Section 111 — Failure to disclose facts in a dutiable instrument

A person that fails, neglects or omits to fully disclose all the facts and circumstances relating to dutiable instrument or underpays any duty is liable, in addition to the payment of the duty due—

(a) to an administrative penalty of ₦100,000.00 or

(b) on conviction, to a fine of ₦50,000.00 or for a term of imprisonment not exceeding three years or both fine and imprisonment.