Section 25 Nigerian Investment Promotion Commission Act

Section 25 Nigerian Investment Promotion Commission Act is about Guarantees against expropriation. It provides as follows:

(1) Subject to subsections (2) and (3) of this section

(a) no enterprise shall be nationalized or expropriated by any Government of the Federation; and

(b) no person who owns, whether wholly or in part, the capital of any enterprise shall be compelled by law to surrender his interest in the capital to any other person

(2) There shall be no acquisition of an enterprise to which this Act applies by the Federal Government, unless the acquisition is in the national interest or for a public purpose and under a law which makes provision for

(a) payment of fair and adequate compensation; and

(b) a right of access to the courts for the determination of the investor’s interest or right and the amount of compensation to which he is entitled.

(3) Any compensation payable under this section shall be paid without undue delay, and authorization for its repatriation in convertible currency shall where applicable, be issued.

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