Section 37 Nigeria Startup Act

Section 37 Nigeria Startup Act 2022 is about Repatriation of capital and profits. It is under Part VIII (Collaboration with Regulators) of the Act.

(1) The Secretariat shall collaborate with the CBN to guarantee repatriation of investment by a foreign investor through the CBN’s authorised dealer in freely convertible currency of —
(a) dividends or profits, net of all taxes, attributable to the foreign investor’s investments ; and
(b) proceeds, net of all taxes and other obligations in the event of a sale or liquidation of the startup or any interest attributable to the foreign investor’s investments.

(2) Repatriation of investments in a labelled startup shall be carried out at the CBN’s official foreign exchange rate, provided that the foreign investor can present a Certificate of Capital Importation (CCI) as evidence that the initial investment fund was injected through the proper channel.