Section 24: Restriction on the granting of loans, etc., to directors

(1) No public enterprise shall by itself or through its officers grant a loan, an advance or any other credit facility to any of its directors unless the director is in full-time employment of the public enterprise.
(2) No director of a public enterprise shall receive a loan, an advance or any other credit facility from the public enterprise unless he is in the full-time employment of the public enterprise.
(3) A public enterprise, officer or director who contravenes the provisions of subsection (1) or (2) of this section is guilty of an offence and liable on conviction -
(a) in the case of a public enterprise, to a fine of N200,000; and
(b) in the case of an officer or director of a public enterprise, to a fine of not less than two times the loan , advance or credit facility, as the case may be, or imprisonment for a term of not less than 2 years or to both such fine and imprisonment.