Section 27: Application of Global Standing Instruction Scheme and statutory right to funds of obligors in insured institutions.

(1) Without prejudice to the provisions of section 26 of this Act, the Corporation shall be entitled to exercise on behalf of a failed insured institution, the rights which the failed insured institution has under the Global Standing Instruction Scheme operated by the Central Bank of Nigeria under any enactment or regulation in effect.
(2) For the purpose of effecting the Global Standing Instruction mandate, the Corporation acting as liquidator shall have access to the Bank Verification Numbers of obligors in the Industry Customer Account Database, through the Nigeria Interbank Settlement System, as well as connectivity to the Nigeria Central Switch for and on behalf of failed insured institutions.
(3) Without prejudice to the provisions of subsections (1) and (2), and subject to any prior encumbrances, the Corporation as liquidator of a failed insured institution shall be entitled to deposits held in any bank account maintained by an obligor with any other insured institution in satisfaction of any debt owed to a failed insured institution.
(4) For the purpose of subsection (3), without recourse to the obligor, any insured institution shall on a written demand by the Corporation made at any time, cause the account of the specified obligor in the written demand maintained with that insured institution to be immediately debited with the amount stated in the written demand and cause the said amount to be immediately paid over to the Corporation.