Extraordinary UNITY AND FAITH PEACE AND PROGRESS

Federal Republic of Nigeria

Official Gazette

No. 97 Government Notice No. 63 Lagos - 29th May, 2023 Vol. 110

The following is published as supplement to this Gazette :

Act. No.	Short Title	Page
33	Nigeria Deposit Insurance Corporation Act, 2023	A457-511

Printed and Published by The Federal Government Printer, Lagos, Nigeria FGP 86/52023/1,200

Annual Subscription from 1st January, 2023 is Local: ₩50,000.00 Overseas: N65,000.00 [Surface Mail] ₩80,000.00 [Second Class Air Mail]. Present issue ₩3,500 per copy. Subscribers who wish to obtain Gazette after 1st January should apply to the Federal Government Printer, Lagos for amended Subscriptions.

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Section: NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023 AND FAVIN PLACE AND ARRANGEMENT OF SECTIONS

PART I-ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION

1. Establishment of the Nigeria Deposit Insurance Corporation
2. Public policy objectives
3. Functions of the Corporation
4. Powers of the Corporation
5. Prohibition against proliferation of Deposit Insurance Schemes
6. Offices of the Corporation

PART II-ADMINISTRATION OF THE CORPORATION

7. Composition of the Board
8. Tenure and remuneration of part-time members of the Board
9. Disqualification of members of the Board
10. Composition of Interim Management Committee
11. Filling of vacancy in the Board
12. Conflicts of interest
13. Responsibilities and powers of the Board
14. Appointment of the Managing Director and Executive Directors
15. Appointment of Secretary and other staff

PART III-CAPITAL AND FUNDS OF THE CORPORATION

16. Capital
17. Deposit Insurance Funds
18. Operating Fund of the Corporation
19. General Reserve Fund
20. Bank Account and Investment of Funds of the Corporation

PART IV-DEPOSIT INSURANCE SCHEME

21. Participating financial institutions
22. Insurable deposit
23. Assessment of insured institutions and special contribution
24. Prohibition of set-off
25. Maximum claim
26. Right to set-off obligor's deposit
27. Application of Global Standing Instruction Scheme and statutory right to funds of obligors in insured institutions

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28. Payment of insured deposit
29. Payment of insured deposit pending action in Court
30. Power to withhold deposits on discharge of the Corporation
31. Interim dividend payment

PART V-TERMINATION OF INSURED STATUS

32. Grievous violation of obligations
33. Conditions for termination of insured status
34. Procedure upon termination of insured status
35. Conditions for participation after termination of insured status

PART VI-SUPERVISION OF INSURED INSTITUTIONS

36. Power of the Corporation to require information
37. Investigation in respect of related entities of insured institutions
38. Appointment, powers and functions of examiners
39. Duties of insured institutions in relation to examination
40. Special examination
41. Report of examination
42. Confidentiality of examination report
43. Recommendation to Central Bank of Nigeria on violations

PART VII-DUTIES OF INSURED INSTITUTIONS

44. Fidelity Insurance
45. Obligations in respect of unauthorised disclosure
46. Returns on frauds and forgeries
47. Notification to the Corporation of dismissed staff and employment of dismissed staff
48. Foreclosure of mortgages

PART VIII-FAILURE RESOLUTION OF INSURED INSTITUTIONS

49. Financial assistance
50. Technical assistance
51. Mergers and acquisitions
52. Purchase and assumption
53. Acquisition of insured institution whose capital is lost
54. Bridge banks

PART IX-LIQUIDATION OF INSURED INSTITUTIONS

55. Appointment as liquidator
56. Inapplicability of Chapter 21 of the Companies and Allied Matters Act and winding- up rules
57. Action following a failure
58. Power to appoint agents
59. Right of disposal of collateral
60. Closure of failed insured institutions
61. Limitation law not applicable

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62. Power of the Corporation as liquidator
63. Power to take interim custody
64. Freezing powers
65. Special powers in bankruptcy
66. Special power to track and trace
67. Special power to obtain information from insured institution
68. Special powers in winding up
69. Protection of the Corporation in respect of judicial proceedings
70. Prohibition of assets stripping
71. Pre-liquidation contracts
72. Priority of claims
73. Stay of pending suits
74. Termination of liquidation activities
75. Inconsistency with other laws
76. Liability of directors, shareholders and officers

