Section 45: Obligations in respect of unauthorised disclosure.

(1) The members of board, staff and agents of an insured institution shall keep strictly confidential and make no unauthorised disclosure or use of any information in relation to the activities or condition of an insured institution or in relation to its customers which they may either directly or indirectly receive in such capacity, even after they cease to be members or staff or agents of that insured institution.
(2) The obligation specified in subsection (1) is imposed on members of the Board and employees of, and agents or other persons engaged by, the Corporation.
(3) The provision of subsection (1) shall not apply to communications made to the Corporation, the Central Bank of Nigeria, external auditors of the insured institution, the Bankers' Committee, or the Federal Ministry responsible for finance in connection with the functions of the Corporation.
(4) The provisions of subsection (1) shall not apply to communications made to the Corporation in connection with the admission or exclusion of an insured institution from a deposit insurance fund established by or under the provisions of this Act.
(5) A person who contravenes the provisions of subsection (1), commits an offence and is liable on conviction a fine of N5,000,000 or imprisonment for a term not more than three years or both.