Section 297: Penalty for defaults.

1 A person who fails to comply with the provisions of this Chapter or any regulation made under this Act for which no other penalty is specifically provided, shall be liable to an administrative penalty of N 10,000,000, and where the default co. dnues beyond a period stipulated by this Act or regulation, the person shall be liable to a further administrative penalty of £42,000,000 or such other sum as may by order be prescribed by the Minister of Finance, for each day the default continues.

2 Notwithstanding the provisions of subsection (1), a person who is found guilty of an offence under this Chapter or in a regulation made under this Act for which no other penalty is specifically provided, shall, on conviction, be liable to a fine of N20,000,000 or other sum as may be prescribed by the Minister of Finance by an order and where the offence continues beyond a period stipulated by this Act or regulation, the person shall be liable to an additional fine of N2,000,000 or such other sum as may, by order, be prescribed by the Minister of Finance for each day the default continues, or imprisonment for a term of six months.

3 A person who-
a fails to comply with the requirements of a notice served on him under this Chapter;
b fails to comply with section 277 of this Act,
c without sufficient cause fails to attend in answer to a notice or summons served on him under this Chapter or having attended fails to answer any question lawfully put to him, or
d fails to submit any return required to be submitted under section 277 or 281 of this Act, commits an offence.

4 Any violation in respect of which a penalty is provided for in subsection (1) shall be deemed to occur in Nigeria.