PART X-CRIMINAL PROSECUTION AND OFFENCES

77. Offences and penalties
78. Civil damages
79. Power to compound offences
80. Power to investigate
81. Right to appear in court
82. Accounts and audit
83. Annual report

PART IX-GENERAL PROVISIONS

84. Liquidation expenses
85. Advertisement
86. Exemption from taxation
87. Exemption from Insurance Act
88. Power to borrow
89. Relationship with the Central Bank of Nigeria
90. External auditors of all insured institution and reporting requirements
91. Indemnity of the Corporation
92. Pre-action notice
93. Service of process
94. Designation of special judges
95. Institution of action at the Special Tribunal
96. Regulations
97. Liquidation of the Corporation
98. Repeal, savings and transitional provisions
99. Interpretation
100. Citation SCHEDULE

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461 NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023 ACT NO. 33 AN ACT TO REPEAL THE NIGERIA DEPOSIT INSURANCE CORPORATION ACT, No. 16, 2006 AND ENACT THE NIGERIA DEPOSIT INSURANCE CORPORATION ACT, 2023; AND FOR RELATED MATTERS. [26th Day of May, 2023] Commence- ment. ENACTED by the National Assembly of the Federal Republic of Nigeria-

PART I-ESTABLISHMENT AND FUNCTIONS OF THE CORPORATION

1.-(1) There is established the Nigeria Deposit Insurance Corporation (in Establishment this Act referred to as "the Corporation"). of the Nigeria (2) The Corporation- Deposit (a) shall be a body corporate with perpetual succession and a common seal; Insurance (b) may sue or be sued in its corporate name; and Corporation. (c) may, for the purposes of its functions under this Act and subject to the Cap. L5, LFN, Land Use Act, acquire, hold, and dispose of any property movable or 2004 immovable. (3) The Corporation shall be independent in the performance of its functions. (4) The Corporation shall,subject to subsection (3), develop, adopt and, as appropriate, amend, revoke or supplement appropriate regulations, codes, guidelines and procedures to regulate its operations in the performance of its functions. (5) The regulations, codes, guidelines and procedures referred to in subsection (4) shall, govern the- (a) conduct of the business and operations of the Corporation in a manner that- (i) fosters accountability and good corporate governance, (ii) ensures transparency and consistency with the highest ethical standards, and (iii) ensures the maintenance of best practice ; (b) expenditures and disbursements of the Corporation in accordance with the provisions of this Act; and (c) governance code for the Corporation; (d) code of conduct of members of the Board and staff of the Corporation; (e) any other matter relevant to the operations of the Corporation as may be directed by the Board.

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Public policy 2. The Corporation shall have the following public policy objectives- objectives. (a) protecting depositors by providing an orderly means of compensation in the event of failure of their insured institutions or the inability of such insured institutions to make payment to depositors : Provided that in the latter case such payment shall only be made with the concurrence of the Central Bank of Nigeria ; (b) contributing to financial system stability through effective surveillance mechanisms in its role as a key participant in the financial system safety-net arrangement; and (c) enhancing public confidence and financial system stability by- and (i) providing orderly exit mechanisms for failed insured institutions, (ii) with the concurrence of the Central Bank of Nigeria, providing a framework for the resolution of failing insured institutions. Functions of 3. The functions of the Corporation are- the Corporation. (a) guaranteeing, under the provisions of this Act, deposit liabilities of financial institutions licensed or authorised to accept deposits from the public Act No. 5, in accordance with the provisions of the Banks and Other Financial Institutions 2020. Act; (b) with the concurrence of the Central Bank of Nigeria, supervising insured institutions to mitigate the risk of failure ; (c) with the concurrence of the Central Bank of Nigeria, resolution of failing insured institutions ; and (d) prompt, efficient and orderly liquidation of failed insured institutions. Powers of the 4. The Corporation shall,in addition to such other powers as stated in this Corporation. Act, have power to— (a) insure deposit liabilities and guarantee payment to depositors of insured institutions within the scope of section 22 of this Act up to the maximum amount provided in, or under, section 25 of this Act in the event of revocation of the operating license of an insured institution or in the case of actual suspension of payments by an insured institution: Provided that in the case of actual suspension of payments by an insured institution, payment of insured deposit shall only be made with the concurrence of the Central Bank of Nigeria ; (b) give assistance to insured institutions in the interest of depositors in case of imminent or actual financial or technical difficulties, particularly where suspension of payments is threatened, to avoid damage to public confidence in the banking system ;

