Section 21: Fines and Penalties.

(1) A person who commits an offence under section 20 (1)(0) of
this Act shall on conviction be liable to a term of imprisonment not exceeding
lO years or a fine not less than NlO milliion.
(a) contravenes section 2 of this Act or provides credit bureau services after a licence has been revoked or suspended commits an offence under
this Act;
(b)
intentionally or negligently provides inaccurate, incomplete, misleading or false information to Credit Bureaux, Credit Information Provider, Credit Information User or Data Subjects commits an offence under this Act
(c) intentionally or negligently discloses Credit Information in contravention of the provisions ofthis Act commits an offence under this
Act;
(d) tampers or alters Credit Information received in such a manner as
incorrectly represents the information received commits an offence under
this Act ;
(e) intentionally or willfully obtains information from a Credit Bureau
under false pretence or for a purpose other than a permissible purpose
commits an offence under this Act;
(f) uses Credit Information for a purpose other than a permissible purpose
commits an offence under this Act;
(g) wrongfully alters, modifies or delete records by a Credit Bureau
from its database commits an offence under this Act;
(h) makes an unauthorised disclosure or use of Credit Information, or
provides Credit Information to any person carrying on the business, or
performing the functions, of a Credit Bureau without a licence commits an
offence under this Act; and
(i) fails, either as Credit Information Provider or a Credit Bureau to
submit or update data within the timeframe stipulated under this Act or
within such other time frame that may be specified by the Bank commits
Ian offence under this Act.
(2)
Any person who commits an offence under section 20 (1) (b )-(i) of this Act shall on conviction be liable to a fine not less than N 10 milliion.
(3) Any person who commits an offence under section 20 (2) of this Act
shall on conviction be liable to imprisonment for a term of 3 years or a fine
less than N3million.
(4) Notwithstanding any of the provisions of this Act, the Bank may
impose a prescribed monetary penalty or suspend a licence for failure to comply
with any rules, regulations, guidelines or administrative directives made, given
or issued to the Credit Bureaux under this Act.