Section 29: Payment of insured deposit pending action in Court.

(1) Where the operating licence of an insured institution is revoked or where an insured institution has suspended payment or is otherwise unable to meet its obligation to depositors, the insured deposit shall become payable and the Corporation shall become obligated to pay insured deposits to the depositors of such insured institutions in accordance with the provisions of sections 25 and 28 of this Act:
Provided that where an insured institution has suspended payment or is otherwise unable to meet its obligation to depositors, payment of insured deposit shall only be made with the concurrence of the Central Bank of Nigeria.
(2) Notwithstanding the provisions of this Act or any other enactment, no restorative, prohibitive or like order shall be granted against the Corporation in relation to payment of insured deposits to depositors of an insured institution, and the remedy of any claimant or applicant against the Corporation in any such action, suit or proceedings shall be limited to the amount of actual loss suffered which shall not exceed, in the case of a-
(a) depositor, the maximum insured deposit;
(b) shareholder, the nominal value of the shares of the shareholder in the insured institution; or
(c) group of shareholders, the nominal value of the aggregate of the shares of the shareholders in the insured institution.