Section 55: Appointment as liquidator.

(1) Whenever the licence of an insured institution is revoked by the Central Bank of Nigeria, in the case of-
(a) an insured institution that is a bank, the Corporation shall act as liquidator of such insured institution with effect from the date of revocation of the licence of such insured institution; or
(b) any other financial institution, the Central Bank of Nigeria may by notice published in the Federal Government Gazette, appoint the Corporation as the liquidator of such failed insured institution.
(2) The Corporation as liquidator under subsection (1) (a) or (b), shall have all powers of a liquidator specified under this Act and such other powers of a liquidator under the Companies and Allied Matters Act, and shall be deemed to have been appointed by the court as a provisional liquidator by the Federal High Court within the meaning and intendment of that Act:
Provided that in the case of any conflict on the powers conferred on the Corporation as liquidator in this Act and the powers conferred in the Companies and Allied Matters Act, 2020, the powers conferred in this Act shall prevail. [Act No. 3, 2020]
(3) An insured institution shall give at least seven days notice to the Corporation and the Central Bank of Nigeria of any meeting of the insured institution in which it is proposed to consider a resolution for voluntary winding-up of that institution and any director or officer of an insured institution who fails to ensure compliance with this provision, commits an offence and is liable on conviction to a fine of N5,000,000 or imprisonment for a term of six months or both.
(4) Notwithstanding the fact that the license of an insured institution has not been revoked, where an insured institution commences voluntary winding up, the Corporation, where it reasonably believes that the protection of the interest of depositors so requires, and with the concurrence of Central Bank of Nigeria, may take over the winding up of such insured institution and act as the liquidator of such insured institution in accordance with the powers of the Corporation under this Act.