Section 54: Inducement to acquire, etc., insurance business.

Any person who offers, pays, gives, receives or participates in sharing, for personal gratification, any money, property or other benefits-(a) towards or after the acquisition, transfer, merger or consolidation of an insurance business; or
(b) as an inducement for procuring any insurance business, is guilty of an offence and liable on conviction to a fine of N500,000 or imprisonment for a term of three years or to both such fine and imprisonment.