OBSCURELEGALFACTS BY AROME ABU
In Nigeria, every Bank must display at its offices:
●Its obligation to report transactions above the limit of suspicious transactions to the Nigeria Financial Intelligence Unit:
● Its foreign exchange rates;
● Certified true copy of it s certificate of incorporation; Etc
PENALTY
●Fine of N500,000,000.00
●N100,000 for every day of default.
See Section 22 of the Banks and Other Financial Institutions Act 2020.
Arome Abu is the Principal Partner of TCLP.
CAVEAT: Note that this information is provided for general enlightenment purposes and is not intended to be any form of legal advice.
Obscure Legal Facts is an exclusive daily publication of THE COUNSEL L-P.
Plot 108 Idris Gidado Way, Wuye, Abuja.
abuarome@thecounsellp@gmail.com
+234 803 262 2359
+234 708 1156 539.
Twitter: @TheCounselLP
NIALS' Compendia Series: Your One-Stop Solution For Navigating Nigerian Laws (2004-2023)
Email: info@nials.edu.ng, tugomak@yahoo.co.uk, Contact: For Inquiry and information, kindly contact, NIALS Director of Marketing: +2348074128732, +2348100363602.