Section 23: Proper Books and Records of Account.

(1) Every bank shall cause to be kept proper books of account with respect to all the transactions of the bank.
(2) For the purpose of subsection (1), proper books of account are deemed to be kept with respect to all transactions, if such books, as are necessary to explain such transactions and give a true and fair view of the state of affairs of a bank, are kept by the bank and are in compliance with the accounting standards as may be prescribed for banks by relevant authorities.
(3) The books of account shall be kept in English language at the principal administrative office of a bank and at each branch of the bank.
(4) Where the books of account, kept by a bank with respect to all its transactions, are prepared and kept in such a manner that, in the opinion of the Bank, have not been properly prepared and kept, or where a bank renders returns in accordance with section 24 of this Act which, in the opinion of the Bank, are inaccurate, the Bank may appoint a firm of qualified accountants to prepare proper books of account or render accurate returns, as the case may be, for the bank and the cost of preparing the accounts and rendering the returns shall be borne by the bank.
(5) If any person being a director, manager or officer of a bank-
(a) fails to take all reasonable steps to secure compliance with any of the provisions of this section, or
(b) has, by any willful act, been the cause of any default of by the bank, such director, manager or officer-
(i) is liable, in respect of paragraph (a), to a penalty of not less than N2,000,000, and
(ii) in respect of paragraph (b), commits an offence and is liable on conviction to imprisonment for a term of not less than five years or to a fine of not less than N5,000,000 or both.