Section 39: Special examination.

(1) Notwithstanding anything in any law establishing the public enterprise, the Commission may at any time appoint two or more qualified officers of the Commission (including consultants) (in this Act referred to as "examiners") to make a special examination of the books and affairs of a public enterprise under conditions of secrecy where the Commission is of the opinion that the public enterprise.
(a) may be carrying on its activities in a manner detrimental to public interest; or
(b) may have insufficient assets to cover its liabilities; or
(c) may be contravening the provisions of this Decree; or
(d) is unable, persistently, to pay the salaries of its employees; or
(e) may, where applicable, fails to post a profit for a period deemed unreasonable by the Commission; or
(f) fails persistently to provide the goods and services for which it was established.
(2) The examiners appointed under subsection (1) of this section shall·-
(a) have power to examine periodically, and under conditions of secrecy, the books and affairs of every public enterprise;
(b) have a right of access at all times to the books, accounts and vouchers of the public enterprise;
(c) be entitled to require and obtain information and explanations from the officers and directors of a public enterprise as may be deemed necessary in the performance of their duties;
(d) have access to any accounts, returns and information with respect to any public enterprise which are in the possession of any bank or financial institution in Nigeria in which the public enterprise keeps or operates any account;
(e) have the right to inspect all public works and other projects for which contracts have been awarded by the public enterprise.
(3) Any director or officer of a public enterprise who fails to assist or, in any way whatsoever, obstructs an examiner in the performance of his duties or exercise of his power under subsection (2) of this section is guilty of an offence and liable on conviction to imprisonment for a term of 18 months or a fine of N500,000 or to both such imprisonment and fine.