Section 109 — Penalty for non-compliance by VASP

Any VASP who fails to comply with the provisions of this Act shall be liable to an administrative penalty of ₦10,000,000.00 in the first month of default, plus—

(a) ₦1,000,000.00 for every subsequent month that the default continues; or

(b) suspension or revocation of operating license by the Securities and Exchange Commission.