Section 33: Conditions for termination of insured status.

(1) Where the insured institution fails within a reasonable time to make amends after it has been served with a warning notice under section 32 of this Act, the Board shall-
(a) give to the institution at least 30 days written notice of its intention to terminate the insured status of the institution; and
(b) fix a time and place of hearing before a person designated by the Board to conduct the hearing at which evidence may be produced, and upon such evidence, the Board shall make its findings which shall be final.
(2) Where the insured institution is not represented or does not make any representation to the Corporation under subsection (1) (b), or if the Corporation does not favourably consider such representation made, the Corporation with the concurrence of the Central Bank of Nigeria may proceed to terminate the insured status of the institution.