Section 86: Criminal liability for mis-statement in prospectus

(1) Where a prospectus includes any untrue statement or mis-statement, any director or officer who authorised the issue of the prospectus commits an offence and is liable:
(a) on conviction to a fine of not less than N1,000,000,000 or to imprisonment for a term not exceeding three years, or to both such fine and imprisonment; or
(b) on summary conviction, to a fine of not less than N1,000,000,000 or to imprisonment for a term not exceeding three months or to both such fine and imprisonment, unless he proves either that the untrue statement or mis-statement was immaterial or that he had reasonable ground to believe and did, up to the time of the issue of the prospectus, believe that the statement was true.
(2) A person shall not be deemed for the purposes of this section to have authorised the issue of a prospectus by reason only of his having given the consent required by section 77 of this Act to the inclusion in it of a statement purporting to be made by him as an expert.