Section 8: Resale price maintenance.

(1) The Minister may on the recommendation of the Board and in relation to any commodity, including any commodity in respect of which price control is imposed under this Act, by order approve any resale price maintenance agreement or arrangement entered into by the manufacturer, importer or distributor of that commodity on the one hand, and the seller (whether a wholesaler or retailer) of that commodity on the other.
(2) An order under subsection (1) of this section shall specify the commodity to which the approved resale price maintenance agreement or arrangement relates and the maximum price at which the commodity affected is to be sold under the agreement or arrangement.
(3) Where an order under subsection (1) of this section is in force, it shall be unlawful for any person to sell, agree to sell or offer to sell any commodity to which an approved resale price maintenance agreement or arrangement relates otherwise than in accordance with the terms of the agreement or arrangement.
(4) If any person contravenes subsection (3) of this section-
(a) he shall be guilty of an offence and shall-
(i) in the case of a retailer, be liable to a fine of not less than N200 and not more than N2,000 or to imprisonment for not less than six months, or to both such fine and imprisonment; and
(ii) in the case of a wholesaler, be liable to a fine of not less than N1,000 and not more than N10,000, or to imprisonment for not less than twelve months, or to both such fine and imprisonment; and
(b) the stock of the commodity shall be liable to forfeiture.
(5) Where a person is convicted of any offence under this section in respect of any commodity the court shall make an order forfeiting the stock of the commodity; and when such an order is made, the stock of the commodity shall be disposed of by the Board as it thinks fit, any proceeds of the disposal being paid into the Consolidated Revenue Fund of the Federation.
(6) Where proceedings under subsection (4) of this section do not result in conviction the court shall make an order for the disposal at the controlled price of any commodity to which the proceedings relate and the proceeds of such disposal shall be applied as follows-
(a) ninety per cent of the proceeds shall be paid to the owner of the commodity;
(b) the remaining ten per cent shall be paid into the Consolidated Revenue Fund of the Federation.