Section 30: Offences under Part II

(1) In relation to Part II of this Act, a person who-
(a) being a depositor, withdraws from an account affected by this Act, any foreign currency and sells the foreign currency to an unauthorised dealer whether in or outside Nigeria; or
(b) with intent to defraud, forges, mutilates, utters or defaces any passbook maintained pursuant to this Act; or
(c) being a bank, converts the proceeds of any domiciliary account maintained in the bank to a use for which it was not intended; or
(d) being a depositor, negotiates any draft, foreign bank note or negotiable instrument otherwise than through the banking system; or
(e) being an Authorised Dealer, permits or in any way facilitates the withdrawal by a depositor of foreign currencies contrary to section 21 of this Act; or
(f)
makes or accepts cash payments contrary to section 21 of this Act,
is guilty of an offence under this Act.
(2) A person convicted of an offence under subsection (1) of this section is liable-
(a) in the case of an individual, to imprisonment for a term not exceeding two years;
(b) in the case of an officer at the port of entry or a bank official, to imprisonment for a term not exceeding five years;
(c) in the case of a body corporate, to a fine of ten times the amount of foreign currency involved.
(3) In addition to the penalty imposed under this section-
(a) the foreign currency involved, shall be forfeited to the Federal Government;
(b) where an offence under this Part of this Act is committed by a body corporate the court may order that the body corporate shall thereupon and without any further assurance, but for the order, be wound up and all the assets and properties of the body corporate shall be forfeited to the Federal Government;
(c) where an offence under this Part of this Act is committed by an Authorised Dealer, the court may, in addition to the penalty prescribed in paragraph (b) of this subsection, recommend that the license of the Authorised Dealer be revoked.