Section 11: Offences and penalties. 1989 No. 32.

(1) Any person who fails to comply with any requirement made by the secretary under section 10 of this Act, shall be guilty of an offence and liable on conviction to a fine of N50,000.
(2) Any person who-
(a) knowingly or recklessly furnishes in pursuance of any requirement made under section 10 of this Act, any return or other information which is false in any material particular; or
(b) wilfully makes a false entry in any record required to be produced under that section with intent to deceive, or makes use of any such entry which he knows to be false, shall be guilty of an offence and liable on conviction to a fine of N50,000 or to imprisonment for a term of five years.
(3) Where an offence under this Act committed by a body corporate is proved to have been committed with the consent or connivance of, or to be attributable to any neglect on the part of, any director, manager, secretary or other similar officer of the body corporate (or any person purporting to act in any such capacity) he as well as the body corporate, shall be deemed to be guilty of the offence and may be proceeded against and punished accordingly.