Section 15: Publication of balance sheet and profit and loss account.

(1) Every mortgage institution shall, not later than 4 months after the end of each year-
(a) cause to be published in a daily newspaper printed and circulating in Nigeria;
(b) exhibit in a conspicuous position in each of its offices and branches in Nigeria; and
(c) forward to the Minister and to the Federal Mortgage Bank, copies of its balance sheet and profit and loss account duly signed and containing the full and correct names of the directors of the mortgage institution.
(2) The balance sheet and profit and loss account of a mortgage institution shall bear on their face the report of an approved auditor and may be published or exhibited in such abridged form as may be agreed with the Federal Mortgage Bank.
(3) For the purposes of subsection (2) of this section, "approved auditor" means an auditor approved for the purposes of section 16 of this Act.
(4) Any mortgage institution which fails to comply with any of the requirements of this section shall in respect of each such failure be guilty of an offence and liable on conviction to a fine of N200.