Section 265 Investments and Securities Act

Section 265 of the Investments and Securities Act 2025 is about Liability for issuance of unmarked duplicate receipts. It is under Part XV (Commodities Exchange and Warehouse Receipts) of the Act. It provides as follows:

An issuer of a warehouse receipt, its employee, agent, or servant, who knowingly issues or aids in the issuance of a duplicate or additional negotiable receipt for the same commodities or any part which is outstanding and not cancelled, without plainly placing on the face of the warehouse receipt the word ‘duplicate’ 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 three years or both.