Section 12: Conflicts of interest.

(1) A member of the Board owes fiduciary duties to the Corporation and shall ensure that his personal interest does not conflict with his duties under this Act.
(2) A member of the Board shall not make a secret profit in the course of discharging his duties as a member of the Board.
(3) A member of the Board shall fully and promptly disclose to the Board any personal, commercial, financial, or other interest which he may directly or indirectly hold or be connected with, and which becomes the subject of consideration by the Board, and shall be ineligible to participate in any Board deliberations and voting related to it:
Provided that such an interest, if so disclosed, shall not disqualify such member for the purpose of constituting a quorum.
(4) A member of the Board shall not accept any gift or advantage for himself or on behalf of any person with whom he may have a family, business, or financial relationship if the acceptance would impair, or may reasonably be viewed as likely to impair, his impartiality in the discharge of his duties under this Act.
(5) A member of the Board who contravenes any of the provisions of this section commits an offence and is liable on conviction to a fine of at least N5,000,000 or to imprisonment for a term at least five years or both.