Section 18: Offences relating to body corporate.

(1) Except as otherwise provided in this Act, any body corporate or person who commits an offence under this Act where no specific penalty is provided, is liable on conviction:
(a) for a first offence, to a fine of N200,000 or imprisonment for a term of 1 year or to both such fine or imprisonment; and
(b)
for a second and subsequent offences, to a fine of N500, 000 or to imprisonment for a term of 3 years or to both such fine and imprisonment.
(2) The institution of proceedings or imposition of a penalty under this Act shall not relieve a body corporate from liability to pay to the Federal Inland Revenue Service such levy or tax which or may become due under this Act.