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(c) assist the Central Bank of Nigeria in the formulation and implementation of banking policies to ensure sound banking practice and fair competition among banks in the country; and (d) undertake such other measures or perform such other activities which in the opinion of the Board are necessary, incidental, or conducive to the attainment of the public policy objectives of this Act and the performance of the functions of the Corporation. 5.-(1) Notwithstanding any provision contained in any other law, no person Prohibition other than the Corporation shall insure deposit liabilities, or guarantee payments against to depositors, of insured institutions. proliferation (2) A person who contravenes the provisions of this section commits an of deposit offence and is liable on conviction to, in the case of- insurance (a) an individual, a fine of ₩10,000,000 and a further ₩200,000 for each schemes. day the offence continues, or imprisonment for a term not more than five years or both; or (b) a corporate body, a fine of N50,000,000 and a further N1,000,000 for each day the contravention continues. (3) In addition to the penalty in subsection (2), a person who contravenes subsection (1) shall be liable on conviction to forfeit to the Government of the Federation a sum equivalent to two times the cumulative premiums or other amount collected in contravention of subsection (1). 6.-(1) The Corporation shall have its head office in the capital of the Federal Offices of the Republic of Nigeria. Corporation. (2) Without prejudice to subsection (1), the Corporation may open other offices in any part of Nigeria and appoint agents and correspondents as may be approved by the Board.

PART II-ADMINISTRATION OF THE CORPORATION

7.-(1) The governing body of the Corporation shall be a Board of Directors Composition (in this Act referred to as "the Board"). of the Board. (2) The Board shall consist of- (a) the Chairman who shall be the Permanent Secretary of the Federal Ministry responsible for finance ; (b) the Managing Director ; (c) two Executive Directors; (d) one representative of the Central Bank of Nigeria who shall be the Director of Banking Supervision ; (e) the Director-General of the Securities and Exchange Commission ; and (f) one independent director.

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(3) The members of the Board shall not be persons with significant interest in any insured institution in Nigeria. (4) The President shall appoint the Chairman and other members of the Board and the appointment of the members of the Board referred to in subsection (2)(b), (c) and (f) shall be subject to the confirmation of the Senate. (5) The appointment of the- (a) Managing Director and the two Executive Directors by the President shall be on the recommendation of the Governor of the Central Bank of Nigeria; and (b) independent director by the President shall be on the recommendation of the Minister. (6) The members of the Board other than the Managing Director and the two Executive Directors shall be part-time members. (7) The members of the Board shall be citizens of Nigeria and in the case of the- (a) Managing Director and Executive Directors, shall be persons possessing at least 15 years cognate experience in banking and finance, economics, law, business administration, accounting or other relevant discipline at a senior management level; and (b) member of the Board referred to in subsection (2)(f), shall be a person with relevant cognate experience. (8) All members of the Board shall within one month of appointment to the Board declare in writing to the Board their direct and indirect shareholdings and interests in any insured institution including those of their family members or close associates known to them. Schedule. (9) The supplementary provisions contained in the Schedule to this Act shall have effect with respect to matters mentioned in it. Tenure and 8.-(1) The independent director referred to in section 7(2)(f) of this Act, remuneration shall hold office for a term of four years, renewable for another term of four years of part-time and no more. members of (2) The part-time members of the Board shall be paid such reasonable the Board. remuneration and allowances as approved by the Minister on the recommendation of the Board. Disqualification 9.-(1) Notwithstanding the provisions of this Act, a person shall cease to of members of hold office as a member of the Board if he- the Board. (a) becomes bankrupt, suspends payment or compounds with his creditors ; (b) is convicted of a felony or any offence involving dishonesty or fraud; (c) becomes of unsound mind, or incapable of carrying out his duties ;

