Section 33: Power to require or share information.

(1) In addition to any of its powers under this Act, the Bank may-
(a) require persons and institutions having access thereto, at all reasonable times, to supply, in such forms as the Bank may from time to time direct, information relating to or touching or concerning matters affecting the economy of Nigeria ;
and
(b) issue guidelines to any person and any institution under its supervision.
(2) The Bank shall take account of matters of confidential nature supplied to the Bank under this section, but where the Bank is satisfied that it is in the national interest and that the person supplying the information does not object to a proposal to publish it within a reasonable time of becoming aware of it, the Bank may, from any information in its possession, compile and publish statistical data, and anything relevant thereto, on the national economy.
(3) Where any person lawfully required to supply information for the purpose of this section-
(a) supplies information which he knows to be false or supplies the information recklessly as to its truth or falsity ; or
(b) without reasonable excuse (the proof of the reasonableness to lie on him) fails to comply with any requirement of the Bank under Sub-section (1) (a) of this section the supply or failure to supply, as the case may be, as provided, shall be an offence under this section.
(4) An offence under this section is punishable on conviction by-
(a) imprisonment not exceeding three years or with a fine not exceeding N10,000,000 for every false information or with both such imprisonment and fine ;
(b) a fine not exceeding N2,000,000 for failure to comply with any requirement of the Bank.
(5) A person or institution that fails to comply with any guideline issued under Sub-section (1)(b) of this section shall be liable on conviction-
(a) in the case of an institution, to a fine not exceeding N 10,000,000 ; and
(b) in the case of a person, to imprisonment for a term not exceeding three years or to a fine of not less than N50,000 and not exceeding N2,000,000 or to both such imprisonment and fine.
(6) The Bank may, in the exercise of its powers and on the basis of reciprocity, enter into agreement or arrangements with other regulatory authorities in Nigeria or in other countries exercising similar responsibilities for-
(a) the promotion of mutual co-operation; and
(b) the exchange of information for purposes of enhancing the supervision and regulation of financial institutions:
Provided that the exchange of such information shall be conditional upon assurances of confidential treatment of the information so given or received.