Section 21: Repeal of 1990 No. 12.

(1) The Chartered Institute of Bankers of Nigeria Act is hereby repealed and the rights, interests, obligations and liabilities of the Institute existing under the Act under any contract or instrument, or in law or in equity apart from any contract or instrument, shall by virtue of this Act be assigned to and vested in the Institute established by this Act.
(2) Any such contract or instrument as is mentioned in subsection (1) of this section, shall be of the same force and effect against or in favour of the Institute and shall be enforceable fully and effectively.