Section 37: Investigation in respect of related entities of insured institutions.

(1) The Corporation under the auspices of Financial Services Regulation and Coordinating Committee (FSRCC) may obtain information from the relevant sector regulator regarding the activities of a regulated entity under its purview relating to transactions with an insured institution.
(2) Any holding company of any insured institution, any subsidiary, or affiliate or associated company of any insured institution, or any director or officer of any such holding company, subsidiary, affiliate or associated company, that provides information that is false, misleading, inaccurate, or incomplete, or that fails to comply with any requirement to provide information under this Act, commits an offence and is liable on conviction, in the case of-
(a) a corporate body, to a fine of at least N100,000,000; and
(b) an individual, to imprisonment for a term of at least five years.
(3) Where an insured institution is deemed to be threatened with insolvency on the basis of data submitted under subsection (1), the Corporation may under the auspices of the FSRCC investigate the business and the financial status of the subsidiaries, affiliates and associated companies of the insured institution.
(4) The Corporation may require any person, depositor, customer, creditor or organisation which had a transaction with or related to a failing or failed insured institution to provide information on such transaction to determine whether or not such transaction contributed to the insolvency or failure of the insured institution.