Section 29 — Information to be delivered by bankers and others

(1) For the purposes of tax and without prejudice to section 142 of this Act, every bank, insurance company, stock-broking firm, or any other financial institution, shall prepare, with or without demand by the Service, annual returns specifying the names, customer location and transactions of new and existing customers in the case of—

(a) an individual, where the cumulative transactions in a month amount to ₦50,000,000.00 or more; or

(b) a body corporate, where the cumulative transactions in a month amount to ₦250,000,000.00 or more.

(2) Every bank, insurance company, stock-broking firm, other financial institution, or any other legal arrangement shall, as may be prescribed by way of notice, rules, regulations, guidelines, or circulars issued by the relevant tax authority prepare and submit returns of—

(a) transactions involving the specified sum;

(b) names, addresses, including foreign addresses, or any other information of its customers connected with those transactions; or

(c) names, addresses, or any other information of new or existing customers.

(3) Without prejudice to subsections (1) and (2) of this section, for the purpose of obtaining information relative to taxation, the relevant tax authority may give notice to any person including a person engaged in banking business in Nigeria to provide within the time stipulated in the notice, information including the name and address of any person specified in the notice.

(4) Notwithstanding the provision of subsection (3) of this section a person engaged in banking business in Nigeria, shall not be required to disclose any additional information about his customer or his bank under this section unless such additional disclosure is required by a notice signed by the Chief Executive Officer of the relevant tax authority.