Section 44: General Restriction on Advertisement.

(1) No person, other than a bank or any other person authorised to take deposits, shall issue any advertisement inviting the public to deposit money with it.
(2) Any person who issues an advertisement in contravention of the provisions of subsection (1), commits an offence and is liable on conviction to-
(a) a fine of not less than N50,000,000 or two times the cumulative deposits or other amount collected on account of any such advertisement;
(b) imprisonment for a term of not less than five years; or
(c) both such fine and imprisonment.
(3) All advertisements issued by any bank shall be in compliance with regulations on advertisements issued by the Bank from time to time.
(4) Any bank which contravenes subsection (3), is liable to a penalty of N5,000,000 and an additional penalty of N100,000 for each day during which the contravention continues.
(5) In this section, "advertisement" includes any form of advertising whether-
(a) in publication;
(b) by the display of notice;
(c) by means of circular or other documents;
(d) by any exhibition of photographs or cinematograph;
(e) by way of sound broadcasting or television or loudspeakers;
(f) other public address systems; or
(g) electronic mail, internet or other electronic media.
(6) An advertisement which contains information calculated to lead directly or indirectly to the deposit of money by the public shall be treated as an advertisement inviting the public to deposit money.
(7) An advertisement issued by any person on behalf of, or to the order of, another person shall be treated as an advertisement issued by that other person and for the purpose of any proceeding under this Act, an advertisement inviting the public to deposit money with a person specified in the advertisement shall be presumed, unless the contrary is proved, to have been issued by the person.