Section 95-101 BOFIA 2020
Section 95, 96, 97, 98, 99, 100, and 101 of the Bank and Other Financial Institutions Act 2020 is under Part X (POWER TO IMPOSE PENALTIES) of the Act.
Section 95 BOFIA 2020
Failure to Comply with Rules, etc.
Without prejudice to any other provisions of this Act, the Governor may impose any one or more of the following sanctions on any bank, specialised bank, other financial institution, or person for failure to comply with any of the provisions of this Act, the Central Bank of Nigeria Act or any other law relating to banking or any rules, regulations guidelines or directives made thereunder —
(a) suspension of the authorized foreign exchange dealership license for any period of time as the Bank may prescribe;
(b) prohibition from participation in any medium for transaction in foreign exchange;
(c) suspension from participation in bank clearing systems;
(d) forfeiture to the Bank of any pecuniary benefit obtained as a result of the violation or breach;
(e) suspension of any licence issued or given to any bank, specialised bank or other financial institution;
(f) imposition of a penalty not exceeding N100,000,000; and
(g) any other sanctions the Bank may deem appropriate
Section 96 BOFIA 2020
Power to compound offences
(1) Notwithstanding the provisions of any law, the Governor may, in the event that an offence or infraction is punishable under this Act, the Central Bank of Nigeria Act, the Foreign Exchange (Monitoring and Miscellaneous) Provisions Act, the Credit Reporting Act or any other law relating to banking, accept such sums as the Governor thinks fit, not exceeding the minimum amount of penalty to which that person would have been liable under any of the foregoing enactments.
(2) Any moneys paid to the Governor pursuant to subsection (1) of this section, shall be paid into the Bank’s penalty account which shall be established for that purpose.
Section 97 BOFIA 2020
Power to freeze accounts
(1) Notwithstanding anything contained in any other enactment, where the Governor has reason to believe that transactions undertaken in any account with any bank, specialised bank or other financial institution are such as may involve the commission of any criminal offence under any law, the Governor may make an ex-parte application for an Order of the Federal High Court verifying on oath the reasons for the Governor’s belief, and on obtaining such Court Order direct or cause a direction to be issued to the manager of the bank, specialised bank or other financial institution where the account is situated or believed to be, or in the alternative to the head office of such bank, specialised bank or other financial institution directing the bank, specialised bank or other financial institution to freeze the account.
(2) The manager of a bank, specialised bank or other financial institution in which a direction has been issued on an account under subsection (1) of this section shall, on receipt of such direction, suspend all transactions whatsoever related to such account for such period as may be specified in the direction.
(3) Where an account has been frozen pursuant to this section, the Governor shall refer the matter to the Nigeria Police Force, the National Drug Law Enforcement Agency, the Economic and Financial Crimes Commission or any other law enforcement authority or appropriate regulatory authority. Provided that where the matter relates to an infraction of the provisions of this Act or other enactment administered by the Bank, the Governor may cause such matter to be investigated by the Bank.
(4) Where it is not possible for the Bank, the Nigeria Police Force, the National Drug Law Enforcement Agency, the Economic and Financial Crimes Commission, or any other appropriate regulatory authority to conclude its investigations within the period stipulated in the Court Order, the Governor shall apply to the Federal High Court for an Order for the continued freezing of the account concerned.
Section 98 BOFIA 2020
Right to Appear in Court
(1) Subject to the provisions of section 174(1) of the Constitution of the Federal Republic of Nigeria, any legal practitioner in the employment of the Bank may, with the consent of the Governor, prosecute or defend criminal, civil or other proceedings in the name of and on behalf of the Bank in respect of matters relating to the business or operations of the Bank, any bank, specialised bank or other financial institution in the course of carrying out the objectives of this Act, the Central Bank of Nigeria Act, the Foreign Exchange (Monitoring and Miscellaneous) Provisions Act or any other law relating to banking or the business of other financial institution.
(2) Notwithstanding the provisions of any enactment to the contrary, a person appointed under subsection (1) of this section shall, while so appointed be entitled to represent the Bank as a legal practitioner for the purpose and in the course of such person’s employment in any civil or criminal proceedings, without prejudice to the power of the Bank to engage private legal practitioners in any proceeding.
Section 99 BOFIA 2020
Power to impose and review and penalties
Notwithstanding the provisions of this Act or of any other law the Governor may by notice published in the print and electronic media and in the Gazette, reduce or increase the monetary penalty payable for the contravention of any of the provisions of this Act.
Section 100 BOFIA 2020
Power to grant exemptions
The Governor may exempt any other financial institution, non-interest bank or specialised bank from any of the provisions of this Act by a notice published in the print and electronic media and in the Gazette
Section 101 BOFIA 2020
Power to Charge Fees
Notwithstanding the provisions of this Act, or the Central Bank of Nigeria Act, the Bank may charge such fees as the Board may consider appropriate for any of its services.