Section 4: Powers of the Corporation.

The Corporation shall, in addition to such other powers as stated in this Act, have power to-(a) insure deposit liabilities and guarantee payment to depositors of insured institutions within the scope of section 22 of this Act up to the maximum amount provided in, or under, section 25 of this Act in the event of revocation of the operating license of an insured institution or in the case of actual suspension of payments by an insured institution:
Provided that in the case of actual suspension of payments by an insured institution, payment of insured deposit shall only be made with the concurrence of the Central Bank of Nigeria;
(b) give assistance to insured institutions in the interest of depositors in case of imminent or actual financial or technical difficulties, particularly where suspension of payments is threatened, to avoid damage to public confidence in the banking system;
(c) assist the Central Bank of Nigeria in the formulation and implementation of banking policies to ensure sound banking practice and fair competition among banks in the country; and
(d) undertake such other measures or perform such other activities which in the opinion of the Board are necessary, incidental, or conducive to the attainment of the public policy objectives of this Act and the performance of the functions of the Corporation.