases in which it appears to the Tribunal to be just or convenient to do so;
(b) make such orders as it may deem appropriate for the enforcement of security or guarantee, or attachment of any asset under an eligible loan made by any bank, specialised bank or other financial institution in Nigeria;
(c) make an order of mandamus requiring any act to be done or an order of prohibition prohibiting any proceeding, cause or matter, or an order of certiorari removing any proceeding, for any purpose, notwithstanding that same is against an officer or authority of the Federation;
(d) upon an ex parte application to the Tribunal, before or after the filing of the action for debt recovery, grant custody or possession of debtor’s movable or immovable property to a financial institution pending the hearing and determination of a debt recovery action, where the financial institution satisfies the Tribunal that the debtor or debtor company is the bona fide owner of such property;
(e) upon an ex parte application to the Tribunal, before or after the filing of the action for debt recovery, grant an order freezing a debtor or debtor company's accounts pending the hearing and determination of a debt recovery action, where the financial institution satisfies the Tribunal that the debtor or debtor company is the bona fide owner of such account:
Provided that the order of possession and freezing order referred to in paragraphs (d) and (e) shall subsist till judgment or a final determination of the action, unless expressly discharged by the Tribunal;
(f) summon and enforce the attendance of any person and examine him on oath;
(g) require the discovery and production of documents and call for the examination of witness or documents;
(h) promote reconciliation, encourage and facilitate amicable settlement among parties in any proceeding before the Tribunal; and
(i) do anything which, in the opinion of the Tribunal, is incidental or ancillary to its functions under this Act.
(3) The grant of stay of proceedings, stay of execution or injunction pending appeals, or leave to appeal in favour of any party, shall in the case of stay of-
(a) proceedings and leave to appeal in respect of interlocutory appeals, not be granted under any circumstance and the Tribunal shall, as practicable as possible, sit on a day-to-day basis; and
(b) execution, injunction pending appeal and leave to appeal in respect of final judgment, be conditional upon deposit by the applicant of the judgment sum into an interest yielding account in the name of the registry of the Tribunal.
(4) Any proceeding before the Tribunal is deemed to be a judicial proceeding and the Tribunal is deemed to be a civil Court for all purposes.
(5) Any Federal statute of limitation, statute of limitation of a State or of the Federal Capital Territory or any similar statute or rule limiting the time within which an action may be commenced does not apply or operate to bar or invalidate any claim brought before the Tribunal for the recovery of an eligible debt.