Section 23: Interpretation

In this Act, unless the context otherwise requires-
"application" means an application made by a Receiver or Liquidator of a failed bank for the recovery of a debt owed to the failed bank;
"bank" has the meaning assigned to it under the Banks and Other Financial Institutions Act and includes-
[Cap. B3.]
(a) a financial institution as defined under that Act or under the Nigerian Deposit Insurance Corporation Act; and
[Cap. N102.]
(b) a development bank;
(c) a mortgage bank or any other bank established by law;
[1995 No. 18.]
"Court" means the Federal High Court;
"debt" means any loan, advance, credit accommodation, guarantee or any other credit facility, together with the interest thereon, which remain outstanding and unpaid against a customer of a bank in favour of the bank;
[1999 No. 62.]
"director" means a director as defined in the Companies and Allied Matters Act and within the meaning of section 20 (5) of the Banks and Other Financial Institutions Act and includes a wife, husband, father, mother, son or daughter of a director;
[1999 No. 62. Cap. C20. Cap. B3.]
"employee" means a person who is or has been employed, or connected in any capacity with the affairs of a bank or any person arraigned before the Court under this Act;
''failed bank" means a bank or other financial institution whose licence has been revoked or which has been declared closed, placed under receivership or otherwise taken over by the Central Bank of Nigeria or the Nigerian Deposit Insurance Corporation or whose capital to risk weighted assets ratio is below such minimum percentage as may be prescribed from time to time by the Central Bank of Nigeria or such other appropriate regulation or authority and includes a bank which may otherwise be described as failed by the Central Bank of Nigeria, the Nigerian Deposit Insurance Corporation or such other appropriate regulatory authority;
[1995 No. 18.]
''Liquidator or Receiver" includes a person appointed by the Central Bank of Nigeria or the Nigerian Deposit Insurance Corporation under section 7(1) of this Act;
"loan" includes an advance, a guarantee and any other credit facility;
"unsecured" means without security or collateral.