Section 49: Offences by Directors and Managers of Banks.

Any person being a director, manager or officer of a bank who fails to take all reasonable steps to secure-(a) compliance by the bank with the requirements of this Act, or
(b) the correctness of any statement submitted under the provisions of this Act, commits an offence and is liable on conviction to-
(i) a fine of not less than N2,000,000 or imprisonment for a term of not less than three years or to both such fine and imprisonment and, in addition, the Governor may suspend or remove from office or blacklist any such officer, manager or director.