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The act of wiping one's ass with an entire roll of toilet paper at once (while still rolled and turned sideways), and then throwing the roll in someone else's toilet bowl.
The etymology "Prince of Nigeria" comes from the fact that in almost all cases, the person performing this act believes he is so well off, that he does not have time for petty things such as unrolling toilet paper to wipe his ass. Rather, he will use the full roll at once in a wasteful fashion, and leave it in the water for someone else to fish out, as this is no job for a Prince.
Liam lifted the bowl take a piss, only to realize that the Prince of Nigeria had recently used the bathroom. His only option was to finish pissing on the roll that the Prince of Nigeria had left, and then fish out the roll with his bare hands.
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Also known as the 419 scam.
Scammers tend to mention a Nigerian Prince when phonecall scamming to draw in potential victims.
Congratulations! You have inherited the fortune of the Prince of Nigeria!