Section 16 — Return by banks

(1) A lending bank shall prepare and submit to the Fund, in such form and within such period as the Minister may determine a return on its activities with regard to loans granted by the bank for the purposes of this Act.

(2) The Board may impose on any bank that fails to submit a return under subsection (1) of this section the following penalties, that is:

(a) ₦500 for each day on which the bank fails to submit the return, for a maximum of 30 days; and

(b) thereafter ₦1,000 for each day the failure persists.