Section 3: Minister and Securities and Exchange Commission to approve allotment, transfer, etc.

(1) As from the commencement of this Act, no enterprise to which section 1(1) of this Act applies (whether or not operated by or as a company) which is being operated otherwise than by or as a public company shall be sold or in any other manner transferred to Nigerian citizens or associations unless the terms and other conditions of and pertaining to the sale or transfer have been approved by the Minister.
(2) As from the commencement of this Act, no shares in or in respect of any enterprise to which section 1(2) of this Act applies which is an enterprise operated by or as a public company shall with a view to securing compliance (to any extent whatsoever) with the provisions of section 1(2) of this Act be sold or in any manner transferred to Nigerian citizens or associations unless the approval of the Securities and Exchange Commission (hereinafter referred to as "the Commission") has been obtained with respect to-
(a) the price at which the shares are to be sold or transferred and the timing of the sale;
(b) the terms and other conditions pertaining to the sale or transfer, including the manner of the selection of the buyers or transferees or, where applicable, the manner of the allotment of the shares among the buyers or transferees;
(c) any increase in the shares and the share capitals of private companies; and
(d) any transfer of shares in private companies.
(3) Cap. 59.
The provisions of this section shall have effect notwithstanding any requirement in any law (including, where applicable, the Companies and Allied Matters Act) and such law shall be construed subject to this Act.
(4) Cap. 406.
Without prejudice to subsection (3) of this section, the powers conferred on the Commission under the Securities and Exchange Commission Act shall be construed as including power to grant approvals for the purposes of this Act and any rules made by the Commission may be adapted or otherwise modified by the Commission for the purposes of this Act.
(5) Notwithstanding anything to the contrary in this section, the Commission shall be charged with the function of determining the prices of shares in enterprises to which this Act relates and in the case of public companies, there shall be an Allotment Committee of the Commission which shall consist of the following persons, that is-
(a) a representative of the Minister;
(b) a representative of the Nigerian Stock Exchange; and
(c) a representative of the appropriate issuing house.