Section 16: Return by banks.

(1) A lending bank shall prepare and submit to the Fund, in such form and within such period as the Minister may determine, a return on its activities with regard to loans granted by the bank for the purposes of this Act.
(2)
The Board may impose on any bank that fails to submit a return under subsection (2) of this section the following penalties, that is-
(a)
N500 for each day on which the bank fails to submit the return, for a maximum of 30 days; and
(b)
thereafter N1,000, for each day the failure persists.
[1993 No. 32.]