Section 3: Functions of the Corporation.

The functions of the Corporation are-(a) guaranteeing, under the provisions of this Act, deposit liabilities of financial institutions licensed or authorised to accept deposits from the public in accordance with the provisions of the Banks and Other Financial Institutions Act; [Act No. 5, 2020]
(b) with the concurrence of the Central Bank of Nigeria, supervising insured institutions to mitigate the risk of failure;
(c) with the concurrence of the Central Bank of Nigeria, resolution of failing insured institutions; and
(d) prompt, efficient and orderly liquidation of failed insured institutions.