11/05/2026
IF YOU PAY OR ACCEPT CASH, YOU ARE LIABLE TO IMPRISONMENT - Pius Danba
There are too many laws you need to comply with when buying or selling land or cars or shares in Nigeria failing which you will be liable for criminal offense.
In the case of ALIYU v. FRN (2026) LPELR-83493(SC) it was held as follows:
"It is apropos, perforce, to place on record that the appellant was charged with accepting cash payment for the sale of landed property contrary to the provision of Section 22(1)(a) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act.
It is germane to pluck it out, verbatim ac litteratim, whence it is domiciled quietly in the statute book.
It states:
22. Payments for certain goods
(1) Notwithstanding anything to the contrary contained in any enactment or law and except as provided in Subsection (2) of this Section, no person shall, in Nigeria, make or accept cash payment, whether denominated in foreign currency or not, for the purchase of acquisition of the following:
(a) landed properties;
(b) securities, including stocks, shares, debentures and all forms of negotiable instruments; and
(c) motor cars, including other vehicles of any description whatsoever.
(2) Payments for the items specified in Subsection (1) of this Section shall, as from the commencement of this Act, be made by means of bank transfers or cheques drawn on banks in Nigeria only."
Thus, you can no longer buy land, house, hotel, garden, Benz, Lamborghini, Chevrolet, or company shares with cash payment.
Remember, ignorance of the law is not an excuse. Feel free to ask us further questions or visit www.pdpiusandassociates.com to speak with a Lawyer.
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