Section 343 Investments and Securities Act

Section 343 of the Investments and Securities Act 2025 is about Penalty. It is under Part XVIII (Miscellaneous Provisions) of the Act. It provides as follows:

(1) Except as otherwise specifically provided under this Act, any person who contravenes or contributes in the contravention of this Act or of any rule and regulation made under it, is liable to a penalty of not less than N1,000,000 and a further sum of N20,000 per day for every day the violation continues.

(2) The Commission may in addition to any penalty that may be prescribed under this Act or the rules and regulations made under it, direct any person who has contravened any of the provisions of this Act and any rules and regulations made under it, to compensate any person who may have suffered any direct loss as a result of the contravention.

(3) The Commission may in appropriate cases direct a complete disgorgement of all profits made from the contravention of any provision in this Act.

(4) The Commission may, in appropriate cases, direct the forfeiture to the victim, of any direct benefit or advantage received or receivable by the person in contravention.

(5) Notwithstanding the provisions of subsections (2), (3) and (4), the complainant of a contravention may seek by action, consequential or punitive damages or any other remedy that may be available under the law.

(6) A capital market operator shall be deemed to have ceased to operate as such if it has ceased to operate for more than 180 days unless it has obtained the approval of the Commission to do so, or by virtue of any directive issued by the
Commission.

(7) The Commission shall, in the exercise of its powers to impose a penalty or sanction under this Act, accord the person in breach fair hearing.

(8) Where no specific penalty has been prescribed for any criminal offence under this Act, a person who commits an offence shall on conviction be liable to a fine of not less than N1,000,000 or imprisonment for a term of two years or both.