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NCDMB Unveils 7 Ministerial Regulations, Warns Oil Firms

The Nigerian Content Development and Monitoring Board (NCDMB) has unveiled seven ministerial regulations that will provide a proper framework for monitoring the implementation of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.

The regulations, according to the NCDMB, were approved by the Minister of State for Petroleum Resources, Mr Timipre Sylva, in April 2021 and were publicly unveiled at the Nigerian content seminar held at the recently concluded 2022 Nigerian Oil and Gas Conference in Abuja.

Part of the regulations is the Regulation for Nigerian Oil and Gas Industry Enforcement and Compliance which provides for direct sanctions for breach, without the need to apply Section 68 of the Act that would have required a criminal trial, a statement by the board explained.

The Executive Secretary of the NCDMB, Engr. Simbi Wabote, explained that “this regulation addresses failure to submit Nigerian Content Plan, failure to obtain Certificate of Authorization, failure to give First Consideration and comply with minimum Nigerian Content, expatriate quota violations, failure to submit mandatory information and documents and failure to make remittance to the board on any contract awarded.

Others are failure to engage a Nigerian legal practitioner firm, failure to retain the services of a Nigerian financial institution, operators’ liability, the liability of directors and officers of a company, liability of third parties and several others.”

Source: Dailytrust


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