FOREIGN PARTICIPATION IN NIGERIAN BUSINESS SECTOR

Jun 22nd, 2015
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This also means alien participation. Section 650 of CAMA defines an alien as a person or association, whether corporate or incorporated, other than a Nigerian citizen or association.Section 20(4) of CAMA provides:“subject to the provisions of any enactment regulating the rights and capacity of aliens to participate or undertake in trade or business

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FOREIGN PARTICIPATION IN NIGERIAN BUSINESS SECTORFOREIGN PARTICIPATIONThis also means alien participation. Section 650 of CAMA defines an alien as a person or association, whether corporate or incorporated, other than a Nigerian citizen or association.Section 20(4) of CAMA provides:subject to the provisions of any enactment regulating the rights and capacity of aliens to participate or undertake in trade or business, an alien or a foreign company may join in forming of a company.Section 17 of Nigerian Investment Promotion Commission (NIPC) provides that a non-Nigerian whether company or individual may invest and participate in the operation of any enterprise in Nigeria except those in the negative list.It is clear from the above provisions that a foreigner is allowed to participate in business in Nigeria but subject to some enactments.An alien (foreigner) may choose to register a business name as a sole proprietor (or partnership), he may wish to incorporate a company with other aliens or Nigerians, and he may wish to buy shares into an existing company. Where he is incorporating a company, he may do business in any area except the negative list. The negative list include: arms and ammunition; narcotic drugs and psychotrophic substance; para-military and military wears and accoutre.VARIOUS LAWS REGULATING FOREIGN PARTICIPATION IN BUSINESS IN NIGERIA1. Companies and Allied Matters Act (CAMA), Cap. C.20 LFN 2004 Sections 148 and 155 of CAMA. Section 148 o

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