Section 1: Offences and penalty for unauthorised sale of a motor vehicle on which a loan is outstanding

(1) As from the commencement of this Act, it shall be an offence for any person to sell, dispose or otherwise part with the possession of a motor vehicle on which a loan obtained from a bank is still outstanding without first obtaining the consent in writing of the bank prior to the sale or disposal.
(2) Any person who fails to comply with the provisions of subsection (1) of this section shall be guilty of an offence and liable on conviction to a fine of N200 or six months' imprisonment or to both such fine and imprisonment.