Section 45: Penalty for contravention of provisions of this Act

(1) A person who-
(a) contravenes any of the provisions of this Act; or
(b)
does not comply with a limitation or condition subject to which he is registered, exempted or licensed under this Act,
is guilty of an offence and liable on conviction, to a fine of not less than N100,000 or more than N3,000,000 or to imprisonment for a minimum term of not less than two years or more than ten years or to both such fine and imprisonment, and in addition, the Authority may cancel, revoke or suspend any registration, exemption or licence that might have been effected or granted to the person.
(2) A person who knowingly obstructs an authorised officer or inspector in the exercise of his functions is guilty of an offence and liable on conviction to a fine of not less than N50,000 or to imprisonment for a term of not less than one year or to both such fine and imprisonment.
(3) Where an offence under this Act, which has been committed by a body, whether corporate or not, is proved to have been committed with the consent or connivance of or is attributable to any act or default on the part of any person or persons in apparent control of the body, the person or persons in apparent control as well as the body shall be deemed to have committed the offence and shall be liable to be proceeded against and punished accordingly.