Section 53: Acquisition of insured institution whose capital is lost.

(1) The Corporation, with the concurrence or at the request of the Central Bank of Nigeria, may acquire a failing or failed insured institution whose paid up capital is lost or unrepresented by available assets for a nominal consideration of one naira only by an Order published in the Federal Government Gazette.
(2) The acquired insured institution shall from the date stated in the Federal Government Gazette belong to the Corporation which shall hold same in trust for the depositors and other creditors of the insured institution.
(3) The Corporation may restructure the acquired institution for sale to suitable investors or wind up and liquidate the insured institution.
(4) The Corporation may take such other measures that are reasonably necessary for resolution of an acquired insured institution.