Section 13: Disposal of property subject to Preservation order.

1 Where there are reasonable grounds to believe that a property, which is subject to a preservation order, may have its value diminished, or be disposed of, destroyed, or damaged, removed contrary to the order or may deteriorate in terms of quality or utility, the relevant organisation shall promptly apply to the Court ex-parte for an order to sell the property at the prevailing market value.

2 The proceeds from the sale of any property under subsection (1) shall be invested in the Central Bank of Nigeria treasury bills, pending the determination of the proceedings.

3 Where a preservation order is set aside or the sales revoked by order of Court, the relevant organisation shall, after exercising its right of appeal, pay to the owner of the property the proceeds of sales together with accrued interest where applicable.