Section 92 Investments and Securities Act 2025

Section 92 of the Investments and Securities Act 2025 is about Penalties for non-compliance with sections 90 and 91. It is under Part IX (Regulation of Securities) of the Act. It provides as follows:

(1) A public company which appoints an auditor that is not registered with the Commission is liable to a penalty of not less than N5,000,000 and a further penalty of N50,000 per day for the period the violation continues.

(2) An auditor who contravenes the provisions of sections 90 and 91 is liable to a penalty of not less than N1,000,000 and a further penalty of N5,000 per day for the period the violation continues.