Section 56: Inapplicability of Chapter 21 of the Companies and Allied Matters Act and winding up rules.

(1) Subject to subsection (4), the provisions of Chapter 21 of the Companies and Allied Matters Act, or any amendment or replacement to it, and the Companies winding up rules made under it shall not apply to the winding up of insured institutions. [Act No. 3,2020]
(2) The Chief Judge of the Federal High Court shall issue or cause to be issued winding up rules for the expedited and accelerated winding up of failed insured institutions and insured institutions that commence voluntary winding up and matters relating to it including provisional powers of the liquidator pending the making of the winding up order.
(3) Immediately following the publication in the Federal Government Gazette of the revocation of the licence of an insured institution, where such insured institution is a bank, and in other cases, immediately following the publication in the Federal Government Gazette of the appointment of the Corporation as the liquidator of any other category of insured institution under section 62 (4) of the Banks and Other Financial Institutions Act, the Corporation shall apply to the Federal High Court for an order to wind up the affairs of such failed insured institution in respect of which it is a liquidator. [Act No. 5, 2020]
(4) The Corporation shall have and exercise all the powers, benefits and authority conferred on a liquidator or any company in liquidation and shall have power to apply to the Court for any relief or order which a liquidator or any company in liquidation may obtain under the Companies and Allied Matters Act, and such application shall be made with such modifications as to form and content as are stipulated under this Act or in the winding up rules issued under subsection (2). [Act No. 3, 2020]