Section 174 Investments and Securities Act

Section 174 of the Investments and Securities Act 2025 is about Power of the Commission to request audit. It is under Part XIII (Collective Investments Schemes) of the Act. It provides as follows:

(1) The Commission may direct a manager to audit all books of accounts and financial statements and submit the results of such an audit to the Commission within the time specified by the Commission.

(2) A person who, in respect of an audit contemplated in subsection (1), gives information, an explanation or access to records which he knows to be false or misleading commits an offence and is liable on conviction to a fine of N1,000,000 or imprisonment for a term of one year or both.