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(d) is guilty of a serious misconduct in relation to his duties ; (e) in the case of a person possessing professional qualifications, is disqualified or suspended other than at his own request from practising his profession in any part of the world by an order of a competent authority made in that respect; (f) resigns his appointment by a letter addressed to the President, through the Minister responsible for finance ; (g) is discovered to have significant interest in any insured institution in Nigeria in contravention of section 7(3) of this Act ; or (h) is found to have failed to disclose to the Board, his interest or the interest of any family member or close associate, known to him in any insured institution at the time of his appointment. (2) No director or employee of an insured institution shall, while in office, be appointed a director of the Corporation. Composition 10.-(1) Whenever the tenure of the Board expires or is otherwise of Interim terminated, and pending the appointment of a new Board, the responsibilities of Management the Board shall be discharged by an Interim Management Committee to be Committee. constituted by the Minister. (2) The Interim Management Committee shall comprise of the— (a) Permanent Secretary, Federal Ministry of Finance, who shall be the Chairman; (b) Managing Director of the Corporation; (c) two Executive Directors of the Corporation ; (d) representative of the Central Bank of Nigeria ; and (e) Director-General of the Securities and Exchange Commission. Filling of 11. Where a member of the Board appointed under section 7 (2) (b), (c) vacancy in the and (f) of this Act dies, resigns, is disqualified or removed, or otherwise vacates Board. office before the expiration of his term, the President shall, in accordance with section 7 (4) and (5) of this Act appoint another person to fill the vacancy. Conflicts of 12.-(1) A member of the Board owes fiduciary duties to the Corporation interest. and shall ensure that his personal interest does not conflict with his duties under this Act. (2) A member of the Board shall not make a secret profit in the course of discharging his duties as a member of the Board. (3) A member of the Board shall fully and promptly disclose to the Board any personal, commercial, financial, or other interest which he may directly or indirectly hold or be connected with, and which becomes the subject of consideration by the Board, and shall be ineligible to participate in any Board deliberations and voting related to it :

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Responsibilities Provided that such an interest, if so disclosed, shall not disqualify such and powers of member for the purpose of constituting a quorum. the Board. (4) A member of the Board shall not accept any gift or advantage for himself or on behalf of any person with whom he may have a family, business, or financial relationship if the acceptance would impair, or may reasonably be viewed as likely to impair, his impartiality in the discharge of his duties under this Act. (5) A member of the Board who contravenes any of the provisions of this section commits an offence and isliable on conviction to a fine of at least N5,000,000 or to imprisonment for a term at least five years or both. 13.-(1) The Board shall be responsible for- (a) the attainment of the public policy objectives of this Act; (b) the overall policy and general supervision of the affairs of the Corporation toward the efficient and effective performance of the functions of the Corporation; and (c) such other matters as may be prescribed by any other provision of this Act. (2) Without prejudice to the generality of subsection (1), and in addition to such other powers vested in the Board by other provisions of this Act, the Board shall have power to- (a) superintend over the affairs of the Corporation ; (b) act in the name of the Corporation ; (c) acquire and approve the acquisition of offices and other premises for the use of the Corporation ; (d) make, alter and revoke rules, guidelines, circulars, and regulations for attaining the public policy objectives and performing the functions, carrying on the operations, activities, and business of the Corporation under this Act; (e) appoint officers and staff who in the opinion of the Board are required for performing the functions of the Corporation, including the examination of insured institutions ; Act No. 4, (f) to the exclusion of any other authority, body or person, fix the terms and 2014. conditions of service of the employees of the Corporation, including remuneration, allowances and pension benefits in accordance with the Pension Reform Act; (g) make, alter, or revoke disciplinary rules and procedures and measures for the staff, officers and other employees of the Corporation; and (h) do such other things and enter into such other transactions which in the opinion of the Board are reasonably incidental, supplementary or conducive to the exercise of powers of the Corporation and the performance of the functions of the Corporation.

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14.-(1) There shall be appointed for the Corporation- Appointment of the (a) a Managing Director, who shall be the chief executive officer of the Managing Corporation and shall be responsible for the management of the Corporation ; Director and and Executive (b) two Executive Directors who shall discharge such duties as may be Directors. assigned to them by the Board or the Managing Director. (2) A person appointed as the Managing Director or an Executive Director shall not, while holding that office, hold any other office or be a director in any corporation, company, or any other establishment without prior approval of the Board. (3) The Managing Director and Executive Directors appointed under this section shall hold office for a term of five years and may be eligible for reappointment for a further term of five years and no more. (4) Subject to subsection (3), the terms and conditions of service, including remuneration and allowances of the Managing Director and Executive Directors shall be as approved by the Board. Appointment 15.-(1) The Board shall appoint a Secretary who shall- of Secretary and other (a) be responsible to the Board through the Managing Director ; staff. (b) keep the Board's records; (c) conduct its correspondence; and (d) discharge such other duties as the Board or the Managing Director may determine. (2) The Secretary to the Board of the Corporation shall be a legal practitioner or a member of the Institute of Chartered Secretaries and Administrators of Nigeria with a minimum of 10 years post-qualification experience. (3) The Board may appoint such number of officers and staff as may appear expedient and necessary to the Board for the proper and efficient conduct of the business and functions of the Corporation.

