Section 34: Procedure upon termination of insured status.

(1) Where the participation of an insured institution in the Deposit Insurance Scheme is terminated, the Corporation shall immediately cause a notice of such termination to be published in the Federal Government Gazette and at least three newspapers with nationwide circulation, to the depositors and other creditors to whom liabilities are owed and bring the consequences of such termination to their notice.
(2) After the termination of the status of an insured institution under this Act, the insured deposits of each depositor in the institution on the date of its termination, less all subsequent withdrawals from the deposits of such depositor, shall continue to be covered for another period of one year, and thereafter, such deposits shall cease to be covered.
(3) The Corporation shall not insure any addition to any deposit specified in subsection (3) or any new deposit in the institution made after the date of termination of its status as an insured institution and the institution shall not advertise for deposits or hold itself out as having its deposits insured by the Corporation.
(4) The Central Bank of Nigeria may revoke the licence of any insured institution whose insured status has been terminated by the Corporation.