Section 109 Nigeria Tax Administration Act 2025

Section 109 of the Nigeria Tax Administration Act 2025 is about Penalty for non-compliance by VASP. It provides as follows:

Any VASP who fails to comply with the provisions of this Act shall be liable to an administrative penalty of 10,000,000 in the first month of default, plus –

(a) 1,000,000 for every subsequent month that the default continues ;
or

(b) suspension or revocation of operating license by the Securities and Exchange Commission.

[/membership]