Section 28: Information to be delivered by bankers.

(1) Without prejudice to section 26 of this Act, every bank shall prepare upon demand by the Service, quarterly returns specifying -
(a) in the case of an individual, all transactions involving the sum of N5,000,000.00 and above; or
(b) in the case of a body corporate, all transactions involving the sum of N10,000,000.00 and above, the names and addresses of all customers of the bank connected with the transaction and deliver the returns to the Service ;
(c) the names and addresses of new customers of the bank and shall not later than the seventh day of the succeeding month deliver the returns to the Service ;
(2) Subject to subsection (1) of this section, for the purpose of obtaining information relative to taxation, the Service may give notice to any person including a person engaged in banking business in Nigeria to provide within the time stipulated in the notice, information including the name and address of any person specified in the notice :
Provided that a person engaged in banking business in Nigeria, shall not be required to disclose any additional information about his customer or his bank under this section unless such additional disclosure is required by a notice signed by the Executive Chairman of the Service on the advice of the Technical Committee of the Board.
(3) Any bank that contravenes the provisions of this section commits an offence and shall, on conviction be liable to a fine not exceeding N500,000.00 on corporate customers and not exceeding N50,000.00 in the case of individual customer.