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www.spnglegal.com_____________________________________________________________________________________ 3. And remittance of proceeds (net of all taxes) and other obligations in the event of a sale orliquidation of the enterprise or any interest attributable to the investment; and4. Assistance and guidance by the Commission, or for the purpose of promoting identified strategicor major investments, specific incentive packages for the promotion of the investment as theCommission may specify.INVESTMENT PROTECTION – LEGAL FRAMEWORKNIPC ActThe NIPC Act provides, that no enterprise shall be nationalized or expropriated by any government of thefederation and no person who owns, wholly or in part, the capital of any enterprise shall be compelled bylaw to surrender his interest in the capital to any other person unless such acquisition is in the nationalinterest, or for a public purpose.In the event that any acquisition in the national interest or for a public purpose, this must be carried out:1. Under a law that provides for the payment of fair and adequate compensation to the investor; and2. A right of access to the courts for the determination of the investor’s interest or right and theamount of compensation to which he is entitled.Any such compensation payable shall be paid without undue delay, and authorisation for its repatriationin convertible currency shall where applicable, be issued.Bilateral Investment TreatiesThe risks faced by foreign investors are not necessarily limited to those inherent in the particular businessventure, but often extend largely to those relating to interference from local governments, import andexport restrictions, political unrest and in some instances, even war. The object of BITs is to protectinvestments by providing an efficient framework for resolving disputes on the basis of international law.Although BITs differ because they are concluded on the basis of negotiations with states, the standardrecurring provisions relate to protection of investments by ensuring that there is:1. Fair and Equitable treatment;2. Full protection and security;3. No arbitrary or discriminatory measures impairing the investment;_____________________________________________________________________________________Doing Business in NigeriaAn Investor’s Guide- 2013Page 33 of 36