Section 174

(1) The NIPC shall cancel an economic development incentive Cancellation
certificate – of economic
development
(a) on the application of the priority company concerned; incentive
certificate
(b) on the cessation of the priority business or the company being liquidated
or wound up; or
(c) where the priority company fails to commence production 12 months
after the proposed production day.
(2) The Minister may, on the recommendation of the NIPC, suspend the
economic development incentive certificate and require the priority company
to, not later than three months, remedy a non-compliance and furnish the details
of compliance where –
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(a) any of the conditions for the grant of economic development incentive
certificate was not met; or
(b) the Minister is of the opinion that a priority company has contravened
any provision of this Part or has failed to fulfil any estimate or proposal
made in its application for an economic development incentive certificate or
any conditions contained in its certificate.
(3) Where a priority company fails to remedy the non-compliance or
furnish the details of the compliance within the time specified in subsection (2),
the Minister shall, on the recommendation of the NIPC, recommend to the
President, the cancellation of the economic development incentive certificate.
(4) The President may, on the recommendation of the Minister, approve
the cancellation of the economic development incentive certificate of the
company, and any benefit that has accrued to the priority company from the
economic development incentive status may be withdrawn.
(5) The effective date of cancellation of an economic development
incentive certificate of a priority company shall be where the –
(a) company has operated for a period less than one year after the
production day ;
(b) company has operated for a period more than one year after the
production day, the date of the last anniversary of the production day; or
(c) cancellation is as a result of failure to meet any of the conditions for
the grant of economic development incentive certificate on the production
day.
(6) Where the economic development incentive certificate of a company
is suspended or cancelled, or where benefits that accrued to the company is
withdrawn, the NIPC shall give notice of the cancellation or withdrawal to the
Service and the company concerned, specifying the effective date thereof.