Section 54: Offences and Penalties.

(1) A person who-
(a) makes any false claim in any material respect in relation to any movable or immovable property used as collateral for any loan with a view to defeating the realization of the debt commits an offence and is liable on conviction to a fine of not less than 5 Million Naira or imprisonment for a term not less than 3 years or to both such fine and imprisonment ;
(b) is charged with an offence under this Act but the evidence establishes an attempt to commit the offence may be convicted of attempt to commit that offence, although the attempt is not separately charged and punished as provided under this Act; or
(c) is charged with an offence under this Act but the evidence establishes the commission of a lesser offence under this Act, the offender shall be convicted of that lesser offence and punished as provided under this Act ; and
(d) aids, abets, counsels, procures or conspires with any other person to commit an offence under this Act, commits any offence and is liable on conviction to a fine not less than 5 Million Naira or imprisonment for a term not less than 3 years or to both such fine and imprisonment.
(2) A person who, being indebted to or being a customer of an eligible financial institution or otherwise connected to the debt, negligently, willfully or recklessly makes a statement or gives any information knowing it to be false in relation to a loan, an advance, a guarantee or any other credit facility commits an offence under this Act and is liable on conviction to a fine not less than 5 Million Naira or to imprisonment for a term not less than 3 years or to both such fine and imprisonment.
(3) Where a person referred to in subsection (1) or (2) of this section is a body corporate, any of its directors, managers, officers, employees or partners who is responsible or is in any way connected with the doing of any of the acts referred to in those subsections is guilty of the same offence under this Act and liable on conviction to the same punishment.
(4) The conviction of a body corporate for any of the offences under subsection (1) or (2) of this section shall be a ground for winding up of the affairs of that body corporate.
(5) Save as otherwise specifically provided under the provisions of this Act, any person who contravenes or attempts to contravene or aids or abets the contravention of the provisions of this Act or in any way obstructs the implementation of the provisions of this Act commits an offence and is liable on conviction to a fine not less than 3 Million Naira or to imprisonment for a term not less than 2 years or to both such fine and imprisonment.
(6) In this section, reference to eligible financial institution includes the Corporation.