Section 65: Sanctions on public interest entities.

(1) Where the Council reaches a final decision under section 57, to the effect that a public interest entity has failed to comply with any of its decisions under this Act, and with such other financial reporting, accounting, auditing and financial reporting standards as may be specified under the relevant enactments, the Council shall serve a notice on the entity for an immediate restatement of its financial statements.
(2) Where a notice is served on a 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 same to the Council and to the relevant government department or authority.
(3) Any public interest entity which fails to comply with the notice referred to in sub-section (2) of this section commits an offence and shall, on conviction be liable to a fine not exceeding N10,000,000.00 and be required to restate the said financial statements within 30 days thereafter and the Council shall require such entity to disclose same in the following year's financial statements.