102 Penalty for General Offences

(1) A Person who contravenes any of the Provisions of this Law or any Regulation made thereunder commits an Offence and, where no specific Penalty is provided shall be liable on conviction to a Fine of not less than ₦50,000.00 (Fifty Thousand Naira) but not exceeding ₦10,000,000.00 (Ten Million Naira) or Imprisonment for a Term of not less than Six (6) Months but not exceeding Three (3) Years or to both such Fine and Imprisonment.

(2) Where an Offence under this Law is committed by a Body Corporate or Firm or other Incorporated Trustees or other similar Association of Individuals, then every;

(a) Director, Manager, Secretary or other similar Officer of the Body Corporate;

(b) Partner of the Firm;

(c) Trustee and Person concerned in the management of the registered Trustee; or

(d) Person purporting to act in any management capacity in such Body Corporate or Firm or Incorporated Trustee or similar Association of Individuals; shall be guilty of an Offence and shall be liable to be proceeded against and punished for the Offence under sub-section (1) of this Section in like manner as if the Person had committed the Offence, unless the Person proves that the act or omission constituting the Offence took place without his knowledge, consent or connivance.