the Native Content Material Act 2010 Enactment, Enforcement And Issues Arising
Temitayo A. Ojeleke was educated on the Obafemi Awolowo College (OAU) Ife and was admitted to the Nigerian Bar in 1999. First, in view of the requirement of Part 31(1) of the Act for submission of a succession plan to the Board in respect of each expatriate place held by a company, immediate steps must be taken by investors to make sure that their succession plan for the gradual alternative by certified Nigerian personnel of its expatriate personnel is in conformity with the maximum 4 year period.
The Authorities's coverage on Nigerian content material within the Industry over time seeks to advertise the utilization and progressive growth of local competencies (to internationally acceptable requirements) by the energetic participation of Nigerians, and the deployment of local assets and raw supplies, in the nation's primary sector. In current occasions, the policy had crystallized right into a proposed laws in the type of the Nigerian Content material Growth Invoice in 2003 and has passed through various amendments between the years 2003, 2005 and 2008, culminating in the Nigerian Oil and Gasoline Business Content material Improvement Bill 2009 (the Bill”).
Within the interim, before the Board's approach to the implementation of the Act is revealed, it will be expedient for buyers searching for to secure a contract or allow in the Trade to incorporate strategies in the direction Nigerian Corporate Commercial Law Practice of promoting their general Nigerian content material indicators, and thus, improve their aggressive standing. Extra lately she has specialised in Monetary Companies Legislation, Regulatory Compliance and Corporate Governance.
On this regard, the current remarks of the Government Secretary of the Board should however be noted that any partnership association between a Nigerian company and a foreign investor should genuinely replicate the Nigerian stake hold reasonably than merely having the Nigerian firm play second fiddle to the foreign investor. He is currently the lead authorized adviser to the largest Liquefied Petroleum Fuel (LPG) offtakers membership in Nigeria, and a consortium presently enterprise a multi-billion naira transport and real estate construction venture in Lagos State, Nigeria's industrial Capital.
He's a member of the Nigerian Bar Affiliation, the International Bar Affiliation, and the Institute of Chartered Accountants of Nigeria. Bolatito Alaofin graduated from the Obafemi Awolowo College Ile-Ife with a Second Class Higher Division Degree and was admitted to the Nigerian Bar in 1999. She advises on a wide range of claims including basic, industrial and contractual disputes and firm/partnership disputes.