Section 16: Offences and penalties.

(1) An extractive industry company which-
(a) gives false information or report to the Federal Government or its agency regarding its volume of production, sales and income; or
(b) renders false statement of account or fails to render a statement of account required under this Act to the Federal Government or its agencies,resulting in the underpayment or non-payment of revenue accruable to the Federal Government, or statutory recipients commits an offence and is liable on conviction to a fine not less than N30,000,000.
(2) Where the extractive industry company has been convicted of an offence under subsection (1) of this section, the court shall, in addition to the penalty prescribed thereunder, order the company to pay the actual amount of revenue due to the Federal Government.
(3) An extractive industry company which delays or refuses to give information or report under this Act, or willfully or negligently fails to perform its obligations under this Act, commits an offence and is liable on conviction to a fine not less than N30,000,000.
(4) Without prejudice to subsections (1), (2) and (3) of this section, the President may on the recommendation of the NSWG suspend or revoke the operational licence of any extractive industry company which fails to perform its obligations under this Act.
(5) If any extractive industry company commits an offence against this Act, every Director or other person concerned in the management of the company commits the offence and is liable on conviction to not less than 2 years' imprisonment or a fine not less than N5,000,000. unless that person proves that-
(a) the offence was committed without his consent or connivance; and
(b) the person exercised all such diligence to prevent the commission of the offence as ought to have been exercised by that person, having regard to the nature of his functions in that company and to all the circumstances.
(6) A Government official who renders false statement of account or fails to render a statement of account required under this Act to the Federal Government or its agencies, resulting in the underpayment or non-payment of revenue accruable to the Federal Government or statutory recipients, commits an offence and is liable on conviction to not less than 2 years' imprisonment or a fine not less than N5,000,000. unless that person proves that-
(a) the offence was committed without his consent or connivance; and
(b) the person exercised all such diligence to prevent the commission of the offence as ought to have been exercised by that person, having regard to the nature of his functions in that company and to all the circumstances.