Section 1: Establishment of the Nigeria Deposit Insurance Corporation.

(1) There is established the Nigeria Deposit Insurance Corporation (in this Act referred to as "the Corporation").
(2) The Corporation-
(a) shall be a body corporate with perpetual succession and a common seal;
(b) may sue or be sued in its corporate name; and
(c) may, for the purposes of its functions under this Act and subject to the Land Use Act, acquire, hold, and dispose of any property movable or immovable. [Cap. L5, LFN, 2004]
(3) The Corporation shall be independent in the performance of its functions.
(4) The Corporation shall, subject to subsection (3), develop, adopt and, as appropriate, amend, revoke or supplement appropriate regulations, codes, guidelines and procedures to regulate its operations in the performance of its functions.
(5) The regulations, codes, guidelines and procedures referred to in subsection (4) shall, govern the-
(a) conduct of the business and operations of the Corporation in a manner that-
(i) fosters accountability and good corporate governance,
(ii) ensures transparency and consistency with the highest ethical standards, and
(iii) ensures the maintenance of best practice;
(b) expenditures and disbursements of the Corporation in accordance with the provisions of this Act;
(c) governance code for the Corporation;
(d) code of conduct of members of the Board and staff of the Corporation; and
(e) any other matter relevant to the operations of the Corporation as may be directed by the Board.