Section 1: Issue of non-voting equity shares.

(1) Notwithstanding anything to the contrary in any law, as from the commencement of this Act, public companies whose shares are quoted on the Nigerian Stock Exchange may issue through the Exchange for the purposes of section 2 of this Act, non-voting paid-up shares of their companies for the subscription of persons whether such persons are citizens of Nigeria or not or whether they are resident in Nigeria or not.
(2) Any shares issued pursuant to subsection (1) of this section shall not have any voting rights and shall not be taken into account in determining the proportions of shares held by Nigerians and non-Nigerians under the provisions of the Nigerian Enterprises Promotion Act or under any other enactment.
Cap. 303.
(3) Any shares issued pursuant to subsection (1) of this section shall not exceed 20 per cent of the existing nominal share capital of the company seeking to take advantage of the provisions of this Act.