The House of Representatives has moved a step closer to introducing a law that will mandate multinational companies to have Nigerian Chief Executive Officers.
The lawmakers have introduced a bill that will reserve the position of Chief Executive Officer in multinational companies for Nigerians.
The two relevant bills are sponsored by a member representing Degema/Bonny Federal Constituency of Rivers State, Dagogo. They scaled the first reading on the floor of the House on Thursday.
According to one of the proposed bills, qualified Nigerians will be appointed into the top echelon of multinational and blue-chip companies.
Multinational companies that contravene it will risk prosecution.
The bill is the Multinational Companies Appointment of Chief Executives (Regulatory) Bill, (HB 1933).
The Multinational Companies Appointment of Chief Executives (Regulatory) Bill, when passed into law will guarantee that: โWithout 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, โ a part of the bill reads.
It warned in Clause 3 that โany 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.โ
The second bill, Nigerian Oil and Gas Industry Content Development Act (Amendment) Bill, (HB 1934), noted that 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.โ
Section 70 of the Principal Act is amended by inserting a new paragraph after the existing paragraph.
It also seeks to ensure effective and strict compliance with the provisions of this bill in respect of the appointment of โChief Executive Officers of any multinational Oil and Gas Company operating in Nigeriaโ. (SaharaReporters)
