Section 344: Destruction of articles relating to counterfeiting where no charge is laid

(1) Where a person comes into possession of a currency, which he believes to be counterfeit which in his opinion, is to be used for the purpose of making counterfeit coins, he may hand the coin, or thing to any officer of the Central Bank of Nigeria designated by the Bank to receive it, or to any police officer not below the rank of an inspector, and the officer of the Central Bank of Nigeria, or police officer if satisfied that the currency:
(a) is not counterfeit, or that is not intended to be used for the purpose of making counterfeit currency shall return the coin or thing, as the case may be, to the person purporting to be the owner of it, if known; and
(b) is counterfeit or is intended to be used for the purpose of making counterfeit coins and if no charge is to be preferred against a person in connection with the coin or thing, may destroy, or cause to be destroyed the coin or thing in such manner and by such persons as may be approved by the Central Bank of Nigeria.
(2) Notice of an action to be taken under subsection (1)(a) of this section shall have been given to the person who appears to be the owner of a currency, matter or thing, where the person is known and can easily be found, that the coin or thing will be destroyed at the end of a specified number of days unless the owner shows that the currency is not counterfeit or that the thing is not intended to be used for the purpose of making counterfeit currency.
(3) A reasonable time shall be allowed for the person to provide proof that the coin is not counterfeit or that the thing is not intended to be used for the purpose of making counterfeit currency and the person who alleges that he is the owner of or otherwise entitled to the currency or thing shall have no claim against the officer of the Central Bank of Nigeria, police officer or the Federal Government in respect of the coin or thing so destroyed.