Section 862 CAMA 2020

Section 862 Companies and Allied Matters Act is about Penalty for false statements or information. It is under Chapter 2 (Miscellaneous and supplemental) of the Act.

(1) Subject to the provisions of subsections (2) and (3), if any person in any return, report, certificate, balance sheet, or other document required by, or for the purpose of any of the provisions of this Act, wilfully makes a statement which is false in any material particular knowing it to be false, he commits an offence and is liable on conviction—

(a) to imprisonment for a term of two years ; and

(b) in the case of a company, to fine as the Court deems fit for every day the default continues.

(2) A company which makes a statement in its annual returns which is false in any material particular shall in respect of each year of any such returns be liable to a penalty prescribed in the Commission’s regulations if it is a small company or in any other case.

(3) Nothing in this section shall affect the provisions of any enactment imposing penalties in respect of perjury in force in Nigeria.