Section 19: Offences and Penalties.

(1) A person for the purpose of procuring the registration of any name, qualification or other matter who-
(a) makes a statement which he believes to be false in a material particular ; or
(b) recklessly makes a statement which is false in a material particular, is guilty of an offence
(2) If, on or after the relevant date, any person who is not a member of the Institute practices or holds himself out to practise as a banker for or in expectation of reward or takes or uses any name, title, addition or description implying that he is in practice as a banker, he shall be guilty of an offence: Provided that, in the case of a person falling within Section 15 of this Act-
(a) this subsection shall not apply in respect of anything done by him during the period of three months mentioned in that section ; and
(b) if within that period he duly applies for membership of the Institute then, unless within that period he is notified that his application has not been approved, this subsection shall not apply in respect of anything done by him between the end of that period and the date on which he is enrolled or registered or is notified as aforesaid.
(3) The Registrar or any other person employed by or on behalf of the Institute who wilfully makes any falsification in any matter relating to the register, shall be guilty of an offence.
(4) Where an offence under this section which has been committed by a body corporate is proved to have been committed with the consent or connivance of or to be attributable to any neglect on the part of any director, manager, secretary or other similar officer of the body corporate or any person purporting to act in any such capacity, he, as well as the body corporate, shall be deemed to have committed the offence and is liable on conviction by court of competent jurisdiction in the case of an individual to the punishment prescribed in Subsection (4) of this section and in the case of a body corporate, to a fine of not less than N200,000.
(5) A person who shall be guilty of an offence under this section is liable on conviction to imprisonment for a term not exceeding two years or to a fine not less than N20,000 or to both imprisonment and fine.