Section 6: Opening and Closing of Branches.

(1) No bank shall open or close any branch office, cash centre or representative office anywhere within or outside Nigeria except with the prior written consent of the Bank.
(2) Any bank intending to close any of its branches or subsidiaries outside Nigeria shall give notice in writing to the Governor of its intention, at least six months before the date of the intended closure or within such shorter period as the Governor may, in any particular case, allow.
(3) The Bank may direct any bank to divest from any of its subsidiaries where the Bank determines that the continued investment of a bank imperils the financial health of the bank, or where the Bank determines that the oversight by the bank, or supervision by the host regulator over such subsidiary is not adequate relative to the risks the subsidiary presents, or if the Bank cannot gain access to the information required to assess the risk posed to a bank by such subsidiary on a continuous basis.
(4) Any bank which contravenes the provisions of subsections (1) or (2) or which fails to comply with a directive of the Bank made under subsection (3) 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.
(5) Without prejudice to the provisions of subsection (4), the Governor may order the-
(a) closure of any branch office, cash centre or representative office or any other banking outlet opened without the prior written consent of the Governor in contravention of subsection (1) or (2); or
(b) re-opening of any branch office, cash centre or representative office or any other banking outlet closed without the prior written consent of the Governor in contravention of subsection (1).