(1) When a society is declared to be an unlawful society by an order of the President, the following consequences shall ensue‐
[L.N. 257 of 1959. 1967 No. 27.]
(a) the property of the society within Nigeria shall forthwith vest in an officer appointed by the President;
(b) the officer appointed by the President shall proceed to wind up the affairs of the society, and, after satisfying and providing for all debts and liabilities of the society and the costs of the winding up, if there shall then be any surplus assets, shall prepare and submit to the President a scheme for the application of such surplus assets;
(c) such scheme, when submitted for approval, may be amended by the President in such way as he shall think proper in the circumstances of the case;
(d) the approval of the President to such scheme shall be denoted by the endorsement thereon of a memorandum of such approval signed by the President, and, upon this being done, the surplus assets, the subject of the scheme, shall be held by such officer upon the terms and to the purposes thereby prescribed;
(e) for the purpose of the winding up, the officer appointed by the President shall have all the powers vested in a magistrate for the purpose of the discovering of the property of a debtor and the realisation thereof.
(2) The President may, for the purpose of enabling a society to wind up its own affairs, suspend the operation of this section of this Code for such period as to him shall seem expedient.
(3) The provisions of subsection (1) of this section shall not apply to any property seized at any time under section 66 of this Code.
Section 67 of the Criminal Code Act in Nigeria