Section 3: Penalties

(1) Any person who commits an offence under-
(a) section 1 of this Act, is liable on conviction to a fine not exceeding N500,000 or imprisonment for a term of not less than five years or more than fifteen years or to both such fine and imprisonment;
(b) section 2 (1) of this Act, is liable on conviction to a fine not exceeding N500,000 or imprisonment for a term of not less than two years or to both such fine and imprisonment.
(2)
Where an offence under section 1 or 2 of this Act has been committed by a body corporate, every person who at the time of the commission of the offence was a proprietor, director, general manager, secretary or other similar officer, servant or agent of the body corporate (or a person purporting to act in any such capacity), he, as well as the body corporate, shall be deemed to be guilty of the offence and may be proceeded against and punished accordingly.