Section 16: Penalty for non-payment.

(1)
If any contribution· is not paid within the time prescribed or approved under this Part of this Act, a sum equal to five per centum of the amount unpaid shall be added for each month or part of a month after the date when payment should have been made; and any amount added shall be recoverable as a debt owing by the employer to the Federal Government.
(2)
Notwithstanding the provisions of subsection (1) of this section, the Director may if he thinks fit, remit in whole or in part any penalty imposed under this section.