Section 4: Regularisation of Leases.

(1) Subject to this Act, the holder of a lease purportedly granted before the commencement of this Act by any of the persons referred to in section 3 of this Act, shall be deemed to have been granted the said lease by the Federal Government of Nigeria.
(2) Accordingly, the holder of the lease or his agent shall hold the lease in accordance with such terms and conditions as the Federal Government of Nigeria may determine, from time to time.
(3) The holder or his agent shall, within a period of 30 days, from the promulgation of this Act, be required to regularise the lease with the Federal Ministry charged with responsibility for lands and lands matters by means of formal application to the said Ministry.
(4) A person who, being the holder or agent of the holder of a lease in respect of the land referred in subsection (1) of this section, fails to regularise the lease as specified therein, is guilty of an offence and liable on conviction to a fine of N10,000 or imprisonment for a term of five years or to both such fine and imprisonment and to the revocation of the lease and forfeiture of the property movable or immovable on the land to the Federal Government of Nigeria.
(5) Where the contravention is by a body corporate, it shall be guilty of an offence and liable on conviction to a fine of N20,000 on the first conviction and N5,000 for each day on which the offence continues and in addition to the revocation of the lease.