Section 54: Compulsory registration of securities and investments of public companies and collective investment schemes.

(1) All securities of a public company and all securities or investments of a collective investment scheme shall be registered with the Commission under the terms and conditions herein contained and as may be supplemented by regulations prescribed by the Commission from time to time.
(2) The issuer shall file with the Commission a registration statement which shall be signed by each issuer, its chief executive officer or officers, its principal financial officer and every person named as a member of the board of directors or persons performing similar functions and in case the issuer is a foreign person, by its duly authorised representative in Nigeria.
(3) A registration statement shall be deemed effective only as to the securities or investments specified therein as proposed to be issued.
(4) The Commission shall issue a certificate of registration in respect of securities and investments registered by it.
(5) No securities or investments of a public company or collective investment scheme shall be issued, transferred, sold or offered for subscription by or sale to the public without the prior registration of the securities or investment with the Commission.
(6) Any person who issues, transfers, sells, or offers for subscription or sale to the public, the securities or investments of a public company or collective investment scheme without the prior registration of the securities or investments with the Commission commits an offence and is liable on conviction to a fine of N1,000,000 or to a term of imprisonment of 3 years or to both such fine and imprisonment.
(7) The Commission may, in lieu of a prosecution under subsection (2) of this section, impose a penalty of N1,000,000 and a further sum of N5,000 for every day which the violation continues.