Section 67: Insurance of imports to be effected with insurer in Nigeria.

(1) Subject to subsection (4) of this section, an insurance in respect of good to be imported into Nigeria shall be made with an insurer registered under this Act.
(2) Accordingly, the provisions of any law, contract or instrument shall be construed with such modifications, amendments and omissions, as would bring them into conformity with the general intendment of this section.
(3) Without prejudice to the generality of the foregoing, every letter of credit or such similar document issued by any bank or other financial institution in Nigeria in respect of such goods shall be on a carriage and freight basis only.
(4) An importer, broker or agent who effect any insurance otherwise than in compliance with the provisions of this section commits an offence and is liable on conviction to a fine of N500,000 Naira.