Section 59: Failure to comply with Conditions of Licence. etc.

(1) Any person who fails to comply with any of the conditions of a licence granted under section 58 is liable to a penalty of not less than N2,000,000 and an additional fine of not less than N50,000 for each day during which the contravention continues.
(2) Every person carrying on any financial business referred to in section 57 of this Act shall-
(a) comply with the monetary policy directives and other guidelines as the Bank may, from time to time, issue; and
(b) furnish, within the stipulated time, any statistical and other returns as the Bank may, from time to time, require.
(3) Any person who fails to comply with the provisions of subsection (2) is liable to a fine of not less than N2,000,000 and an additional penalty of not less than N50,000 for each day during which the offence continues.
(4) Any person who, being a director, manager or officer of a specialised bank or other financial institution, 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-
(a) imprisonment for a term of not less than three years;
(b) a fine of not less than N2,000,000 and an additional penalty of N50,000 for each day during which the offence continues; or
(c) both such imprisonment and fine.
(5) Failure to comply with the guidelines or other directives of the Bank or refusal to supply returns in the prescribed form may be a ground for the revocation of a licence granted under this Act.