FORFEITURE OF ASSETS, ETC. (CERTAIN PERSONS) ACT

The -(a) properties specified in Part 1 of the Schedule to this Act ; and
(b) the various sums of money and other assets specified in Part 11 thereof,
being properties acquired corruptly and illegally by the persons mentioned therein are hereby forfeited to the Federal Republic of Nigeria and shall vest in the Federal Government of Nigeria free of all encumbrances without any further assurance other than this Act.

Any person who holds any of the properties referred to in section 1 of this Act shall, within 14 days from the making of this Act, yield up possession of such property to the Secretary to the Government of the Federation or any person acting on his behalf.

The Registrar of Deeds in the Federal or State Lands Registry, as the case may be, or any other person in charge of registration of lands, instruments, deeds or rights affecting land, shall, upon presentation to him by the Attorney-General of the Federation or any person acting on his behalf of a copy of this Act, expunge from the relevant register the name of any person in whose name any interest is registered in respect of any property by this Act and substitute therefore the Federal Republic of Nigeria.

(1) The Secretary to the Government of the Federation shall cause a copy of this Act to be served on the secretary or other officer or agent of the company having charge of, or control over the register of members of the company and the secretary or other officer or agent aforesaid shall strike out the name of the holder of any share to which section 1 of this Act relates and substitute therefor the name of the Federal Republic of Nigeria.
(2) The Secretary to the Government of the Federation shall also cause a copy of this Act to be served upon the Registrar-General of the Corporate Affairs Commission who shall cause his records relating to the names of the members of the company to be rectified accordingly.

Any person who in intended compliance with this Act deals with any of the properties, various sums of money and other assets affected by this Act or who rectifies any register or other records relating to any such property or assets shall stand indemnified in respect thereof and no suit or other proceedings shall lie at the instance of any person aggrieved for anything done in respect of such compliance or rectification.

Any person who contravenes or fails to comply with any of the provisions of section 2, 3 or 4 of this Act commits an offence and is liable on conviction to imprisonment for a term of two years without the option of fine.

(1) No civil proceedings shall lie or be instituted in any court for or on account of or in respect of any act, matter or thing done or purported to be done under or pursuant to this Act and if any such proceedings are instituted before on or after the commencement of this Act the proceedings shall abate, be discharged and made void.
(2) The question whether any provision of Chapter IV of the Constitution of the Federal Republic of Nigeria has been, is being or would be contravened by anything done or proposed to be done in pursuance of this Act shall not be inquired into in any court of law and accordingly, no provision of that Constitution shall apply in respect of any such question.

This Act may be cited as the Forfeiture of Assets, Etc. (Certain Persons) Decree 1999.