Section 59: Operating as Pension Fund Administrator or Pension Fund Custodian without licence.

(1)
A person who contravenes the provisions of Sections 54 and 56 of this Act commits an offence and is liable on conviction to a fine of not less than N10,000,000.00 or to a term of not less than 10 years imprisonment or to both such fine and imprisonment; or
(2)
A corporate body who contravenes the provisions of Sections 54 and 56 of this Act commits an offence and is liable on conviction to a fine of not less than N50,000,000.00 and in addition, the directors or officers shall each be liable to a fine of not less than N5,000,000 or to a term of not less than 10 years imprisonment or to both such fine and imprisonment.
(3)
In addition to the penalty prescribed in subsections (1) and (2) of this section, the Court may order for the forfeiture of the proceeds of the contravention of the offence established under this section.