Section 102: Dealings by employees of securities dealers

(1) A securities dealer shall not give an unsecured credit to an employee or to a person who is associated with the employee if:
(a) the unsecured credit is given for the purpose of enabling or assisting the person to whom the unsecured credit is given to purchase or subscribe for any securities; or
(b) the person giving, authorising or approving the unsecured credit knows or has reason to believe that the unsecured credit will be used for the purpose of purchasing or subscribing for securities.
(2) A person who contravenes or fails to comply with any of the provisions of subsection (1) of this section commits an offence and is liable on conviction to a fine of not less than N100,000 and not more than N500,000 or to imprisonment for a term not exceeding two years or to both such fine and imprisonment.