Foreign currency imported into Nigeria and invested in any enterprise in the manner aforesaid is, by Section 15(4) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Decree, guaranteed unconditional transferability of funds, through an Authorised Dealer in freely convertible currency, relating to:
(a) dividends or profits (net of taxes) attributable to the investment;
(b)payments in respect of loan servicing where a foreign loan has been obtained; and
(c)the remittance of proceeds (net of all taxes) and other obligations in the event of sale or liquidation of the enterprise or any interest attributable to the investment.
This article is intended to provide a general guide to the subject matter and should NOT be treated as legal advice. Specific legal advice should be sought by you about your particular case and special circumstances.
For further information/enquiries, please contact Patrick Abuka on Tel: (234)1-263 4656, 1-263 3024, 1-263 1708, 1-263 3512, 1-263 5115, 1-263 4553 or Fax No: (234) 1-263 1687, 1-263 5189
You may also wish to read through related material on 'Legal Aspects of Investing in Nigeria' provided by Abuka, Ajegbo, Ilogu & Nwaogu. You can view the entire archive via the Internet on Business Monitor Online (http://www.mondaq.com), or via your online provider by entering "Abuka, Ajegbo, Ilogu & Nwaogu" and "Business Monitor" as a free text search.