Section 21: Participating financial institutions.

(1) All licensed banks and such other financial institutions in Nigeria licensed to engage in the business of receiving deposits shall insure their deposit liabilities with the Corporation.
(2) A licensed bank or such other deposit-taking financial institution which contravenes the provisions of subsection (1), commits an offence and is liable on conviction to a fine of at least-
(a) N50,000,000 and a further N5,000,000 for each day the offence is committed, in the case of a Deposit Money Bank; and
(b) N5,000,000 and a further N200,000 for each day the offence is committed in the case of other deposit-taking financial institutions.
(3) A principal officer of such a licensed bank or other deposit-taking financial institution which contravenes subsection (1), commits an offence and is liable on conviction to a fine of at least N5,000,000 or imprisonment for three years or both.