Section 52: Purchase and assumption.

The Corporation, with the concurrence or at the request of the Central Bank of Nigeria, may undertake a purchase of assets and assumption of liabilities transaction with respect to a failing or failed insured institution as follows-(a) the Corporation shall have power to charge, dispose, transfer or alienate all or some of the assets of a failing or failed institution to a healthy insured institution;
(b) the Corporation may advance to or receive from the assuming institution an amount equal to the difference between the assumed liabilities and the transferred or purchased assets;
(c) the assets of the failing or failed insured institution shall be transferred or purchased by a healthy insured institution in consideration of the assumption of all or some of the liabilities of the failing or failed insured institution;
(d) the Corporation may receive such assets from the failing or failed insured institution as collateral for any advance to the assuming institution or purchase the assets from the failing or failed insured institution and any asset (including land) of the failing or failed institution shall be transferred or be vested in the assuming institution or the Corporation.