NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023

Section 78: Civil damages.

2023Section 78 of 100Federal Republic of Nigeria

(1) A director or officer or significant shareholder or employee or customer or service provider or agent or legal practitioner or accountant or external auditor or consultant, or any other party employed by or providing services to an insured institution may be held personally liable in monetary damages in any civil action instituted, on behalf of, at the request or direction of, or taken over, or by the Corporation acting as liquidator of such insured institution for mismanagement or poor management of such insured institution or its assets or for breach of trust, negligence, gross negligence or similar conduct that demonstrates breach of or disregard of duty of care or other tortuous conduct as well as under any statute whether or not resulting in the failure of such insured institution.
(2) In any proceeding related to any claim for monetary damages against an insured institution's director, officer, employee, significant shareholder, customer, service provider, agent, legal practitioner, accountant, external auditor, consultant, or any other party employed by or providing services to an insured institution, recoverable damages determined to result from the mismanagement or poor management of such insured institution or its assets or the improvident or otherwise improper use or investment of an insured institution's assets shall include principal losses and appropriate interest.

Cite this section

Section 78, NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023 (2023).

https://repo.podus.ai/laws/nigeria-deposit-insurance-corporation-act-2023/section/78/