Section 31: Delivery of Books, Records, etc. to the Corporation upon Purchase. (amended by Section 5 of the Asset Management Corporation of Nigeria. Act, No. 2, 2019)

(1) Where the Corporation has acquired an eligible bank asset, the eligible financial institution from which the eligible bank asset was acquired shall deliver to the Corporation or its nominee all its books and records in relation to the eligible bank asset concerned and any document of title that the eligible financial institution holds in respect of any property that is subject to a security which is part of the eligible bank asset and execute all such instruments necessary to properly document the acquisition.
(2) The Corporation may require any eligible financial institution from which it has acquired an eligible bank asset or any director, manager or officer of such eligible financial institution to furnish information and produce documents, books, accounts and records in relation to any eligible bank asset acquired by the Corporation from such eligible financial institution or in relation to the borrower or other obligor connected with such eligible bank asset,
(3) The power conferred on the Corporation by subsection (2) shall be exercisable by the Corporation in respect of all eligible bank assets acquired by the Corporation either before or after subsection (2) comes into effect.
(4) An eligible financial institution which fails to deliver to the Corporation or its nominees any of its books, records and documents of title or execute any instrument as required by subsection (1), any of its directors, managers or officers as may be applicable, who fails to furnish the Corporation any information or produce any document, book, account or record required by the Corporation under subsection (2) in accordance with the requirement of the Corporation and within the time specified by the Corporation shall be severally liable to a fine, payable to the Corporation, of and a further N50,000.00 for each day that the failure to deliver the books, records and documents of title or execute an instrument or furnish or produce the required information, document, book, account or record continues.
(5) If an eligible financial institution required by subsection (1) to deliver to the Corporation or its nominees any of its books, records and documents of title, or if an eligible financial institution or its director, manager or officer of an eligible financial institution required by the Corporation under subsection (2) to furnish any information or produce any document, book, account or record, delivers, furnishes or produces to the Corporation any information, document, book, account or record which is false or misleading, the eligible financial institution and its director, manager or officer as may be applicable, are severally liable, in the case of the:
(a) financial institute to a fine of N10,000,000.00; and
(b) director manager or officer as may be applicable for a fine of N2,000,000.00 payable to the Corporation.
(6) In addition to the fines stipulated in subsections (4) and (5), any director, manager or officer of an eligible financial institution, that fails to furnish to the Corporation any information or produce any document, book, account or record, required by the Corporation under subsection (2) in accordance with the requirement of the Corporation and within the time specified by the Corporation or that delivers, furnishes or produces to the Corporation any information, document, book, account or record which is false, commits an offence and is liable on conviction to imprisonment for six months.
(7) Where the:
(a) eligible financial institution fails to deliver to the Corporation or its nominees any of its books and records and documents of title or execute any instrument as required by subsection (1),
(b) eligible financial institution or a director, manager or officer of an eligible financial institution, as may be applicable, fails to furnish the Corporation any information or produce any document, book, account or record required by the Corporation under subsection (2) in accordance with the requirements of the Corporation and within the time specified by the Corporation,
(c) eligible financial institution which is required by subsection (1) to deliver to the Corporation or its nominees any of its books, records and documents of title or the eligible financial institution or its director, manager or officer, who is required by the Corporation under subsection (2) to furnish any information or produce any document, book, account or record, delivers, furnishes or produces to the Corporation any information, document, book, account or record which is false or misleading, or
(d) Corporation determines that, in its reasonable opinion, the eligible financial institution made, either before or at the time of the acquisition of the eligible bank asset by the Corporation, a material misrepresentation as to the nature and value of the eligible bank asset or any asset or property by which the eligible bank asset is secured,
without prejudice, to the provisions of subsections (4) and (5), the eligible financial institution, shall, at the sole election of the Corporation, exercisable by delivery of- a written notice to the eligible financial institution, be liable to refund, immediately to the Corporation, the full purchase price paid by the Corporation to the eligible financial institution for the acquisition of an eligible bank asset together with interest at a rate equivalent to the average of the Federal Government treasury bills interest rate from the date of the acquisition of the eligible bank asset to the date of the full purchase price is repaid, if in relation to an eligible bank asset acquired by the Corporation from the eligible financial institution whether before or after the coming into effect of this Act.
(8) Where an eligible financial institution to which a written notice is delivered under subsection (7) fails or neglects to refund to the Corporation the amount stated in the written notice together with interest as stipulated under subsection (7) within five days from the date of delivery of the written notice, the Central Bank of Nigeria shall, upon written demand by the Corporation made at any time after the expiration of five days from the delivery of the written notice to the eligible financial institution, cause any account of the eligible financial institution maintained with the Central Bank of Nigeria to be debited immediately with the amount stated in the written notice together with interest and cause the said amount and interest to be paid over to the Corporation immediately.