LAGOS-SEVEN Nigerian Content Ministerial Regulations have been approved and gazetted, making them subsidiary legislation that can be implemented by the Nigerian Content Development and Monitoring Board (NCDMB).
The Executive Secretary of the NCDMB, Engr. Simbi Kesiye Wabote announced this in Lagos on Wednesday at the colloquium organized by the Board with the Nigerian Bar Association’s Section on Business Law (NBA-SBL), with the theme “Nigerian Oil and Gas Industry Content Development (NOGICD) Act-Strides, Challenges & Opportunities.”
The Executive Secretary who was represented by the Director Legal Services, Barr. Mohammed Umar stated that the Minister of State for Petroleum Resources, Chief Timipre Sylva approved the guidelines, and they became effective on 2nd April 2021.
He listed the guidelines to include Research & Development, (R & D); Training, Capacity Development; Growth of Indigenous Capacity and Nigerian Oil and Gas Industry Enforcement and Compliance Regulation.
Others include Registration of Operators and other professionals with Nigerian professional bodies, Technology Transfer and Establishment of operations in Nigeria.
Sections 36, 40, 41, 42, 47, 55 and 101 of the NOGICD Act empowers the Minister of Petroleum Resources to make regulations that will foster the development of Nigerian Content. The Board held several engagements with diverse spectrum of the oil and gas industry stakeholders before finalizing the regulations and transmitting it to the Honorable Minister for ratification.
Providing details on the Nigerian Oil and Industry Content Development Compliance and Enforcement Regulation, the Executive Secretary explained that it was intended to ensure compliance with the NOGICD Act and other Regulations and give effect to Section 68 of the Act in ensuring efficient and accountable promotion of local content in the diverse sectors of the Oil and Gas Industry in Nigeria.
He stated that the regulations had divided offenses punishable under Section 68 of the Act into two categories. The first category are the major offenses which can lead to criminal prosecution while the other offenses would be treated with administrative sanctions.
Speaking further, he stated that “As we journey towards the 70 percent Nigerian Content level target, we will continue to utilize industry platforms and fora like this to connect with our stakeholders to provide clarity on our mandate and ways to address any constraints of the industry”, assuring that the Board will continue to collaborate with the NBA Section on Business Law to drive and unleash an array of opportunities for the oil and gas industry.
He added that “In our pursuit of Nigerian Content, the Board will continue implementation of the 10-Year Strategic Roadmap; Foster relevant collaboration and strategic alliances with relevant stakeholders including sister agencies; Deepen Nigerian Content in the oil and gas industry and continue to advocate and support domiciliation of value-addition in country”.
He commended encouraged members of the bar to take advantage of various opportunities in the oil and gas industry.
Also speaking, the Chairman, Nigerian Bar Association – Section on Business Law, Barr. Ayuli Jemide appreciated the Board for the collaboration and support in engaging the association to deepen the pace of Nigerian Content implementation in Nigeria.