Section 17: Submission of returns to the Federal Mortgage Bank.

(1) Every mortgage institution shall submit to the Federal Mortgage Bank-
(a) not later than 28 days after the last day of each month, a statement of its assets and liabilities; in such form as may be prescribed by the Federal Mortgage Bank;
(b) such other periodical returns as may be prescribed by the Federal Mortgage Bank; and
(c) on request, such information as it may be prescribed by the Federal Mortgage Bank.
(2) The Federal Mortgage Bank may require a mortgage institution to submit such further information as it may deem necessary for the proper understanding of any statement or information furnished under subsection (1) of this section and such information shall be submitted within such a reasonable period as the Federal Mortgage Bank may require.
(3)
Any mortgage institution which fails to comply with any of the requirements of subsections (1) and (2) of this section shall be guilty of an offence and liable on conviction to a fine of N100 for each day during which the offence continues.
(4) It shall be the responsibility of the Federal Mortgage Bank to prepare and publish consolidated statements aggregating the figures in the statements furnished under subsection (1) of this section.
(5) The statements and information submitted by each mortgage institution under subsection (1) or (2) of this section shall be regarded as secret other than as between that mortgage institution and the Federal Mortgage Bank:
Provided that the Federal Mortgage Bank-
(a)
shall furnish any such information required by the Minister, and shall inform the Minister if at any time in its opinion there is need for an inspection of any mortgage institution; and
(b) may in support of its opinion convey to the Minister such information as it possesses concerning the state of affairs of any mortgage institution.