Section 23: Disclosure of interest by manager, etc

(1) No manager or any other officer of a bank shall-
(a) in any manner whatsoever, whether directly or indirectly, be interested in any advance, loan or credit facility and if interested he shall declare the nature of his interest to the bank;
(b) grant any advance, loan or credit facility to any person unless it is authorised in accordance with the rules and regulations of the bank;
(c) benefit as a result of any advance, loan or credit facility granted by the bank.
(2)
Any manager or officer who contravenes or fails to comply with the provisions, of subsection (1) of this section, commits an offence and is liable on conviction to a fine of N10,000 or imprisonment for a term of one year or to both such fine and imprisonment and in addition, any gains or benefits accruing to a person convicted under this section by reason of such contravention, shall be forfeited to the Government of the Federation and the gains and benefit shall vest accordingly in the Government.