Section 5: Power to Revoke or Vary Conditions of License.

(1) The Bank may vary or revoke any condition subject to which a licence was granted or may impose fresh or additional conditions to the grant of a licence.
(2) Where the grant of a licence is subject to conditions, the bank shall comply with those conditions to the satisfaction of the Bank within such period as the Bank may deem appropriate in the circumstances.
(3) Any bank which fails to comply with any of the conditions of its licence commits an offence and is liable on conviction to-
(a) a penalty of not less than N20,000,000; and
(b) an additional penalty of N500,000 for each day during which the condition is not complied with.
(4) Where the Governor proposes to vary, revoke or impose fresh or additional conditions on a licence, the Governor shall, before exercising such power, give notice of his intention to the bank concerned and give the bank an opportunity to make representation to him thereon.
(5) Any bank which fails to comply with any fresh or additional condition imposed in relation to its licence is liable to-
(a) a penalty of not less than N5,000,000; and
(b) an additional penalty of N100,000 for each day during which the fresh or additional condition is not complied with.
(6) Any person who, being a director, manager or officer of a bank fails to take reasonable steps to secure compliance with any of the conditions of the licence of the bank, commits an offence and is liable on conviction to imprisonment for a term of not less than three years or a fine of not less than N2,000,000 or both.