Section 19: Offences and penalties.

(1) Any person, body corporate or unincorporate who-
(a) with intent to defraud, forges, mutilates, utters or defaces any foreign currency, travellers' cheques or other instrument of exchange in the Market; or
(b) converts any foreign exchange to a use for which it is not intended under this Act; or
(c) negotiates any draft, foreign bank note, other foreign exchange or any other trading instrument otherwise than as permitted by this Act; or
(d)
forges or produces as genuine any false document to the Central Bank or the Market with a view to utilising such document in any transaction in the Market established under this Act; shall be guilty of an offence under this Act and liable as provided in subsection (2) of this section.
(2) Any person convicted of an offence under subsection (1) of this section shall be liable-
(a) in the case of an individual, to imprisonment for a term of 15 years without any option of a fine; and
(b) in the case of a body corporate, to a fine ten times the amount of the foreign currency involved.
(3) All the assets, movable or immovable including motor vehicles, of any person convicted of an offence under this section shall be forfeited to the Federal Government.
(4) Where the person convicted in subsection (2) of this section is an Authorised Dealer, the Tribunal by whom he is convicted may recommend to the Minister that his appointment as an Authorised Dealer be revoked.
(5) Where an offence under this Act has been committed by a body corporate, every person who, at the time of the commission of the offence, was a proprietor, director, manager, secretary or other similar officer of the body corporate, or was purporting to act in such capacity, shall be deemed to be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he had exercised all such diligence as he ought to have exercised having regard to the nature of his functions in that capacity.
(6)
The Tribunal may, in addition to any other penalty imposed, order that the foreign currency involved be forfeited to the Government of the Federation.
(7)
An offence under this Act shall be triable by the Special Tribunal established under the Exchange Control (Anti-Sabotage) Act as amended.
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(8) The provisions relating to appeals and confirmation contained in the Recovery of Public Property (Special Military Tribunals) Act (as amended) shall apply mutatis mutandis as if they are one with the provisions of this Act.