Section 7: Restructuring, Reorganisation, Merger and Disposal, etc. of Banks.

(1) Except with the prior written consent of the Governor, no bank shall enter into an agreement or arrangement-
(a) which results in-
(i) a change in the control of the bank, or
(ii) the transfer of a significant shareholding in the bank;
(b) for the sale, disposal or transfer of the whole or any part of the business of the bank;
(c) for the amalgamation or merger of the bank with any other person;
(d) for the restructuring, reconstruction or re-organisation of the bank; or
(e) to transfer the whole or any part of the business of the bank to any agent.
(2) Where a bank proposes to enter into any agreement or arrangement under subsection (1), the Bank may, on the application of any of the banks to be affected, order separate meetings of the banks to be summoned in such manner as the Bank may direct.
(3) Any transaction in contravention of subsection (1) is void and any transfer of interest thereunder shall be ineffectual except where such transaction is subsequently ratified in writing by the Bank.
(4) The Bank may approve an agreement or arrangement covered by subsection (1) if the Bank is satisfied that-
(a) such agreement or arrangement is not likely to cause a restraint of competition, or tend to create a monopoly in the banking industry;
(b) the significant shareholders or directors of the bank that results from the agreement or arrangement are not disqualified under section 47 of this Act;
(c) the agreement or arrangement is consistent with public interest; and
(d) the bank that results from the agreement or arrangement meets the capital requirements prescribed under sections 9 and 13 of this Act.
(5) Upon the grant of a new banking licence by the Bank to a bank which results from the agreement or arrangement in subsection (1), all the assets and liabilities of the banks that are parties to the agreement or arrangement shall, by virtue of the grant of the new banking licence, be transferred to and become the assets and liabilities of the new bank.
(6) The provisions of this Act apply notwithstanding the provisions of the Federal Competition and Consumer Protection Act.
(Cap. 18. LFN 2018)
(7) Any person who contravenes subsection (1), commits an offence and is liable on conviction to a penalty of not less than N20,000,000 and in the case of a continuing breach, to an additional penalty of N500,000 for each day during which the contravention continues.