Section 47: Notification to the corporation of dismissed staff and employment of dismissed staff.

(1) An insured institution shall notify the Corporation of any staff dismissed, terminated or advised to retire or resign on the ground of fraud, forgery or financial malpractice.
(2) The persons affected under subsection (1) shall not be employed in an insured institution.
(3) Any insured institution which acts in contravention of this section, commits an offence and is liable on conviction to a fine of at least N5,000,000 and an additional N100,000 for each day during which the contravention continues.
(4) Where an insured institution contravenes this section with the knowledge or connivance of any director, manager, secretary or any other officer of the insured institution, such an officer commits an offence and is liable on conviction to a fine of at least N2,000,000.
(5) Any contract of employment or similar agreement entered into in contravention of subsection (2) shall be void and the insured institution shall immediately dispense with the service of such person.