Section 8: Operations of Foreign Banks in Nigeria and Offshore Banking.

(1) Except with the Prior approval of the Bank, a foreign bank shall not operate branch offices or representative offices in Nigeria.
(2) Without prejudice to the provisions of Nigeria Processing Zones Authority Act or any other related enactment or law, the Bank may, subject to such conditions as it may impose, grant to any bank registered in Nigeria or a foreign bank licensed to undertake domestic or off-shore banking business within a designated free trade or special economic zone in Nigeria.
(Cap. 59 LFN, 2004)
(3) A bank or other person shall not undertake offshore banking business from Nigeria except with the prior approval of the Bank.
(4) For the purpose of subsections (2) and (3), the term, "offshore banking", means the provision from within Nigeria of cross-border intermediation of funds and the provision of banking and financial services to non-residents of Nigeria, other than non-residents that are Nigerian citizens.
(5) Subject to the provisions of subsection (1), nothing in the provisions of the Nigerian Investment Promotion Commission Act or any other law or enactment, shall be construed as authorising any person, whether as a citizen of Nigeria or a non-Nigerian, to carry on any banking business in Nigeria without a valid banking licence issued by the Bank under this Act.
(Cap. N117. LFN, 2004.)
(6) Any person who contravenes subsection (1) or (3), commits an offence and is liable on conviction to a penalty of not less than N10,000,000 and every director of any such foreign bank or banks is liable to imprisonment for a term of not less than three years or a fine of not less than N2,000,000 or both.