Section 50: Technical assistance.

(1) The Corporation, with the concurrence of or at the request of the Central Bank of Nigeria, may-
(a) assume control of a failing insured institution and take over its management;
(b) appoint new management for the insured institution;
(c) remove, replace or change principal officers of the insured institution;
(d) replace the principal officers of the insured institution with officials of the Corporation;
(e) impose holding actions, direct the insured institution and its directors to carry out specified actions or refrain from doing certain actions;
(f) carry out organisational and operational changes including, without limitation, staff rationalisation, requiring shareholders to recapitalise the bank, shutting down of some branches, sale of subsidiaries or other business units, downsizing, rightsizing, appointment of consultants, writing off certain assets, applying debt to equity swaps, consideration of certain securities and instruments as capital, and employment of bailin measures, write down of capital and restructuring of the business of the insured institution;
(g) take such action as may be-
(i) necessary to restore the failing insured institution to a sound and solvent condition, and
(ii) appropriate to carry on the business of the failing insured institution and preserve and conserve its assets and properties;
(h) acquire, manage and dispose of impaired assets of failing insured institutions, either directly or through an asset management company established by the Corporation, and failing insured institutions shall, at the request of the Corporation, be obliged to offer such impaired assets for sale to the Corporation or the asset management company; and
(i) take any other measures to restructure the insured institution.
(2) For the purpose of subsection (1)(h), the Corporation, with the concurrence of the Central Bank of Nigeria, may make rules, regulations and guidelines for designating assets of failing insured institutions as impaired assets, regulating the regime for valuation and acquisition of such impaired assets by the Corporation or an asset management company established by the Corporation for that purpose, and regulating the regime for the administration, realisation, management and disposal of such acquired impaired assets.
(3) The provisions of sections 26, 27, 63, 64, 66, 67, 68 and 69 of this Act shall apply mutatis mutandis to debts owed to the Corporation or to an asset management company established by the Corporation by reason of the acquisition of impaired assets under subsection (1) (h).