Section 20: Appointment, power and report of auditor

(1)
There shall be appointed annually by every bank, an auditor whose duties shall be to make to the shareholders, a report upon the annual balance sheet and profit and loss account of the bank and every such report shall contain a statement as to the matters and such other information as may be prescribed, from time to time, by the Board.
(2) For the purpose of this section, the auditor shall be an auditor who is-
(a) a member of one of the professional bodies recognised in Nigeria;
(b) approved by the Board;
(c) resident in Nigeria; and
(d) carrying on in Nigeria professional practice as an accountant and auditor.
(3) A person who-
(a) has an interest in the bank otherwise than as a depositor; or
(b) is a director, officer or agent of the bank;
(c) is a firm in which a director of a bank is interested as partner or director;
(d)
is indebted to the bank,
shall not be eligible for appointment as the auditor for such a bank.
(4) A person appointed as an auditor who subsequently-
(a) acquires an interest in that bank; or
(b) becomes a director, officer or agent of that bank; or
(c) becomes a partner in a firm in which a director of that bank is interested as partner or director; or
(d)
becomes indebted to the bank,
shall cease to be such an auditor.