Section 62: Power of the Corporation as liquidator.

(1) The Corporation as liquidator of an insured institution shall have power to-
(a) wind-up and liquidate the failed insured institution in an orderly manner;
(b) bring or defend any action or other legal proceedings in the name of such failed insured institution with the addition of the phrase "in- liquidation" after the name of such failed insured institution or in the name of the Corporation disclosing on the face of the process that it is the liquidator of the insured institution;
(c) carry on the business of such failed insured institution so far as may be necessary for its beneficial winding up;
(d) sell the property of the failed insured institution of whatever nature by public auction or private contract with power to transfer the whole of it to any person or to sell same in parcels;
(e) enter into any agreement for the purchase of all or some of the assets and the assumption of all or some of the liabilities of the failed insured institution;
(f) exercise any of the powers and authorities conferred on the Corporation and discharge any of the obligations to be discharged, under this Act;
(g) make such other dispositions of any matter concerning such failed insured institution as the Corporation determines it is in the best interest of the depositors of such insured institution and the Corporation;
(h) by operation of law succeed to all rights, titles, powers and privileges of the insured institution, and of any shareholder, depositor, officer, account holder or director of such institution with respect to the institution and the assets of the institution but shall not be held personally liable for the debts or liabilities of such institution;
(i) compromise debts and liabilities capable of resulting in debts, all claims, present or future, certain or contingent and in particular grant concession or interest waiver to a debtor of a failing or failed insured institution on such terms as may be agreed, and take any security for the discharge of any such call, debt, liability or claims and give a complete discharge in respect of it;
(j) take over, manage and dispose of, the assets of and operate the insured institution with all the powers of the members or shareholders, the directors and the officers of the institution and conduct all business of the institution, and collect all obligations and money due to the institution, perform all functions of the institution in the name of the institution which is consistent with the appointment as liquidator;
(k) pay all valid obligations of the failed insured institution in accordance with the provisions of this Act and any guidelines and prescriptions issued by the Corporation regulating procedures for filing, settling, determination, disallowance, proof, priority, and payment of claims including administrative review;
(l) act as or appoint any person as receiver for an obligor with respect to loans, advances or other credit facility granted by the failed insured institution whether or not the assets of the obligor have been charged, mortgaged or pledged as security for such credit facility and the receiver shall have all the powers of a receiver as stipulated in the Companies and Allied Matters Act; [Act No. 3, 2020]
(m) offer for sale to an asset management firm or any other persons the loans and other risk assets of a failed insured institution and may accept any bond or other instruments as consideration for the sale of any such assets;
(n) publish in the media the names of the debtors of a failed insured institution as disclosed in the records of the insured institution, and no liability shall attach to the Corporation or the media firm as a result of such publication;
(o) by order published in the Federal Government Gazette direct that all or any part of the property of whatever title or description belonging to the failed insured institution or purchased with funds belonging to the failed insured institution or held by trustees on its behalf or held in the name of any other person instead of the failed insured institution shall vest in the Corporation as liquidator in its official name and the property to which the order relates shall vest accordingly and shall be registered under the relevant titles deeds registration enactment in favour of the Corporation as liquidator and the Corporation as liquidator may bring or defend in its official name any action or other legal proceedings which relates to that property for the purpose of effectually winding up the failed insured institution and recovering the property but shall not suffer any liability in its corporate capacity by virtue of such order.
(2) Notwithstanding any provision contained in any other law, the Corporation shall have power to recover, at any time, interest on a debt owed to a failed insured institution and such interest shall continue to accrue after the liquidation of the failed insured institution.
(3) The Corporation as liquidator shall not be under any duty to make any returns to the Corporate Affairs Commission as provided by the Companies and Allied Matters Act, but may provide such information as may be requested by the Commission if it determines it is expedient to do so in the interest of depositors of the failed insured institution. [Act No. 3, 2020]