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29 December 1989

Nigeria Government Gazette supplement dated 1989-12-29 number 76 part A

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                                                                                                          A809
Supplement to Official Gazette Extraordinary No. 76, Vol. 76 30th December
 VPP                                                ,         1989—PartA

        NIGERIAN ENTERPRISES PROMOTIONDECREE 1989




                              ARRANGEMENT OF SECTIONS.
Section                  ;

 1. Enterprises      exclusively       reserved          10. Supply of information,
       for Nigerians,
            j                           .               11. Alteration, of list of enterprises.
 2. Definition of expressions used in
      section 1,              —                         12. Penalty for acting as a      front.
 3, Minister and Securities and Ex-
       changeConmigof° SPP| 14, Power. of_inpecior to conduct
                                                        13. Offences and penalties.

                                                              prosecutions, etc.
 4, Provisions relating to section 3,
 5, General provisions regarding                        15. Regulations and reports.
       approval of sale or transfer by                  16. Right to petition.
       ‘the Minister or the Commission.
-6, Workers’ equity participation.                    - 17. Exclusion of rights.
 7. Inspectors ofenterprises,                           18. Interpretation.
 8. Power to seal up premises. .                  {     19, Repeal, savings and transfer of
  '                                                           liabilities, etc.
-9. Additional penalty for contraven-                         _
       tion ofthe Decree,                              20. Citation.


                                   -        Decree No. 54.

                      |    |        [29th December 1989]                                          Commence=
                                                                                                  ment,
      THE FEDERAL MILITARY GOVERNMENThereby decrees as
follows —            :

     1,1) Subject to subsection (2) of this section, all enterprises specified Enterprises
in the Schedule to this Decree are hereby exclusively reserved for Nigerian exclusively
citizens or associations and accordingly no such enterprise shall be reserved for
established in Nigeria by an alien on or after the commencementof this                            Nigerians.
Decree,                   .
     (2) Notwithstanding the provisions of subsection (1) of this section, an
alien may be the owner of any enterprise specified in the Schedule to this
Decree if the capitalisation involved is not less than 2&20,000,000.

      (3) Nothing in this section shall, as from the commencementofthis
Decree, preclude the sale or transfer, in accordance with theprovisions
of this Decree, by any person. of any of the enterprises affected by this |
esction,        me                                        :

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