Section 50: Power to obtain information on debtors. (amended by Section 17 of the Asset Management Corporation of Nigeria Amendment Act, No. 2, 2019)

(1) Notwithstanding anything to the contrary in any enactment, rule of law, banking practice or rule or contractual provision, the Corporation may, for the purposes of recovering any money owed to it by a debtor in pursuance of the Corporation's acquisition of an eligible bank asset, by written notice, require any eligible financial institution to disclose to or furnish to the Corporation, within such time as may be specified in the written notice, details of, and balances in, all accounts (howsoever described) maintained by such debtor with the eligible financial institution, and details of all investments by way of deposits or in financial instruments made by such debtor with or through the eligible financial institution or the bank identification number or other unique identifier of the debtor.
(2) Any eligible financial institution which fails to comply with the requirement of a written notice issued to it by the Corporation under subsection (1) within the time specified in such written notice is liable to a fine, payable to the Corporation, of N10,000,000.00 and a further N50,000.00 for each day that the failure to comply continues.
(3) A director of an eligible financial institution who fails to comply with the requirement of a written notice issued to him by the Corporation under subsection (1) within the time specified in such written notice, commits an offence and is liable on conviction to three years imprisonment:
Provided that a director of an eligible financial institution commits an offence under this subsection, where such director, within a reasonable time of becoming aware of such written notice, demands the board of eligible financial institution, in writing, that the eligible financial institution shall comply with the requirements of the written notice.
(4) Without prejudice to the provisions of sub-section (2), where an eligible financial institution fails to comply with the requirement of a written notice issued to it by the Corporation under subsection (1) within the time specified in such written notice, the Corporation may apply to the Court by motion ex-parte for an order compelling such eligible financial institution to immediately comply with the requirement of the written notice and the Court, except it sees good reason to the contrary, shall make an order compelling such eligible financial institution to comply with requirement of the written notice and award against such eligible financial institution costs of at least N5,000,000.00 in addition to the fine under subsection (2).