NIGERIA INVESTMENT PROMOTION COMMISSION (NIPC)
The Nigeria Investment and Promotion Commission Act provides that any enterprise in which there is foreign participation must be registered with NIPC. The Act permits foreigners to own up to 100% of any business with the exception of businesses under the negative list. The negative list includes companies involved in the production of and dealing in arms, ammunition, narcotic drugs and psychotropic substances.
TRANSFER OF TECHNOLOGY AGREEMENT APPROVAL
Any agreement under which a foreigner is to provide foreign technology, management, or assistance, to a Nigerian company must be approved by the National Office for Technology Acquisition and Promotion (NOTAP). Fees to be paid for the provision of such technology or services must be approved by NOTAP.
DEPARTMENT OF PETROLEUM RESOURCES (DPR)
Companies are required to be licensed by DPR in order to operate in the Oil and Gas Industry. Permits are issued upon application for particular operations to be carried out by a company and the fees payable depend on the category of operations for which a company applies.
REGISTRATION WITH NATIONAL AGENCY FOR FOOD AND DRUG ADMINISTRATION AND CONTROL (NAFDAC)
NAFDAC registration is mandatory for the registration of foods, drugs, cosmetics and medical devices manufactured or imported into Nigeria.
REGISTRATION WITH STANDARD ORGANIZATION OF NIGERIA (SON)
All products other than those regulated by NAFDAC (as stated above) are required to be registered with SON.
REGISTRATION WITH SECURITIES AND EXCHANGE COMMISSION (SEC)
The Investment and Securities Act encourages merger or acquisition that reduces competition and regulate the placement of securities. Thus public companies who desire to place their securities either as private placement or public offer must register such securities with the Securities and Exchange Commission.
NIGERIAN COMMUNICATIONS COMMISSION (NCC)
All intending private operators of telecommunications services are required to obtain the relevant licenses from the Nigerian Communications Commission (NCC) via the license application process and also comply with the stipulated requirements.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
