Section 64: Sanctions for non-compliance.(as amened by Section 18 of the Financial Reporting Council of Nigeria (Amendment) Act, 2023.)

(1) Any person who fails to comply with the prescribed statement of accounting and financial reporting standards developed or adopted by the Council or any decision of the Council to the effect that a public interest entity has failed to comply with any of its pronouncements under this Act, and with such other accounting and financial reporting standards as may be specified under the relevant enactments, shall be liable to a fine or penalty of N10,000,000 or any amount as may be prescribed by the Council by regulations or on conviction to imprisonment for a term not exceeding 2 years, provided that the Council shall bring such non- compliance to the notice of the preparers of such financial statements.
(2) Where a notice is served on a person or public interest entity under sub-section (1) of this Section, it shall, within 60 days of the service of the notice, restate its financial statements and resubmit them to the Council and to any government department or authority requiring such statement and hold a general meeting of its shareholders on the restated financial statements.
(3) Any public interest entity which fails to comply with the notice referred to in subsection (2) of this section shall be liable to a fine or penalty of N25,000,000 or any other amount as may be prescribed by the Council by regulations, and shall restate the said financial statements within 30 days.
(4) The Council shall, subject to the approval of the Minister, review the amounts stated in sub-sections (1) and (3) of this section.
(5) Any professional, auditor or preparer of financial statements found liable under this Act commits an offence and shall, in addition to the fine and imprisonment provided for in sub-section (1) of this Section be de-listed from the register of Professionals by the Council.