Section 23: Settlements.

(1) Except with the permission of the Minister, no person resident in Nigeria shall settle any property, otherwise than by will, so as to confer an interest in the property on a person who, at the time of the settlement, is resident outside Nigeria, or shall exercise, otherwise than by will, any power of appointment whether created by will or otherwise in favour of a person who, at the time of the exercise of the power, is resident outside Nigeria.
(2) A settlement or the exercise of a power of appointment shall not be invalid by reason only that it is prohibited by this section, and shall have effect except so far as it purports to confer any interest on any person who, at the time of the settlement or the exercise of the power, is resident outside Nigeria.
(3) Where any settlement or exercise of a power of appointment 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.
(4) For the purposes of this section
(a) any reference to settling property includes a reference to the making of any disposition, covenant, agreement or arrangement whereby the property becomes subject to a trust, or (in the case of a resettlement) to a different trust;
(b) a person shall be deemed to have an interest in property if he has any beneficial interest therein, whether present or future and whether vested or contingent, or if he falls within a limited class of persons in whose favour a discretion or power in respect of the property is exerciseable;
(c) "will" includes any testamentary disposition.