Section 25: Directors' report.

(1) The directors shall cause to be prepared, in each year, a report containing a fair view of the development of the activities of the public enterprise during the year, and of its position at the end of that year.
(2) The directors' report shall state the names of the persons who, at any time during the year, were directors of the public enterprise and the principal activities of the public enterprise in the course of the year and any significant changes in those activities in the year.
(3) The report shall also state the matters and give the particulars required by paragraphs 1, 3 and 4 of Part 1 of Schedule 5 to the Companies and Allied Matters Act.
(4) Part III of Schedule 5 to the Companies and Allied Matters Act, shall apply as regards the matters to be stated in the directors' report as they relate to the employment, training and advancement of disabled persons, the health, safety of work and welfare of the employees of the public enterprise and the involvement of employees in the affairs, policy and performance of the public enterprise.
(5) Where there is failure to comply with the requirements of this section as to the matters to be stated or the particulars to be given, in the directors' report, every person who was a director of the public enterprise immediately before the end of the period prescribed for submitting the report is guilty of an offence and liable on conviction to a fine of N500,000 or imprisonment for a term not exceeding 2 years or to both such fine and imprisonment.
(6) In the trial of an offence under subsection (5) of this section, it shall be a defence for the person to prove that he took all reasonable steps for securing compliance with the requirements in question.