Section 53: Directors, etc., contributing to the failure, etc., of insurance institutions.

Where an insurance institution is failing or has failed, any person who, being a director, partner, officer or employee of the insurance institution, is found to have contributed in any way whatsoever to the failing or failure of the insurance institution, is guilty of an offence and liable on conviction, to a fine of N100,000 or imprisonment for a term of three years or to both such fine and imprisonment.