LEGAL SENSE (Hint 30)
by ANSLAM C. AGIM, ESQ
“It is an Offence for a Person to pay or accept CASH PAYMENT of a sum exceeding #5,000,000; or for a Body Corporate to pay or accept CASH PAYMENT of a sum exceeding #10,000,000 in Nigeria”.
No person or body corporate shall, except in a transaction through a financial institution, make or accept cash payment of a sum exceeding:
- #5,000,000.00 (five million naira) or its equivalent, in the case of an individual; or
- #10,000,000.00 (ten million naira) or its equivalent, in the case of a body corporate.
Legal Authority: Section 1 of Money Laundering (Prohibition) Act, 2011 (as amended).
Legal Advice: Any Individual paying or accepting money which exceeds #5,000,000.00 (five million naira) should pay or accept the money through bank or other financial institutions. Likewise, any Company or Corporate Body when the money exceeds #10,000,000.00 (ten million naira).