Section 243 Investments and Securities Act

Section 243 of the Investments and Securities Act 2025 is about Inspection of warehouse by the Commission. It is under Part XV (Commodities Exchange and Warehouse Receipts) of the Act. It provides as follows:

(1) The Commission or its appointed agent may inspect any warehouse.

(2) A person who obstructs a warehouse inspector or any other authorised person in the exercise of the powers conferred on him by this Act or who neglects or refuses to produce to a warehouse inspector or any other authorised person, any commodity, document, book of accounts or other records on demand, commits an offence and is liable on conviction to a fine of not less than N500,000 or imprisonment for a term of not more than three months or both.

(3) The Commission may, in lieu of criminal prosecution in subsection (2), impose a penalty of not less than N1,000,000 and a further sum of N5,000 for every day the violation continues.