PART III-CAPITAL AND FUNDS OF THE CORPORATION

Capital. 16.-(1) The authorised capital of the Corporation shall be ₩50,000,000,000. (2) On a resolution of the Board, there shall be paid up such amount as shall be subscribed by and paid-up at par in a proportion of 60% and 40% by the Central Bank of Nigeria and the Federal Ministry responsible for finance, respectively. (3) Notwithstanding the provision of subsection (1), the authorised capital of the Corporation may be increased by such amount as the Board may by resolution determine.

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Deposit 17.-(1) There is established the following Deposit Insurance Funds for Insurance each corresponding category of insured institution- Funds. (a) the Deposit Insurance Fund (DIF) for Deposit Money Banks and Mobile Money Operators ; (b) the Non-Interest Deposit Insurance Fund (NIDIF) for non-interest banks and windows; (c) the Special Institutions Insurance Fund (SIIF) for Microfinance Banks and Primary Mortgage Banks ; (d) the Non-Interest Special Institutions Insurance Fund (NISIIF) for non- interest Microfinance and Primary Mortgage Banks ; and (e) the Payment Service Bank Insurance Fund (PSBIF) for Payment Service Banks. (2) Without prejudice to the provisions of subsection (1), the Corporation may with the approval of the Board establish such additional deposit insurance funds for such other category of insured institutions as the Board may stipulate and a reference to deposit insurance funds in this section shall include deposit insurance funds established under this subsection (2). (3) The deposit insurance funds established under this section shall each be funded up to the minimum target fund size prescribed for each category of funds under subsection (4), from the respective sources prescribed in subsection (6). (4) The Board shall prescribe the minimum target fund size for each of the deposit insurance funds established under this section and the time frame within which such minimum target fund size shall be attained : Provided that the Board shall within such periods as the Board may determine review and if thought fit revise the minimum target fund size. (5) For the purpose of subsection (4), the Board shall prescribe the target ratio for each of the deposit insurance funds by reference to the total deposits of the corresponding category of insured institutions or such other basis as may be determined by the Board. (6) There shall be paid into each respective deposit insurance fund established by or under this section- (a) all assessed premiums payable by insured institutions within the corresponding category of insured institutions ; (b) all special contributions payable under section 23 (7) of this Act by insured institutions within the corresponding category of insured institutions ; (c) such portion of the income on investment of each deposit insurance fund as the Board may in its exclusive discretion determine is necessary to maintain such deposit insurance fund at its prescribed minimum target fund size; and

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(d) such portion of the general reserves of the Corporation as the Board may in its discretion determine is necessary to- or (i) maintain each deposit insurance fund at its minimum target fund size, (ii) meet the deposit insurance payment obligation of the Corporation to depositors of any category of insured institutions when the sum standing to the credit of the corresponding deposit insurance fund is insufficient to meet the deposit insurance payment obligation of the Corporation to such depositors. (7) The deposit insurance funds established by or underthis section, shall be managed by the Corporation in trust for depositors of the corresponding category of insured institutions and shall be utilised with the approval of the Board to the exclusion of any other person or authority exclusively for- (a) meeting the deposit insurance or deposit guarantee payment obligations of the Corporation under this Act to depositors of the corresponding category of insured institutions in accordance with this Act, including payment to an insured institution which assumes the deposit liability of another insured institution; (b) in pursuance of sections 4 (b) and 49 of this Act, giving assistance to insured institutions of the corresponding deposit insurance fund in an aggregate amount not exceeding ten percent or such other percentage of the sums standing to the credit of each such deposit insurance fund as may be prescribed by the Board; and (c) all refunds of excess premium assessment or special contributions as approved by the Board. Operating 18.—(1) There is established for the Corporation an Operating Fund which Fund of the shall consist of- Corporation. (a) the capital of the Corporation provided under section 16 of this Act ; (b) income from the investments of the Corporation other than income from the investment of the deposit insurance funds established under section 17 of this Act; (c) such portion of income from investment of the deposit insurance funds established under section 17 of this Act which the Board has not appropriated to the relevant deposit insurance fund under 17 (6) (c) of this Act ; (d) money borrowed from any source with the approval of the Board ; and (e) money from any other source as may be approved by the Board. (2) There shall be chargeable to the Operating Fund established under subsection (1)— (a) all expenses, other than those stipulated under section 17 (7) of this Act, incurred by the Corporation as approved by the Board or under such expenditure policy approved by the Board ;

