Section 12: Notification of change

(1) If, at any time after the grant of a licence to a bank, a change occurs in-
(a) the persons who are directors of that bank; or
(b)
the person in accordance with whose directions or instructions the directors of that bank are accustomed to act,
the bank shall within one month serve on the Board a notice giving details of the change.
(2) Any bank which fails to comply with the provisions of subsection (1) of this section commits an offence and is liable on conviction to a fine of N50.000.