Section 8: Amendment of section 14

Section 14 of the Principal Act is amended-(a)
In subsection (1), by substituting for the words "within a period of not more than 72 hours" in line 2, the words "immediately but not later than 72 hours";
(b)
by substituting for subsection (4), a new subsection "(4)"
"(4) Any person- who commits an offence under this Act is liable on conviction to a minimum fine of N10,000;000.00 or a term of imprisonment of not less than 5 years" ;
(c)
in subsection-(6), bysubstituting for the expression "N5,000,000.00 or imprisonment for a maximum term of five years for the principal officers of the institution of the defaulting officer" , a new expression,"liable to a minimum fine of N20,000,000.00 or imprisonment term of not less than ten years for the principal officers of the institution".