OBSCURE LEGAL FACTS
BY AROME ABU
In Nigeria, it is an offence to establish or operate a shell bank.
A Shell bank is a bank with no physical presence in the country in which it is incorporated.
PENALTIES
•2-5 years imprisonment, for individuals;
•Fine of N10,000,000 to N50,000,000, for corporate entities.
See Section 12(2) of the Money Laundering (Prohibition and Prevention) Act 2022.
Arome Abu is the Managing Partner of TCLP.
CAVEAT: Note that this information is provided for general enlightenment purposes and is not intended to be any form of legal advice.
Obscure Legal Facts is an exclusive publication of THE COUNSEL L-P.
14, THABA TSEKA STREET, WUSE II ABUJA, FCT
abuarome@thecounsellp@gmail.com
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