BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020

Section 126: General Powers of the Tribunal and President of the Tribunal.

2020Section 126 of 132Federal Republic of Nigeria

(1) The Tribunal shall have all the inherent powers of a superior Court of record and shall give its judgment in writing and may make or impose sanctions but not limited to penalties, suspensions, withdrawal of registration or licenses, specific performance, or restitution, imprisonment and such other sanctions as it may deem appropriate in each case.
(2) A certified true copy of the decision of the Tribunal shall be supplied to the parties upon request, subject to payment of the prescribed fees.
(3) The Tribunal shall enforce its judgment and accordingly, may commit any person for contempt.
(4) An award or judgment of the Tribunal shall be enforced, as if it were a judgment of the Federal High Court or State High Court or High Court of the Federal Capital Territory upon registration of a copy of such award or judgment with the Chief Registrar of the Federal High Court or State High Courts or High Court of the Federal Capital Territory, by the Tribunal.

Cite this section

Section 126, BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020 (2020).

https://repo.podus.ai/laws/banks-and-other-financial-institutions-act-2020/section/126/