Section 114 Investments and Securities Act

Section 114 of the Investments and Securities Act 2025 is about Criminal liability for misstatement in prospectus. It is under Part IX (Regulation of Securities) of the Act. It provides as follows:

Where a prospectus includes any untrue statement or misstatement, any director or the equivalent, or an officer who authorised the issue of the prospectus or statement in lieu of a prospectus commits an offence and is liable on conviction to a fine of not less than N1,000,000,000 or imprisonment for a term not less than three years or both.