Section 32: Examination and Report.

(1) The Governor shall have the power to direct the officers appointed under section 31 to carry out examinations of banks, other financial institutions and specialised banks including maiden, routine, special, and target examinations.
(2) The Governor shall, in the case of routine examination, forward a copy of the report arising from the examination together with the recommendations of the Bank, to the bank, other financial institutions and specialised banks concerned with instruction that it be placed before the meeting of the board of directors of the bank specially convened for the purpose of considering the report and the recommendations.
(3) The bank, other financial institution or specialised bank shall, not later than 30 days after receiving the report, convey to the Governor, the reaction of its board of directors to the report and its proposals for implementing the recommendations of the Bank.
(4) Any bank, other financial institution or specialised bank which contravenes this section-
(a) in the case of a bank, is liable to a penalty of not less than N5,000,000 and an additional penalty of N100,000 for each day during which the contravention continues;
(b) in the case of a specialised bank or other financial institution, is liable 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; and
(c) in all other cases, if the contravention continues for more than 30 days, the Bank may, in addition to the penalty, withdraw any privilege or facility granted to that bank, other financial institution of specialised bank.