Regulatory Alerts2011-10-13 | TED.FEM.FPC.GEN.01.020Payment of Dividends/Proceeds of Foreign Investments in Nigeria by Foreign Entities, Proceeds of International Air Tckets and Consultancy Services
The Central Bank of Nigeria's Trade and Exchange Department has issued a circular stating that from its publication date onwards, all remittances involving dividends, capital and proceeds of foreign investments, proceeds of international air ticket sales, and consultancy services will be processed through autonomous funds. This policy is intended to ensure full regulatory compliance while guaranteeing repatriation rights for foreign investors. Authorized dealers are required to inform their customers about this new directive.
CENTRAL BANK OF NIGERIA Corporate Head Office Central Business District P.M.B. 0187, Garki, Abuja, FCT Tel: ....................
Fax : ....
TRADE & EXCHANGE DEPARTMENT 09-46237804 09-46237811 e-mail:-ted@cbn.gov.ng October 13, 2011 Our Ref: TED/FEM/FPC/GEN/01/020 ALL AUTHORISED DEALERS AND THE GENERAL PUBLIC TO: PAYMENT OF DIVIDENDS/PROCEEDS OF FOREIGN INVESTMENTS IN NIGERIA BY FOREIGN ENTITIES, PROCEEDS OF INTERNATIONAL AIR TICKETS AND CONSULTANCY SERVICES This is to inform all Authorised Dealers and the general public that from the date of this circular, all remittances in respect of dividends, capital and proceeds of investments, proceeds of sale of international air tickets and consultancy services shall be through the use of autonomous funds.
For the avoidance of doubt, foreign investors are guaranteed repatriation of their earnings and/or proceeds of investments through the use of autonomous funds. All the remittances in respect of these transactions are expected to comply with full relevant documentation requirements. Authorised Dealers are enjoined to bring the details of this circular to the attention of their customers for strict compliance.
DIRECTOR, TRADE AND EXCHANGE DEPARTMENT