Section 173: Powers of the Commission after an investigation.

(1) If the Commission, after an investigation or inspection under section 172, considers that the interests of the investors of a collective investment scheme or of members of the public so require, it may:
(a) apply to the court under the Companies and Allied Matters Act for the winding-up of a manager of a collective investment scheme as if it were a creditor thereof;
(b) apply to the court, for the appointment of a receiver in respect of a manager of a collective investment scheme as if it were a creditor thereof;
(c) require a manager to appoint, in accordance with the Commission's directions, in place of the serving trustee or custodian, a competent person nominated by the Commission;
(d) require a manager to take steps, in accordance with the Commission's directions, for the winding-up of a portfolio of its collective investment scheme, and for the realisation of the assets and the distribution of the net proceeds thereof, together with any income accruals or other moneys available for distribution among the investors in proportion to their respective participatory interests;
(e) direct a manager or a trustee or custodian to take any steps, or to refrain from performing or continuing to perform any act, in order to terminate or remedy any irregularity or undesirable practice or state of affairs disclosed by an investigation or inspection;
(f) direct a manager to withdraw from the administration of a collective investment scheme, whereupon the trustee or custodian shall in accordance with the Commission's directions but subject to this Act arrange for another manager to take over the administration of the collective investment scheme; or
(g) in the case of a collective investment scheme being administered in contravention of this Act, apply to the court to have the collective investment scheme wound up, in which case the court may make any order it considers appropriate for the winding-up of the collective investment scheme.
(2) The Commission may oppose any application for:
(a) the winding-up of a manager;
(b) a judicial management order in respect of a manager; or
(c) the winding-up of a portfolio of a collective investment scheme.
(3) Any person who intends to make an application contemplated in subsection (2) must give timely notice of such application to the Commission.
(4) A person who refuses or fails to comply with a request or direction referred to in paragraphs (c), (d), (e), (f) or (g) of subsection (1) commits an offence and is liable on conviction to a fine of not less than N100,000 or to imprisonment for a period not exceeding one year or to both such fine and imprisonment.