Section 3: Notice of intention to incur capital expenditure, etc.

(1) As from the commencement of this Act, any person proposing-
(a) to start a new undertaking involving the expenditure of not less than twenty thousand naira; or
(b) to incur additional capital expenditure of not less than twenty thousand naira in respect of an existing undertaking,
shall give to the Director notice of his intention in the form specified in the First Schedule to this Act.
[First Schedule.]
(2) The Director shall on receipt of the notice sent pursuant to subsection (1) of this section verify the information contained therein and may-
(a) demand and make use of any document relating to the purchase (whether locally or abroad) of any plant or machinery or parts thereof;
(b) in the case of second-hand equipment, demand and make use of information relating to the history of the equipment;
(c) carry out physical checks on the site of any undertaking and inspect any building, plant or machinery.
(3)
On being satisfied with the investment valuation as determined pursuant to the provisions of sections 1, 2 and 3 to this Act, the Director shall prepare and forward to the person carrying on the undertaking a certificate of acceptance which shall be in the form specified in the First Schedule to this Act.
[First Schedule.]
(4) Any person who fails to comply with subsection (1) of this section shall, unless he proves that he had reasonable excuse for the failure, be guilty of an offence and liable on conviction to a fine of one thousand naira.