Section 99: Interpretation.

99. In this Act-
"bank" means any person who is licenced by the Central Bank of Nigeria to carry on the business of acceptance of deposit;
"Board" means the Board of Directors of the Corporation;
"bridge bank" means a bank established by the Corporation in accordance with section 54 of this Act;
"close associates" means partner, associate, employer, or employee of the board member;
"concurrence" means prior written agreement;
"Corporation" means the Nigeria Deposit Insurance Corporation established under section 1 of this Act;
"Court" means any Court of competent jurisdiction including a Federal or State High Court, Tribunal, National Industrial Court, or any other Court created by the Constitution of the Federal Republic of Nigeria or an Act of the National Assembly;
"Deposit" means money lodged by depositors with any insured institution for safe keeping or for the purpose of earning interest whether or not repayable on demand, upon a given period of time, or upon a fixed date, or at a time or in circumstances agreed by or on behalf of the depositor making the lodgement with the insured institution receiving it and includes money in an insured institution that may otherwise be described by the Corporation as deposits, but shall not include without prejudice to the generality of the following-
(a) money received by the insured institution as agent or otherwise for purchase of securities, stock, shares of any company or body, or a stakeholder;
(b) money lodged in an insured institution by any person for any purpose other than for safekeeping, or for earning interest;
(c) application money and other money paid prior to allotment of shares by an applicant on account of shares or other securities held in a separate account as deposit by the issuing house under the Investments and Securities Act, or any money lodged in or received by an insured institution by any person for any purpose which may otherwise be determined not to be a deposit by the Corporation;
"Deposit Money Bank" means a bank other than a specialised bank under the Banks and Other Financial Institutions Act, No. 5, 2020;
"dissolution" means the closing down of a company by removing its name from the register of companies;
"Excess Uninsured Deposit Claims" means deposits over and above the insured amounts payable on realisation of the assets of a failed insured institution;
"Executive Management" for the purpose of section 40 of this Act only, means the Managing Director and the two Executive Directors acting by a majority vote;
"failed insured institution" means an insured institution whose licence has been revoked or which is critically undercapitalised, that is, its capital to risk weighted assets ratio is above 2% but below 5%, or that is declared a failed insured institution by the Corporation or the Central Bank of Nigeria in accordance with the criteria stipulated in the Prudential Guidelines issued for licenced insured institutions;
"failing insured institution" means an insured institution whose capital to risk weighted assets ratio or regulatory capital is below the minimum prescribed by Central Bank of Nigeria in accordance with the criteria stipulated in the Prudential Guidelines issued for licenced insured institutions;
"failure of an insured institution" means a failing or failed insured institution;
"family member" means husband, wife, father, mother, brother, sister, son, daughter and their spouses;
"insured institution" means all financial institutions in Nigeria licensed or authorised to accept deposits from the public in accordance with the provisions of the Banks and Other Financial Institutions Act, No. 3, 2020;
"liquidator" means the Nigeria Deposit Insurance Corporation or such other person appointed by the Corporation to act as liquidator;
"Minister" means the Minister responsible for finance;
"obligor" means the debtor or guarantor of a debt owed to an insured institution;
"other financial institutions" has the same meaning ascribed to it under the Banks and Other Financial Institutions Act, No. 3, 2020;
"other deposit-taking financial institutions" includes licenced Microfinance banks, licenced Primary Mortgage institutions, specialised banks and any other deposit taking institution as may be designated by the Central Bank of Nigeria;
"partners" in this Act shall include directors of a limited liability company performing out audit functions in respect of an insured institution;
"President" means the President of the Federal Republic of Nigeria;
"principal officer" means a director, chief executive officer, chief operating officer, chief financial officer, or such other officer of an insured institution as may be so designated by the Corporation;
"significant interest" means control over or beneficial ownership of shares of an aggregate value of at least 5% of the total shareholding, whether held directly by the person or through another person or a company in which he has shareholding;
"significant shareholder" means a person with significant interest in an insured institution; and
"State" means any of the States of the Federation.