Section 68: Insurance of third party property damage.

(1) No person shall use or cause or permit any other person to use a motor vehicle on a road unless a liability which he may thereby incur in respect of damage to the property of third parties is issured with an insurer registered under this Act.
(2) The insurance taken out pursuant to subsection (1) of this Section shall cover liability of not less than N1 million.
(3) The insurance under this section shall be in addition to the liabilities required to be insured under the Motor Vehicle (Third Party) Insurance Act 1950 and shall be regulated mutatis mutandis by the provisions of the Act.
(4) A person who contravenes the provisions of this section commits an offence and liable on conviction to a fine of N250,000 or imprisonment for 1 year or both.