Section 67: Special power to obtain information from insured institution.

(1) Notwithstanding anything to the contrary in any enactment, rule or law, banking practice of rule or contractual provision, the Corporation may, for the purposes of recovering any money owed to a failed insured institution by an obligor under the role of the Corporation as a liquidator, by written notice, require any insured institution to disclose or furnish to the Corporation, within such time as may be specified in the written notice, details of, and balances in, all accounts (howsoever described) maintained by such obligor with the insured institution, and details of all investments by way of deposits or in financial instruments made by such obligor with or through the insured institution or the bank identification number or other unique identifier of the obligor.
(2) Any insured institution which fails to comply with the requirement of a written notice issued to it by the Corporation under subsection (1) within the time specified in such written notice is liable to a fine, payable to the Corporation, of N10,000,000 and a further N50,000 for each day that the failure to comply continues.
(3) A director of an insured institution who fails to comply with the requirement of a written notice issued to him by the Corporation under subsection (1) within the time specified in such written notice commits an offence and is liable on conviction to imprisonment for three years:
Provided that a director of an insured institution shall not be liable under this subsection, where such director, within a reasonable time of becoming aware of such written notice, demands of the board of the insured institution, in writing, that the insured institution comply with the requirements of the written notice.
(4) Without prejudice to the provisions of this section, where an insured institution fails to comply with the requirement of a written notice issued to it by the Corporation under subsection (1) within the time specified in such written notice, the Corporation may apply to the Court by motion ex parte for an order compelling such insured institution to immediately comply with the requirement of the written notice and the court, except it sees good reason to the contrary, shall make an order compelling such insured institution to comply with the written notice and award against such insured institution, costs of at least N5,000,000 in addition to the fine under subsection (2).