Section 224 Investments and Securities Act

Section 224 of the Investments and Securities Act 2025 is about Establishment of commodities exchanges. It is under Part XV (Commodities Exchange and Warehouse Receipts) of the Act. It provides as follows:

(1) A person shall not establish or maintain or hold himself out as providing or maintaining a commodity exchange unless such exchange has been registered by the Commission.

(2) A person who contravenes this provision commits an offence and is liable on conviction to a fine of not less than N10,000,000 or imprisonment for a term not more than five years or both.

(3) The Commission may, in lieu of prosecution under subsection (2), impose a penalty of at least the prescribed paid-up share capital of the relevant securities exchange as specified by the Commission and a further sum of not less than N100,000 for every day the violation continues.