Section 95: Examination Report

(1)
The Commission shall, upon the completion of an examination or investigation, forward a copy of its report to the Pension Fund Administrator or Pension Fund Custodian or such other person or body with the instruction that the report be placed before the board of directors of the Pension Fund Administrator or Pension Fund Custodian or such other persons or body.
(2)
The board of directors of the Pension Fund Administrator or Pension Fund Custodian or any other pension related body recognised under this Act shall, within 30 days of receiving the report mentioned in sub-section (1) of this section, convene a meeting of the board to consider the report and submit its reactions to the report and proposals for implementing any recommendations to the Commission.
(3)
Any Pension Fund Administrator, Pension Fund Custodian, person or body who fails to comply with the provisions of sub-section (2) of this section commits an offence and is liable on conviction to a fine of not less than N500,000.00 for each day during which the offence continues and where the offence continues for more than 30 calendar days, the Commission may, in addition to the fine, suspend any director, management staff or officers of the Pension Fund Administrator or Pension Fund Custodian.
(4)
The management of the Commission shall submit quarterly reports to the Board of the Commission on its findings in the performance of its function with respect to the supervision and examination of the Pension Fund Administrators and Pension Fund Custodians or any other person or body relating to pension funds.