Notjustloaded | Latest News, Politics, Nigerian News Today, Latest Nigerian News, 2023 Elections, Tinubu, APC, PDP, Labour Party, Peter Obi, Atiku, BBNaija, Nigeria, Education

Latest News

Legal framework to make Nigerians CEO of multinational oil companies scales first reading in Reps

The House of Representatives has introduced a bill that would mandate Nigerians to become Chief Executive Officers of multinational companies if it eventually becomes law.

The bill, which was sponsored by member representing Degema/Bonny Federal Constituency of Rivers State, Hon. Dagogo Farah, scaled the first reading on the floor of the lower legislative chamber on Thursday.

The proposed bill alongside others stipulates that qualified Nigerians would be appointed into the top echelon of multinational and blue-chip companies.

The Sponsor averred that the bills were in consonance with the existing Local Content Act, adding that any multinational company that contravenes it would have committed an offence and will risk prosecution.

The bills are the “Multinational Companies Appointment of Chief Executives (Regulatory) Bill, (HB 1933) and Nigerian Oil and Gas Industry Content Development Act (Amendment) Bill, (HB 1934)”.

RELATED:  Man Allegedly Poisoned To Death In UAE Two Months After Getting Married (Video)

The Multinational Companies Appointment of Chief Executives (Regulatory) Bill, when passed into law will guarantee that: “Without prejudice to the extant Federal Character Commission Act or any relevant applicable legislation, any appointment for the position of Chief Executive Officer of any multinational company shall be reserved for a qualified Nigerian with the requisite knowledge, proven integrity, cognate experience and capacity to provide leadership in the industry, ” a part of the bill reads.

It warned in Clause 3 that ”any multinational company in Nigeria which contravenes the provisions of this bill through its officers or proxies, commits an offence and shall, on conviction be liable to such penalty as may be prescribed by regulations issued under this bill.”

RELATED:  China Lament As U.S. House Speaker Nancy Pelosi Arrives In Taiwan

On the other hand, the Nigerian Oil and Gas Industry Content Development Act (Amendment) Bill is expected to make provisions for the appointment of qualified Nigerians as Chief Executive Officers of Multinational Oil and Gas Companies operating in Nigeria.

The amended bill in Clause 5(2) said: The Board shall implement the provisions of this Bill to ensure a measurable and continuous growth of Nigerian content in oil and gas arrangements, projects, operations, activities or transactions in the Nigerian oil and gas industry.”

Section 70 of the Principal Act is amended by inserting a new paragraph after the existing paragraph.

“ensure effective and strict compliance with the provisions of this bill in respect of appointment of Chief Executive Officers of any multinational Oil and Gas Company operating in Nigeria,” a part of the bill reads.

RELATED:  “My boyfriend just broke up with me; help me to beg my boyfriend” – Lady who slept with D0g for N1.7million in Lagos opens up (VIDEO)

Click To Read Full Articles

Join The Discussion

Do you find Notjustloaded useful? Click here to give us five stars rating!

No one has commented yet. Be the first!
Leave a Reply