The Nigerian Money Laundering (Prohibition) Act 2011

The Nigerian Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds N5m (Five Million Naira).

🔵 This means that every cash transaction over N5m must be done via a financial institution.

🔵 Any person found guilty of contravening this is liable to imprisonment for a term of not less than 3 years or a fine of N10m (Ten Million Naira) or to both.

In a video trending over the Internet, a Nigerian law maker, was spotted with a huge sum of cash running into hundreds of millions of Naira which according to him was meant for state empowerment.