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(b) money required for the payment of funds borrowed by the Corporation including interest on such borrowed funds ; (c) allowances and remuneration payable to members of the Board ; (d) remunerations and other allowances payable to the Secretary to the Board and other staff of the Corporation ; (e) the cost of administration of the Corporation in accordance with the budget approved by the Board ; (f) the payment for all consultancies, contracts, including mobilisation, fluctuations, variations, legal fees and cost on contract administration as approved by the Board or under the expenditure or procurement plan approved by the Board; (g) all expenses necessary to meet capital expenditure approved by the Board of the Corporation ; (h) all expenses necessary to maintain any property acquired by or vested in the Corporation ; and (i) the payment of such other expenditure (other than those stipulated under section 17 of this Act) necessary for the performance of the functions of the Corporation. (3) The Operating Fund of the Corporation shall be managed in accordance with the rules made by the Board. General 19.-(1) Notwithstanding the provisions of any enactment, the Corporation Reserve Fund. shall establish a General Reserve Fund and shall, subject to subsection (2), transfer thereto at the end of each fiscal year its net operating surplus for the year in order to- (a) satisfy payment obligations to depositors in the event that any deposit insurance fund established by or under section 17 of this Act is insufficient for that purpose; and (b) render assistance to insured institutions in accordance with the provisions of this Act. (2) Subject, to the provisions of section 17 (6) (d) of this Act and provided that the minimum target fund size prescribed by the Board under Section 17 (4) of this Act has been attained, where the General Reserve Fund is more than ten times the authorised capital at the end of the year- (a) 75% of the net operating surplus shall be transferred to the General Reserve Fund. (b) 50% of the remaining 25% of the net operating surplus may be applied to reduce the annual premium payable by insured institutions and if not so applied, shall be transferred to the General Reserve Fund, and (c) the remaining 50% of the remaining 25% of the net operating surplus shall be paid to the shareholders.

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(3) The net operating surplus of the Corporation for each year shall be determined after- (a) providing for meeting the minimum target fund size for each of the deposit insurance fund established by or under section 17 of this Act ; (b) meeting all the current expenditure for that year; and (c) making such other provisions as the Board may deem fit including depreciation of assets, contribution to staff pension and superannuation funds and all other reasonable contingencies. Bank Account 20.-(1) The Corporation shall have power to invest money not immediately and required in Federal Government Securities or in such other securities as the Board Investment of may determine. Funds of the (2) The incomes from the money invested as prescribed by subsection (1) Corporation. shall be credited to the account of the Corporation. (3) All administrative expenses shall be defrayed out of the Operating Fund established under section 18 of this Act.

PART IV-DEPOSIT INSURANCE SCHEME

Participating 21.-(1) All licensed banks and such other financial institutions in Nigeria financial licensed to engage in the business of receiving deposits shall insure their deposit institutions. liabilities with the Corporation. (2) A licensed bank or such other deposit-taking financial institution which contravenes the provisions of subsection (1), commits an offence and is liable on conviction to a fine of at least- (a) ¥50,000,000 and a further N5,000,000 for each day the offence is committed, in the case of a Deposit Money Bank; and (b) ₩5,000,000 and a further N200,000 for each day the offence is committed in the case of other deposit-taking financial institutions. (3) A principal officer of such a licensed bank or other deposit-taking financial institution which contravenes subsection (1), commits an offence and is liable on conviction to a fine of at least N5,000,000 or imprisonment for three years or both. Insurable 22. All deposits of a licensed bank or any other licensed deposit-taking dep