Section 257 Investments and Securities Act

Section 257 of the Investments and Securities Act 2025 is about Altered warehouse receipts. It is under Part XV (Commodities Exchange and Warehouse Receipts) of the Act. It provides as follows:

(1) A person shall not alter a warehouse receipt in a manner that conveys a false information or misrepresentation of information contained in the receipt.

(2) An alteration to a warehouse receipt shall be regarded as immaterial, if the alteration does not affect the prior proprietary rights of the holder or convey a false information or misrepresentation.

(3) Any person who acquired an interest or relied on an altered warehouse receipt shall be entitled to the remedies provided in Section 258 of this Act.

(4) Any person who violates the provisions of subsection (1) commits an offence and is liable on conviction to a fine of N5,000,000 or imprisonment for a term of not less than two years or both.

(5) The Commission may, in lieu of criminal prosecution for a violation of subsection (1), impose a penalty of not less than N10,000,000.