Section 303: Penalty.

(1) Except as otherwise specifically provided under the provisions of this Act, any person who violates or contribute in the violation of the provisions of this Act or of any rule and regulation made thereunder is liable to a penalty of not less than N100,000 and a further sum of N5,000 per day for every day that the violation continues.
(2) The Commission may in addition to any penalty that may be prescribed under this Act, direct any person who has contravened of any of the provisions of this Act and any regulation made thereunder, to compensate any person who may have suffered any direct loss as a result of the contravention.
(3) In appropriate cases, the Commission may also direct the forfeiture to the victim, any direct benefit or advantage received or receivable by the person in contravention.
(4) Notwithstanding the provisions of subsections (2) and (3), of this section the complainant of a contravention may seek by action, consequential or punitive damages or any other remedy that may be available under the law.
(5) In the exercise of its powers to impose a penalty under this Act, the Commission shall accord the person in violation a fair hearing.