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Nigerian Investment Promotion Commission Act

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Arrangement of Sections

Part I

Establishment of the Nigerian Investment Promotion Commission

1. Establishment of the Nigerian Investment Promotion Commission.

2. Governing Council of the Commission.

3. Tenure of office, etc.

Part II

Functions and powers

4. Functions of the Commission.

5. Powers of the Commission.

Part III

Staff

6. Secretary of the Commission.

7. Other staff of the Commission, etc.

8. Staff regulations.

9. Conditions of service.

10. Pensions.

11. Departments of the Commission.

Part IV

Financial provisions

12. Fund of the Commission.

13. Power to accept gifts.

14. Borrowing power, etc.

15. Annual estimates, accounts and audit.

16. Annual reports.

Part V

Provisions relating to investment

17. Enterprises eligible for participation.

18. Application of this Act.

19. Establishment of an enterprise.

20. Registration of enterprise with the Commission.

21. Purchase of the shares of a domestic company by a foreign company.

22. Incentives for special investment.

23. Priority areas.

24. Investment guarantees, transfer of capital, profits and dividends.

25. Guarantees against expropriation.

26. Dispute settlement procedures.

27. Assistance to enterprise.

28. Transitional provisions.

29. Repeal of Cap. 178 L.F.N. 1990, etc.

30. Regulations.

31. Interpretation.

32. Short title.

Schedule: Supplementary Provisions Relating To the Council, Etc.

Nigerian Investment Promotion Commission Act

Laws of the Federation of Nigeria

CITATION

An Act to establish the Nigerian Investment Promotion Commission, to encourage and promote investment in the Nigerian economy; and for matters connected therewith.

16th January, 1995

Part I

Establishment of the Nigerian Investment Promotion Commission

1. Establishment of the Nigerian Investment Promotion Commission

(1) There is hereby established a body to be known as the Nigerian Investment Promotion Commission (in this Act referred to as the "Commission").
(2) The Commission shall be a body corporate, with perpetual succession and a common seal and may sue and be sued in its corporate name.

2. Governing Council of the Commission

(1) There shall be for the Commission, a Governing Council (in this Act referred to as "the Council"), which shall be responsible for the discharge of the functions of the Commission.

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