Section 27: Blocked accounts.

(1) Where-
(a) under Part II of this Act the permission of the Minister is required for making any payment or placing any sum to the credit of a person resident outside Nigeria, or
(b) any payment falls to be made by an authorised dealer, on the sale by a foreign company, within the provisions of section 24 of this Act, of any gold or specified currency, being a sale made to comply with any requirement of which notice was given under that section,
the Minister may direct payment or credit, as the case may be, of the sum to a blocked account only; and if a direction is given, the provisions of the Second Schedule to this Act shall apply
(2) For the purposes of this section and of the Second Schedule "blocked account" means an account opened as a blocked account at any office or branch in Nigeria in favour of any person by a banker authorised by the Minister to open blocked accounts, and "banker" in relation to any person, means a banker who opens a blocked account, in favour of that person.