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)”.
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.”
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.
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