Section 29: Transactions without a National Identification Number.

A person who carries out or permits the carrying out of any transaction specified in section 27 of this Act without a National Identification Number commits an offence and shall-(a) where the offence is committed by a registered individual, be liable on conviction to a fine of not less than N50,000.00 or imprisonment for a term not less than 6 months or to both such fine and imprisonment; and
(b) where the offence is committed by a body corporate, be liable on conviction to a fine of not less than N 1,000,000.00 and in addition, the Chief Executive or the line manager or other similar officer of the body corporate, or any other person purporting to act in any such capacity shall be deemed guilty of that offence and shall be liable on conviction to a fine of N1 ,000,000.00 each.