About: Nigerian Enterprises Promotion Decree

The Nigerian Enterprises Promotion Decree or NEPD 1972 as amended in 1977 was meant to effect changes in the ownership structure of businesses in Nigeria and to provide opportunity for indigenous capital to have assertive control of the economy. The law also restricted economic activities of foreign firms to certain areas and obliged the firms to add Nigerians as partners. Up to 1,130 companies were affected, some companies transferred equity through private placement while others listed on the stock exchange. A total of 81 companies listed shares on the stock exchange worth a total value of 210 million naira while majority offered the shares through private placement.