Section 60: Levy on eligible Financial Institution (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
There is imposed on each Eligible Financial Institution, an Annual Levy, in an amount equivalent to fifty (50) basis points (or such higher basis points as may from time to time be determined by the Central Bank of Nigeria)of its total assets as at the date of its audited financial statements for the immediately preceding financial year published under the Banks and other Financial Institutions Act, and which shall be payable on or before the 30th day of April in each calendar year commencing in the 2014 calendar year, and for every calendar year during the tenor.
(2)
In relation to the 2014 calendar year, the reference to immediately preceding financial year in sub-section (1) of this section shall be deemed to mean the end of the 2013 calendar year, and each eligible financial institution shall be liable to pay the annual levy imposed under sub-section (1) of this section as it applies to its total assets as at the end of the 2013 calendar year.
Provided that where an Eligible Financial Institution has already made a contribution under the voluntary contractual arrangements referred to in Section 64 of this Act on its total assets as at a date after 31st April 2013, then the levy imposed under sub-section (1) of this section shall not apply as it relates to the total assets of such eligible financial institution as at the end of the 2013 calendar year.
(3)
Each eligible financial institution shall not later than 10 business days from the 31st day of March of every calendar year during the period referred to in subsection (1) of this section-
(a)
carry out a self-assessment of the amount it is liable to pay into the Resolution Cost Fund for the relevant calendar year in pursuance of the levy imposed under section 1 of this section using the assessment parameters specified in section 1(1) of this section ; and
(b)
submit to the Board of Trustees, its detailed computations of its self assessment, together with any supporting documentation relating thereto.
(4)
Where an eligible financial institution fails or otherwise neglects to comply with the requirement of subsection (3) of this section, or where in the opinion of the Board of Trustees, the self-assessrnent submitted by an eligible financial institution under subsection (3) of this section is incorrect, or otherwise understated, the Board of Trustees shall assess and determine the amount to which the concerned eligible financial institution is liable.
Provided that where a representative of an eligible financial institution whose liability is to be assessed and determined under this subsection is a member of the Board of Trustees, such representative shall not participate in, or be otherwise involved in, any such assessment and determination by the Board of Trustees.
(5)
An assessment and determination made by the Board of Trustees under subsection (4) of this section shall, except for manifest error, be final and conclusive of the amount which the concerned eligible financial institution is liable to pay into the Resolution Cost Fund.
(6)
The Central Bank of Nigeria shall be authorised to debit, for the benefit of the Resolution Cost Fund, the account of any eligible financial institution which fails to pay the levy imposed under this Act within the time limit specified in this Act to the tune of the amount so unpaid by the eligible financlal institution, and to pay into the Resolution Cost Fund any moneys of the eligible financial institution in its custody or over which it has control, in satisfaction of the liability of the eligible financial institution under this Act.