Section 42: Removal of a leased Equipment from Nigeria without lessor’s permission

(1) A lessee or his agent or representative shall not remove from Nigeria a leased equipment without the written consent of a lessor.
(2) If a lessee contravenes subsection (1) of this section he shall be guilty of an offence and liable on conviction to fine of not less than N50,000 or imprisonment for a term not exceeding one year or to both such fine and imprisonment unless—
(a) he satisfies a court that he did not intend to deprive the lessor of his ownership of the leased equipment; or
(b) to defeat the rights of the lessor to obtain payment due to him;
(3) If a lessor has reasonable cause to believe that a leased equipment has been removed or is being removed from Nigeria with intent to deprive the lessor of his ownership or defeat his right to obtain any payment due to lessor under a lease agreement the lessor may institute a legal action for the return to Nigeria of the leased equipment.
(4) Before institution of legal action under subsection (3) of this section or during the pendency of such legal action, the lessor may apply to a Court for an attachment of the leased equipment.
(5) A court in making an order for the attachment of a leased equipment may require the applicant to give· security for damages to the lessee resulting from such order.
(6) An order of attachment of a leased equipment—
(a) may be discharged or varied by the court if a good cause is shown by person affected by the order on such terms as to costs as the court may deem fit; and
(b) shall be discharged upon the lessee giving security as the court may deem fit taking into account the value of the leased equipment, amount and cost due to the lessor.