Section 22: Transfer of annuities, etc.

(1) Except with the permission of the Minister, no person resident in Nigeria shall transfer to a person resident outside Nigeria, or who is a nominee for a person resident outside Nigeria, any right to the sums assured by any policy of assurance so, however, that where the person liable for the sums so assured makes any payment thereof to a person resident in Nigeria or makes with the permission of the Minister, any payment thereof to any other person-
(a) he shall not be bound to enquire as to the residence of any person other than the person to whom and (if it is not the same person) the person to whose order the payment is made; and
(b) the payment shall, to the extent of the sum paid discharge him from his liability under the policy, notwithstanding that the payment is made to or to the order of a person who was not entitled thereto otherwise than by virtue of a transfer prohibited by this subsection.
(2) Where any transfer is prohibited by this section, the provisions of subsections (2) and (3) of section 15 of this Act shall have effect to the same extent as they apply without prejudice to validate a transfer of a security in special cases.
(3) For the purposes of this section, "nominee" has, in relation to any policy, annuity or insurance, the same meaning as it has in Part III of this Act in relation to a security.