Section 38: Appointment, powers and functions of examiners.

(1) The Managing Director shall, for the purpose of attaining the public policy objectives or proper performance of the functions of the Corporation, have power to appoint such number of examiners who shall be officers of the Corporation.
(2) The examiners appointed under subsection (1) shall have-
(a) power to examine periodically, and under conditions of secrecy, the books and affairs of every insured institution;
(b) a right of access at all times to the books, accounts and vouchers of the insured institution including its management information system;
(c) power to require and obtain information and explanations from the officers, directors and auditors of an insured institution as they may deem necessary in the discharge of their duties; and
(d) access to accounts, returns and information with respect to any insured institution under the provisions of this Act, which are in the possession of the Central Bank of Nigeria.
(3) In the exercise of the powers and performance of the functions under subsection (2), an examiner shall exercise reasonable care to prevent unreasonable hindrance to the activities of an insured institution and confine the investigation to matters of fact and data deemed necessary for the examination.
(4) Subject to subsection (5), the Corporation and the Central Bank of Nigeria may develop a framework for the purpose of streamlining the conduct and minimising the disruptive effect of examinations.
(5) The supervision and examination of insured institutions by the Corporation under this section and sections 39 and 40 of this Act shall be subject to the concurrence of the Central Bank of Nigeria.
(6) An examiner shall forward a written report of his findings to the Managing Director of the Corporation who shall inform the Board of any circumstances in which the Corporation shall notify, and may make appropriate recommendations to the Central Bank of Nigeria under the provisions of sections 32, 33, and 43 of this Act.