Section 70: Designation of Systemically Important Banks.

(1) The Bank shall by regulation prescribe the assessment criteria for designating systemically important banks or such other designation, as the Governor may from time to time determine, and the policy measures considered appropriate, to address the risks posed by such designated banks including-
(a) liquidity standards;
(b) stress testing requirements;
(c) recovery and resolution plan;
(d) enhanced supervision; and
(e) disclosure requirements.
(2) The Governor may, in furtherance of subsection (1), designate any bank as a systemically important bank or such other designation as the Governor may specify, and a bank so designated shall be obliged to immediately apply and comply with the standards and requirements of a systemically important bank as may be prescribed by the Bank under subsection (1).
(3) Any bank which fails to comply with any of the policy measures in the guidelines issued by the Bank under this section is, in respect of each such failure, liable to a fine of not less than N5,000,000 and an additional penalty of N200,000 for each day during which such offence continues.
(4) The Bank, in taking any resolution measure in connection with a failing systemically important bank or any failing bank, may request for the cooperation of any government agency or corporation in Nigeria, with regulatory oversight in respect of such failing bank or whose mandate would be impacted by the resolution measures and such government agency or corporation shall be obligated to cooperate with the Bank.