Section 60: Offence in relation to Resolution Cost Fund (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
without prejudice to the provisions of section 54 of this Act, any eligible financial institution which fails to comply with any of the povisions of Part IX of this Act shail be guilty of an offence and shall on conviction be liable to a fine of N 1,000,000,000 for each incidence of non-compliance.
(2)
where an eligible financial institution commits an offence under section 60W(1), every director and management staff of such eligible financial institution shall also be severally guilty of that offence and liable to be prosecuted, convicted and punished for the offence in like manner as if he had himself committed the offence, unless he proves that at the relevant time, he demanded of the board of directors of the eligible financial institution, in writing that the eligible financial institution complies with the provisions of this Act and delivered a copy of such demand to the Board of Trustees.
(3)
A person, who being a director or an employee of an eligible financial institution, knowingly or recklessly makes a false claim or representation in any material respect in relation to the ascertainment of the amount of the banking sector resolution cost which an eligible financial institution is liable to pay under this Act shall be guilty of an offence and shall on conviction be liable to a fine of N10,000,000 or imprisonment for a term of two years or both.
(4)
Subject to the provisions of section 60W (3) if the annual levy to which an eligible financial institution is liable under this Act, or any part thereof is not paid within the time specified in this Act, the eligible financial institution that so fails to pay the annual levy or any part thereof shall be liable, in addition to annual levy or any part thereof due, an additional sum amounting to ten times the annual levy or part thereof so unpaid for every month that annual levy or part thereof remains unpaid.
Provided always that the Board of Trustees may remit in whole or in part the additional sum imposed by the provisions of sub-section (4) of this section.