Section 5: Prohibition against proliferation of deposit insurance schemes.

(1) Notwithstanding any provision contained in any other law, no person other than the Corporation shall insure deposit liabilities, or guarantee payments to depositors, of insured institutions.
(2) A person who contravenes the provisions of this section commits an offence and is liable on conviction to, in the case of-
(a) an individual, a fine of N10,000,000 and a further N200,000 for each day the offence continues, or imprisonment for a term not more than five years or both; or
(b) a corporate body, a fine of N50,000,000 and a further N1,000,000 for each day the contravention continues.
(3) In addition to the penalty in subsection (2), a person who contravenes subsection (1) shall be liable on conviction to forfeit to the Government of the Federation a sum equivalent to two times the cumulative premiums or other amount collected in contravention of subsection (1).