306 (1) An employee of a capital market operator or public company shall have the right to disclose any information connected with the activities of his work place which tends to show one or more of the following-

(a) that a criminal offence has been, is being or is likely to be committed;

(b) that a person has failed, is failing, is likely to fail or otherwise omitted to comply with any legal obligation to which he is subject;

(c) that any disclosure tending to show any matter falling within (a) or (b) above has been, is being or is likely to be deliberately concealed.

(2) For the purpose of subsection (1) of this section, it shall be immaterial whether the relevant failure occurred, occurs or would occur in Nigeria or elsewhere, and whether the law applying to it is that of Nigeria or any other country or territory.

(3) A disclosure is made in accordance with subsection (1) of this section if the employee-

(a) makes the disclosure in good faith-

(i) to his employer;

(ii) where his employer fails, refuses or omits to act, to the Commission; or

(iii) where the relevant failure or omission relates solely or mainly to the conduct of a person other than his employer, or any other matter for which a person other than his employer has legal responsibility, to that other person.

(b) the employee reasonably believes that the information disclosed and any allegation contained in it, are substantially true; and

(c) in all the circumstances of the case, it is reasonable for the employee to make the disclosure.

(4) In determining whether it is reasonable for the employee to make the disclosure, regard shall be had to the following-

(a) the identity of the person to whom the disclosure is made;

(b) the seriousness of the relevant failure, or omission;

(c) whether the relevant failure is continuing or is likely to occur in the future.

(5) No employer shall subject an employee to any detriment by any act or any deliberate failure to act on the ground that the employee has made a disclosure in accordance with the provisions of this Act.

(6) Where an employee has been subjected to any detriment in contravention of subsection (5) of this section, he may present a complaint to the Commission.

(7) Upon receipt by the Commission of such complaint, the Commission shall cause an investigation to be carried out and if satisfied that the provision of this section has been contravened, the Commission shall direct the affected capital market operator or public company to reinstate the affected employee or pay compensation in accordance with subsection (9) of this section within one (1) month of such directive.

(8) Where the detriment suffered is other than dismissal or termination, the Commission shall direct the capital market operator or public company to restore the affected employee to his appropriate position within one (1) month of such directive.

(9) Any employee relieved of his employment without any just cause other than for reason of disclosure made pursuant to the provision of this section shall be entitled to a compensation which shall be calculated as if he had attained the maximum age of retirement or had served the maximum period of service, in accordance with his conditions of service.

(10) Any capital market operator or public company which contravenes the provisions of this section is liable to a penalty not exceeding N5,000,000 in addition to the payment of compensation to the employee in accordance with subsection (9) of this section.

(11) For the purpose of this section, "detriment" includes dismissal, termination, redundancy, withholding of benefits and entitlements, suspension and any other act that has negative impact on the employee.

(12) Apart from the provisions of the Constitution of the Federal Republic of Nigeria, any provision in any other law or agreement that precludes the application of this section shall be void.