Lagos — Bunmi Ibraheem who attended last week's Maritime Seminar for Judges in Abuja examines compliance issues for International Companies in light of the Cabotage Act 2003 and the recently passed Local Content Act.
In the Nigerian oil and gas industry tough times are about to get even tougher for international companies (companies registered in Nigeria in which foreign individuals or companies registered outside Nigeria own the majority shares.) These tough times are not those occasioned by current global economic downturn. No, it is caused by two pieces of legislation passed by the National Assembly in 2003 and 2010, namely the Coastal and Inland Shipping (Cabotage) Act 2003 and the Nigerian Oil and Gas Industry Content Development Act 2010.
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