Section 90: External auditors of all insured institution and reporting requirements.

(1) No duty to which an auditor of an insured institution or a person appointed under the provisions of Banks and Other Financial Institutions Act or any amendment is subject shall be contravened by reason of his communicating in good faith to the Corporation whether or not in response to a request made by it, any information or opinion on a matter to which this section applies and which is relevant to safe and sound banking and financial practices. [Act No. 5, 2020]
(2) An auditor of an insured institution shall recognise the Corporation's responsibility for the protection of the interest of depositors and shall bring to the notice of the Corporation-
(a) any adverse development such as possibility of imminent financial collapse;
(b) evidence of an occurrence which has led or is likely to lead to a material diminishing of the insured institution's net asset;
(c) evidence that there has been a significant weakness in the accounting and other records or the internal control system of the insured institution;
(d) evidence that the management of the insured institution has reported financial information to the Corporation which is misleading in a material particular;
(e) where he believes that a fraud or other misappropriation has been committed by the directors, management or staff of the insured institution or has evidence of the intention of directors or senior management to commit such fraud or misappropriation; or
(f) where there has been an occurrence such as acting in an irresponsible or reckless manner in respect of the affairs of the insured institution which causes the auditor to no longer have confidence in the competence of the directors or the senior management to conduct the business of the insured institution in a prudent or safe and sound manner so as to protect the interest of the depositors.
(3) Any auditor of an insured institution who acts in contravention of or fails deliberately or negligently to comply with any of the provisions of subsection (2) in any respect, commits an offence and is liable on conviction to a maximum fine of N50,000,000, and where the approved auditor is a firm, the individual partner or partners in charge of the audit shall, in addition, be liable on conviction to imprisonment for a term not more than five years and to the fine required to be paid by the firm under this subsection.