Section 26: Publication of Financial Statements.

(1) A bank or other financial institution shall, not later than three months after the end of its financial year, forward to the Bank for approval to publish its financial statement which is prepared in accordance with the relevant accounting standards as may be prescribed by the relevant authorities and, in the case of a non-interest bank, an independent report of the advisory committee of experts on the compliance status of the bank’s activities with non-interest banking principles shall, additionally be furnished.
(2) Every bank or other financial institution shall thereafter, but not later than seven days after approval for publication by the Bank-
(a) cause to be published in not less than two national daily newspapers printed and circulating in Nigeria;
(b) exhibit in a conspicuous position in each of its offices, branches and website; and
(c) forward to the Bank, copies of the bank’s published Statement of Financial Position and Statement of Profit and Loss and Other Comprehensive Income duly signed with the full names of the directors of the bank who signed the financial statements, and in the case of a non-interest bank a copy of the report of its advisory committee of experts.
(3) Every published account of a bank under subsection (2), shall disclose in detail penalties paid for the contravention of the provisions of this Act, any policy or guidelines in force during the financial year and the auditor’s report shall reflect such contraventions.
(4) The Statement of Financial Position and Statement of Profit or Loss and Other Comprehensive Income of a bank shall-
(a) bear on their face the report of an approved auditor; and
(b) contain statements on such matters as may be specified by the Bank, from time to time.
(5) For the purpose of subsection (4), an "approved auditor" is an auditor approved for the purpose of section 28 of this Act.
(6) Any bank which fails to comply with any of the requirements of this section is, in respect of each such failure, liable to a penalty of not less than N5,000,000 and an additional penalty of N100,000 for each day the contravention continues.