Section 77: Expert's statement on prospectus.

(1) A prospectus inviting persons to subscribe for securities in a company and including a statement purporting to be made by an expert shall not be issued unless:
(a) the expert has given and has not, before delivery of a copy of the prospectus for registration, withdrawn his written consent to the issue of the statement included in the form and context in which it is ; and
(b) a statement appears in the prospectus that the expert has given and has not withdrawn his consent.
(2) If any prospectus is issued in contravention of this section, the company and every person who is knowingly a party to the issue commits an offence and is liable on conviction to a fine of N100,000 or a term of imprisonment of not less than three years or to both such fine and imprisonment.
(3) The Commission may, in lieu of a prosecution for the offence prescribed in subsection two of this section, impose a penalty of not less than N100,000 and a further penalty of not less than N5,000 for every day the violation continues.