Section 166: Redemption of units or securities.

(1) Whenever the holder of units or securities of an authorised scheme so requests, the manager under the scheme, shall, within the time prescribed by the Commission, buy from the holder such number of those units or securities as the holder may specify at the price for the time being at which the manager buys units or securities of the scheme.
(2) No manager of a scheme shall suspend the right or postpone the date of redemption of units or securities by a holder provided that such suspension or postponement may be done during public holidays or emergencies or when the stock exchange is closed or whenever the Commission permits it.
(3) Any manager of a scheme who contravenes the provisions of this section is liable to a fine of N500,000 and in addition shall be liable to a penalty of N50,000 for everyday the contravention continues.