Section 130 — Failure to comply with the requirement of notice

(1) A person that fails to—

(a) comply with the requirements of a notice served under Chapter Two of this Act,

(b) appear in response to a notice or summons served under this Act, without sufficient cause or having appeared, fails to answer any lawful question, or

(c) submit any return required to be submitted under the relevant provisions of this Act, is liable to an administrative penalty of ₦10,000,000.00 and where the default continues beyond the period stipulated by this Act, the person shall be liable to a further administrative penalty of ₦2,000,000.00 or such other sum as may be prescribed by the Minister, for each day the default continues.

(2) Notwithstanding the provisions of subsection (1) of this section, a person who is found guilty of an offence under this section shall on conviction, be liable to a fine of ₦20,000,000.00 or other sum as may be prescribed by the Minister by an order and where the offence continues beyond the period stipulated by this Act, the person shall be liable to an additional fine of ₦2,000,000.00 or such other sum as may, by order, be prescribed by the Minister for each day the default continues, or imprisonment for a term of six months.