House Introduces Bill Seeking to Make Nigerians CEO of Multinational Companies

Udora Orizu in Abuja

A bill to mandate multinational companies operating in the country to appoint qualified Nigerians as their Chief Executive Officers has passed first reading in the House of Representatives.

The proposed legislation titled, ‘Multinational Companies Appointment of Chief Executives (Regulatory) Bill, (HB 1933) and Nigerian Oil and Gas Industry Content Development Act (Amendment) Bill (HB 1934)’, is sponsored by Hon. Doctor Farah Dagogo.

The Multinational Companies Appointment of Chief Executives (Regulatory) Bill, stipulates that any multinational company that contravenes it would have committed an offence and be convicted.

It states, “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 requisite knowledge, proven integrity, cognate experience and capacity to provide leadership in the industry. In Clause 3 it states 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, states that, “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.”