Section 344 Investments and Securities Act

Section 344 of the Investments and Securities Act 2025 is about General offences. It is under Part XVIII (Miscellaneous Provisions) of the Act. It provides as follows:

Except as otherwise specifically provided under this Act a person who —
(a) wilfully obstructs, interferes with or interrupts the Commission in the performance of its functions or exercise of its powers under this Act commits an offence and is liable on conviction to a fine of not less than N10,000,000 or imprisonment for a term of not less than two years or both;

(b) destroys any record which may be required by the Commission for the performance of any of its functions under this Act, with intent to mislead the
Commission or to prevent or impede any investigation or inquiry under this Act, commits an offence and is liable on conviction to a fine of not less than
N20,000,000 or imprisonment for a term of not less than three years or both;

(c) provides any information or furnishes any document which is false, misleading, or from which there is a material omission, commits an offence and is liable on conviction to a fine of not less than N20,000,000 or imprisonment for a term of not less than three years or both;

(d) fails to comply with any directive of the Commission made under this Act, is liable to a penalty of not less than N5,000,000 in the first instance and N20,000 for every day the violation continues; or

(e) uses any device, scheme, or artifice to defraud, or engages in any act, practice or course of business which operates or would operate as a fraud on any person, commits an offence and is liable on conviction to imprisonment for a term of not less than three years or a fine of not less than N5,000,000 and in addition to such other penalty as may be prescribed under this Act and the rules and regulations made under it.