Section 29: Exclusive Regulatory and Supervisory Powers.

(1) Notwithstanding anything to the contrary contained in this Act or in any other enactment, the Bank shall have and exercise regulatory and supervisory power over banks, other financial institutions and specialised banks to the exclusion of any other agency or institution:
Provided that the Bank may share information on banks, other financial institutions or specialised banks with other agencies or institutions or permit such other agencies or institutions to have access to the books and records of banks, other financial institutions or specialised banks subject to the conditions set out in subsection (4) or such other additional conditions as the Bank may determine.
(2) Without prejudice to section 64 of this Act, where a bank, other financial institution or specialised bank is affiliated to any other entity, the Bank shall have power to supervise such bank, other financial institution or specialised bank and all entities affiliated with such bank, other financial institution or specialised bank on a consolidated basis.
(3) For the purposes of subsection (1), the word, “affiliated" has the same meaning ascribed to it under section 24 (4) of this Act
(4) For the purpose of this section, the Governor may appoint examiners who shall-
(a) under condition of confidentiality, examine periodically the books and affairs of each bank, other financial institutions and specialised banks;
(b) have a right of access at all times, to the books, accounts and vouchers of banks, other financial institutions and specialised banks;
(c) have power to require from directors, managers and officers of banks, other financial institutions and specialised banks such information and explanation as they deem necessary for the discharge of their duties; and
(d) have the right to attend (as observers) management and board meetings of banks, other financial institutions or specialised banks to which they are assigned.
(5) Every bank, other financial institution or specialised bank shall produce to the examiners at such times as the examiners may specify, all books, accounts documents and information which they may require.
(6) If a bank, other financial institution or specialised bank fails to produce any book, document or information in accordance with the requirement of an examiner under this section or under section 31 of this Act, or produces or furnishes to an examiner any book, document or information that is false in any material particular, the bank, other financial institution or specialised bank is liable, in the case of-
(a) a bank, to a penalty of not less than N20,000,000 and in addition, to a penalty of N500,000 for each day during which the contravention continues; or
(b) other financial institutions or specialised banks, to a penalty of not less than N2,000,000 and an additional penalty of N50,000 for each day during which the contravention continues.
(7) The reports and findings of the Bank, together with the recommendations in relation to the specialised banks owned by the Federal Government of Nigeria, shall be forwarded to the supervising Minister of such specialised bank and, at the sole discretion of the Governor, may be forwarded to the President.
(8) Specialised banks and other financial institutions shall be treated in the same manner as banks with respect to the requirements of section 23 of this Act.