Section 74 Federal Competition and Consumer Protection Act 2018

Section 74 of the Federal Competition and Consumer Protection Act 2018 is about Penalties for failure to comply with a cease order. It is under Part IX (Abuse of a Dominant Position) of the Act.

(1) An undertaking that fails to cease an abusive practice after receiving an order of the Commission to that effect commits an offence and is liable on conviction to a fine not exceeding 10% of its turnover in the preceding business year or to such higher percentage as the court may determine given the circumstances of
the particular case.

(2) Any director of an undertaking that commits an offence under subsection (1) is liable on conviction to imprisonment for a term not exceeding three years, or to payment of a fine not exceeding N50,000,000.00 or to both the fine and imprisonment.