Section 21: Penalties for non-compliance with sections 19 and 20.

(1) If a public enterprise fails to comply with any provision of section 19 or 20 of this Act, every officer of the public enterprise who is in default is guilty of an offence unless he shows that he acted honestly and that in the circumstances in which the business of the public enterprise was carried on the default was excusable.
(2) An officer of a public enterprise is guilty of an offence if he fails to take all reasonable steps for securing compliance by the public enterprise with the provisions of sections 19 and 20 of this Act, or has intentionally caused any default by the public enterprise.
(3) A person guilty of an offence under this section is liable on conviction to imprisonment for a term not exceeding 2 years or to a fine of N500,000 or to both such imprisonment and fine.