Section 39: Duties of insured institutions in relation to examination.

(1) An insured institution shall produce to the examiner as and when required, all books, accounts, documents, management information systems and all information as the examiner may deem necessary or request in the performance of his functions.
(2) Any insured institution, its director or officer that-
(a) willfully refuses to produce any book, account, document or such other information,
(b) negligently, willfully or with intent to defraud, gives information which is false in any material particular, or
(c) refuses examiners access to their premises or any hardware or software utilised in its business,
commits an offence.
(3) A person who commits an offence under this section shall be liable on conviction-
(a) in the case of an individual who commits an offence under subsection (2) (a), to a fine of N100,000 for every day that he withholds the information, document, book or account and in the case of an insured institution to a fine not more than N1,000,000 for every day that the said information, document, or book of account was withheld; or
(b) for an offence under subsection (2) (b)-
(i) to a fine not more than N10,000,000 or imprisonment for a term of three years or both, in the case of an individual, and
(ii) to a fine of N50,000,000 in the case of a Deposit Money Bank and N10,000,000 for other deposit-taking financial institutions.