Section 5: General provisions regarding approval of sale or transfer by the Minister or the Commission.

(1) In considering applications for approval pursuant to section 3 of this Act, the Minister, or, as the case may be, the Allotment Committee of the Commission shall have regard to the following provisions, that is-
(a) beneficial ownership of the enterprises affected should be as widespread as the circumstances of each case would justify and deliberate efforts shall be made to prevent the concentration of ownership in a few hands;
(b) except in the case of owner-managers, no enterprises shall be sold or transferred to a single individual and in no case is a single individual to be allowed to have control of more than one enterprise;
(c) where appropriate, allotment rules made or approved by the Minister or the Allotment Committee of the Commission shall be such that would ensure that-
(i) no individual holding more than five per cent of the equity of an enterprise or holding a portion of the equity valued at more than N50,000, whichever is the higher, is allotted any further portion of the equity in that enterprise;
(ii) no individual shall be allotted more than five per cent of the equity of any enterprise or of any portion of the enterprise valued at more than N50,000, whichever is higher;
(iii) no individual shall be allotted any portion of the equity of an enterprise that would make any holding of that individual of the equity of the enterprise concerned to exceed five per cent of the total equity of that enterprise or attain a value exceeding N50,000, whichever is higher;
(d) consideration passing from the transferee to the seller or transferor and, where appropriate, all rights, including agency rights, sole representation and all other ancillary rights passing to the buyer or transferee shall be in a form acceptable to the minister or the Commission.
(2) For the purposes of subsection (1) of this section, the Allotment Committee shall have regard to information as to the existing shareholding of individuals seeking to acquire further interests in enterprises to which this Act relates.