Section 96: Regulations.

(1) The Board may make regulations, rules or orders to give full effect to the provisions of this Act.
(2) The power to make regulations, rules or orders conferred on the Board by this Act shall include-
(a) power to make provisions for such incidentals and supplementary matters as the authority making the instrument considers expedient for the purpose of the instrument; and
(b) power to make different provisions for different circumstances guiding the operations of the Deposit Insurance Scheme.
(3) The Corporation may impose a penalty not more than N10,000,000 on an insured institution or its directors or officials or recommend to the Governor of the Central Bank of Nigeria to suspend the licence of the insured institution if the insured institution fails to comply with any provisions and regulations, under this Act on matters relating to Deposit Insurance.