Section 158: Requirements for administration of collective investment schemes

(1) No person shall perform any act or enter into any agreement or transaction for the purpose of administering a scheme, unless such person is:
(a) incorporated under the Companies and Allied Matters Act; and
(b) registered as a fund or portfolio manager by the Commission.
(2) Any person who contravenes the provisions of this section is liable to a penalty of not less than N100,000 and a further sum of N5,000 per day during which the contravention continues.