Section 20: Restriction of interests by officials of mortgage institutions.

(1) No manager, official or employee of a mortgage institution shall-
(a) in any manner whatsoever, whether directly or indirectly be interested in any loan, advance or credit facility to be granted to any person by that mortgage institution;
(b) grant any loan, advance or credit facility to any person unless he is authorised in accordance with the rules and regulations of the mortgage institution and where adequate security is required by such rules and regulations, such security shall be obtained for the loan, advance or credit facility and shall be deposited with the mortgage institution.
(2)
Every manager or other official who contravenes or fails to comply with the provisions of this section shall be guilty of an offence and liable on conviction to a fine of N10,000 or to imprisonment for a term of three years and in addition any money or property accruing to any person by reason of the contravention shall be forfeited to the Federal Government.