Section 7: Application for recovery of debt

(1) An application for the recovery of a debt owed to a failed bank shall be brought before the Court by the Receiver or Liquidator of the failed bank and where there is no Receiver or Liquidator, by a person appointed by the Central Bank of Nigeria or the Nigerian Deposit Insurance Corporation.
[FORM A.]
(2) The application referred to in subsection (1) of this section shall contain the following, that is-
(a) the name and address of the borrower;
(b) if the borrower is a body corporate, a partnership or a sole trade-
(i) the address of its principal place of business;
(ii) the names and addresses of its shareholders, directors, proprietors or partners, as the case may be;
(c) the amount of loan and advance outstanding;
(d) details of securities pledged, if any; and
(e) such other information as may be useful to the Court.
(3) An application may be brought against a debtor under this section and the Court shall proceed to hear the application in accordance with the provisions of this Act, notwithstanding that a criminal proceeding is pending against the debtor in respect of the same matter.