Section 35: Conditions for participation after termination of insured status.

An insured institution whose insured status is terminated in accordance with this Act but whose licence has not been revoked by the Central Bank of Nigeria may re-apply to participate in the scheme after it has satisfied all the conditions required of it by the Board particularly after the Board had given consideration to the-(a) institution’s financial position and its general operational practice has improved satisfactorily since the termination order became effective;
(b) grounds for which the institution's participation in the Deposit Insurance Scheme was terminated have been remedied; and
(c) future earnings prospects and general character of its management are satisfactory.