Section 151: Offences in relation to take-over bids.

(1) Where a person makes a take-over bid:
(a) to which section 134 of this Act applies and no authority to proceed with the takeover bid granted under that section is in force on the date of the take-over bid; or
(b) to which section 135 of this Act applies and a copy of a bid under the takeover bid has not been registered under that section, that person commits an offence and is liable on conviction to a fine of not less than N100,000 or to imprisonment for a term not exceeding twelve months or to both such fine and imprisonment.
(2) Where a person makes a take-over bid and a bid under the take-over bid does not comply :
(a) in the case of an invitation, with the requirements of subsection (1) of section 136 of this Act; or
(b) in the case of an offer, with the requirements of subsection (2) of section 136 of this Act, that person or each of those persons commits an offence and is liable on conviction to a fine of not less than N100,000 or to imprisonment for a term not exceeding twelve months or to both fine and imprisonment.
(3) Where a report, an opinion or a statement referred to in subsection (1) of section 141 of this Act is included contrary to that subsection:
(a) in a bid under a take-over bid, the offeror commits an offence; or
(b) in a directors' circular, each of the directors commits an offence, and is liable on conviction to a fine of not less than N100,000 or to imprisonment for a term not exceeding twelve months or to both such fine and imprisonment.
(4) Any person who fails to comply with a demand made by the Commission under subsection (2) of section 141 of this Act as required by that subsection commits an offence and is liable on conviction to a fine of not less than N100,000 or to imprisonment for a term not exceeding twelve months or to both such fine and imprisonment.
(5) Where an offence under any provision of this section (except paragraph (b) of subsection (3) of this section is committed by a body corporate, every director of the body corporate in default shall be deemed to have committed the offence and liable on conviction to a fine of not less than N100,000 or to imprisonment for a term not less than twelve months or to both such fine and imprisonment.
(6) The Commission may in addition impose administrative sanctions on any person or persons contravening any of the provisions of this part of this Act.