Section 96: Return of surplus monies to subcribers, etc.

(1) The Commission shall have the power to prescribe the maximum period within which surplus monies due to subscribers shall be returned.
(2) The Commission may, subject to subsection (3) of this section, prescribe the rate of interest payable to subscribers whose surplus monies are held beyond the period prescribed pursuant to subsection (1) of this section.
(3) The interest due and payable under subsection (2) of this section shall not be less than one per cent above the Central Bank of Nigeria minimum rediscount rate and the Commission may, in addition, require a company which fails to honour its obligation under this subsection to pay a higher rate of interest on the surplus monies.
(4) A person who fails to comply with the provisions of this section is liable to a penalty of N1,000,000 and a further sum of not less than N50,000 for every day the violation continues.