Section 23: Assessment of insured institutions and special contribution.

(1) Every insured institution shall pay to the Corporation an annual premium as assessed in accordance with the provisions of this section.
(2) Subject to subsection (4), the assessment of premium shall be on a risk-based basis by reference to total deposit liabilities standing in its books as at 31 December of the preceding year.
(3) For the purposes of subsections (1) and (2), the-
(a) deposit liabilities shall be as certified by the approved auditor of the insured institution;
(b) certified deposit liabilities shall be forwarded to the Corporation on or before 31 January of every year; and
(c) annual premium shall be payable not later than two months from the date of the demand notice.
(4) Notwithstanding the provisions of subsection (2), and subject to the approval of the Board, the Corporation shall have the power to vary the rate or basis of assessment of the premium payable to the Corporation by insured institutions or to charge an insured institution or any class of insured institutions premium at a rate or rates as may be determined by the Board.
(5) The rate or basis of assessment of the premium payable to the Corporation by insured institutions shall be published in the Federal Government Gazette.
(6) The premiums payable under subsections (1) and (2) shall not be chargeable to depositors in any form.
(7) Where the funds of the Corporation are not sufficient for giving assistance to insured institutions within the meaning of section 4 (b) of this Act or otherwise insufficient for implementation of the public policy objectives of this Act, every participating insured institution or any category of insured institutions may be obliged without prejudice to subsections (1) and (2) to pay as special contribution out of its profits before tax, a sum equal to its annual premium or such other sum as the Board may require, not exceeding 200% of its annual premium, on such terms and conditions as the Board may determine.
(8) Any premium payable by an insured institution and which remains unpaid for more than three months after a demand notice had been served on such institution, shall attract interest at a rate equivalent to the prevailing Monetary Policy Rate (MPR) of the Central Bank of Nigeria or any other applicable rate as may be specified by the Board.
(9) Where in the opinion of the Board the certified total deposit liabilities of an insured institution submitted under subsection (3)(b) is materially understated, the Corporation shall have power to reassess such total deposit liabilities and the premium payable on it.
(10) A reassessment by the Corporation under subsection (9) shall, except for manifest error, be final and conclusive.
(11) Where the amount of any premium payable by an insured institution is unpaid, the unpaid amount shall be recoverable as a debt due to the Corporation.
(12) Where an insured institution is in default of premium or special contribution, the Central Bank of Nigeria, at the written request of the Corporation, shall in the case of-
(a) a Deposit Money Bank, debit the account of the insured institution to the tune of the amount so unpaid and any accrued interest on it for the benefit of the Corporation;
(b) other deposit-taking financial institutions, cause the relevant correspondent bank to debit the account of such institution to the tune of the amount so unpaid and any interest on it for the benefit of the Corporation.