Section 7: Application of proceeds of shares issued.

(1) For the avoidance of doubt, eighty per cent of the proceeds of all shares issued under this Act shall be allocated to the selling companies, and this shall be applied-
(a) for the importation of spare parts, raw materials and machinery; and
(b) for such other purposes as may be approved by the Minister.
(2) The Central Bank of Nigeria shall hold in an interest-earning Escrow Account twenty per cent of the proceeds of the issue, for the purpose of the holders of such shares wherever resident.