Our Joseph Onele authored the caption article in The Gravitas Review of Business & Property Law. The article can be cited as J Onele ‘A Review of the Nigeria Deposit Insurance Corporation’s Power as a Liquidator’ (2018) 9(2) The Gravitas Review of Business and Property Law.
In the article, Joseph considers: (a) the appropriateness of the Nigeria Deposit Insurance Corporation (NDIC) filing a petition for winding up of a failed bank in the face of an action challenging the revocation of the banking licence of a failed insured institution; (b) the authenticity of the postulation that where a failed bank is challenging the revocation of its banking licence, a petition for winding up of the bank should be stayed until the determination of the suit challenging the revocation and that any disposal of assets of a failed bank will be caught by the doctrine of lis pendens; and (c) the veracity of the proposition that once the licence of a bank is revoked, it stands revoked until the revocation is set aside by an order of court.
He posits that the NDIC can realise assets of a failed institution without having recourse to court, even in the face of a court action challenging the revocation of the licence of such failed institution, except where there is an injunction expressly restraining it from doing so.
Thoughts and opinions expressed in the article are solely his and not necessarily representative of the firm’s position.
The article is available here.