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NIPC moves to enforce mandate on foreign equity companies

by Business News Report

The Nigerian Investment Promotion Commission, NIPC is set to enforce its mandate to register all companies in the country that have foreign equities, aside the Organisations’ registration with the Corporate Affairs Commission, CAC.
The Executive Secretary of the commission, Mrs Saratu Umar who disclosed this in Abuja during a courtesy visit by the Deputy Governor of Oyo State, Chief Moses Adeyemo on Thursday, said it is mandatory for all companies with foreign stake to register with NIPC.
Umar said the Commission is now ready to enforce that session of its mandate, adding that the agency has began sentisation Programme to that effect so as to make the companies understand the need to also register with NIPC.
Session E of the basic functions and powers of NIPC As Prescribed by Act 16 of 1995 states that the commission should ‘register and keep records of all enterprises to which the NIPC Act legislation applies’ Also, under the provisions relating to investments, the law further states that ‘An enterprise, in which foreign participation is permitted, shall after its incorporation or registration, be registered with the NIPC,
Speaking on the visit of Oyo State Deputy Governor, Chief Moses Adeyemo, the NIPC scribe the commission will collaborate with states to stimulate both foreign and domestic direct investments to enable them realize their full economic potentials.

Chief Adeyemo’s visit to NIPC is part of measures to ensure the development of the state into one of the top investment destinations in Nigeria
Umar, commended the state for the move adding that the development is coming at a time when the country is witnessing an increase in foreign direct investment inflow owing to the reforms by the federal government.
She said six states-Ogun, Bayelsa, Delta, Cross Rivers, Niger and Rivers have successfully established their Investment Promotion Agencies.
She said the establishment of the IPAs would help build synergy between the states and the NIPC as well as assist in solving some of the challenges faced by investors when starting and doing businesses in the country.
She said, “I would like to invite the Oyo state government to take full advantage of NIPC’s services for greater synergy and improvement of its investment drive.
“With solid minerals deposit such as marble, gold and granite, the full potential of which, are yet to be exploited, active collaboration with both local and foreign investors would ensure full exploitation of these resources for the rapid socio-economic development of the state.”
She expressed optimism that the state can build on these advantages to enable it compete more favorably for FDI while stimulating more domestic investment that will create more jobs and ensure inclusive growth. Also speaking, the deputy governor said state is blessed with a lot of resources that could enable it attract investors. He said since investment is one of the vital ingredients for the growth and development of any nation, the state has put in place the right policies to protect investors.


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