Nigerian Enterprises Promotion (Issue of Non-voting Equity Shares) Act 1989

Arrangement of Sections

1. NIGERIAN ENTERPRISES PROMOTION (ISSUE OF NON-VOTING EQUITY SHARES) ACT

2. The purpose of the shares issued pursuant to section 1 of this Act shall be to provide inv

3. (b) international institutional investors;

4. (e) one person to represent the Presidency;

5. (1) The shares issued and sold under this Act shall be sold by the Exchange at a price to

6. All subscriptions or payments in respect of the shares issued under this Act shall be in c

7. (1) For the avoidance of doubt, eighty per cent of the proceeds of all shares issued under

8. (a) for the importation of spare parts, raw materials and machinery; and

9. Shares issued under the provisions of this Act shall be accorded approved status and shall

10. (1) Where the Board of Directors of any company decides by a resolution passed not later t

11. The Committee shall be responsible for the general marketing and co-ordination of all tran

12. (1) The Minister may make regulations generally for the purpose of giving effect to the pr

13. (e) prescribing any fees payable under this Act; and

14. (1) The relevant provisions of-

15. the Exchange Control (Anti-Sabotage) Act,

16. This Act may be cited as the Nigerian Enterprises Promotion (Issue of Non-Voting Equity Sh

NIGERIAN ENTERPRISES PROMOTION (ISSUE OF NON-VOTING EQUITY SHARES) ACT

1989

An Act to permit public companies quoted on the Nigerian Stock Exchange to issue, through the Exchange, non-voting paid-up shares for the subscription of persons whether citizens of Nigeria or not or whether resident in Nigeria or not, which shares are to be paid for in foreign currency. [14th November, 1987] Commencement

NIGERIAN ENTERPRISES PROMOTION (ISSUE OF NON-VOTING EQUITY SHARES) ACT

1. (1) Notwithstanding anything to the contrary in any law, as from the commencement of this Act, public companies whose shares are quoted on the Nigerian Stock Exchange may issue through the Exchange for the purposes of section 2 of this Act, non-voting paid-up shares of their companies for the subscription of persons whether such persons are citizens of Nigeria or not or whether they are resident in Nigeria or not.