NATIONAL SALT COMPANY OF NIGERIA LIMITED (TAKEOVER) ACT

An Act enables the Federal Government to take over the National Salt Company of Nigeria for management as a state enterprise. It targets the company, its employees, and creditors to secure strategic control. This seeks to develop the domestic salt industry and ensure reliable supply.

What Is This Policy?

An Act providing for the Federal Government's takeover of the National Salt Company of Nigeria Limited as part of nationalisation of strategic industries, and for its subsequent management as a government enterprise.

Who Does It Target?

National Salt Company as the target entity Federal Government as the acquirer Employees and creditors of the company Federal Ministry of Industry

What Does It Aim to Achieve?

Assert government control over Nigeria's principal salt production company to ensure strategic control of salt supply and develop the domestic salt industry.

Key Features

Takeover: Federal Government takes ownership of the National Salt Company. Compensation: Provides for compensation to former shareholders. Government Management: Company managed as a government enterprise post-takeover. Historical Reform: Part of Nigeria's broader economic nationalisation programme.

Current Status

Rollout Stage: Historical — takeover completed Coverage: Historical Beneficiaries: Historical — government salt industry control Funding: Federal Government

How to Access

Historical reference only Application method: Historical.

Official Resources

Website: https://www.industry.gov.ng Contact: Federal Ministry of Industry, Trade and Investment

Legal Framework

Enacted under Section 4 of the 1999 Constitution. Operates alongside the Companies and Allied Matters Act 2020, the Public Enterprises (Privatisation and Commercialisation) Act 1999, the Ministry of Finance Incorporated Act, and the Mines and Quarries Act for mineral resource management.