Section 45: Seizure of movable property in bank

(1) Where the Chairman of the Commission is satisfied on information given to him by an officer of the Commission that any movable property, including any monetary instrument or any accretion thereto which is the subject-matter of any investigation under this Act or evidence in relation to the Commission of such offence is the possession, custody or control of a bank or financial institution, he may, notwithstanding any other written law or rule of law to the contrary by order direct the bank or financial institution not to part with, deal in, or otherwise dispose of such property or any part thereof until the order is revoked or varied.
(2) No bank, agent or employee of a bank shall on account of such compliance, be liable to any prosecution or to any civil proceedings or claim by any person under or by virtue of any law, contract, agreement, or arrangement, or otherwise.
(3) Any person who fails to comply with an order of the Chairman of the Commission under subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding two times the amount which was paid out in contravention of the Chairman's order or fifty thousand naira, whichever is the higher, and to imprisonment for a term not exceeding two (2) years.
(4) the subject-matter of an offence under this Act or evidence of the commission of such offence shall be liable to seizure and the seizure shall be effected.
(a) by the issuance of a Notice of seizure signed by the Chairman of the Commission or any other person authorised by him setting out therein the particulars of the immovable property which is to be seized in so far as such particulars are within his knowledge, and prohibiting all dealings in such immovable property; and
(b) by publishing a copy of such notice in two newspapers circulating in Nigeria which shall be in the English Language; and
(c) by serving a copy of such Notice on the officer of the Ministry of Lands of the Area in which the immovable property is situate.
(5) The officer responsible for land matter referred to in subsection (4) (c) shall immediately upon being served with a Notice of Seizure under subsection (1) endorse the terms of the notice of seizure on the document of title in respect of the immovable property in the Register at his office.