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Oil and Gas Sector - Regulatory Update

Oil and Gas Sector - Regulatory Update

1. Imminent repeal of the Nigerian Oil and Gas Industry Content Development Act, 2010 (NOGICDA)

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Wole Obayomi

Partner & Head, Tax, Regulatory & People Services

KPMG in Nigeria

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Oil and Gas Sector - Regulatory Update

A Bill for an Act to repeal the NOGICDA and enact the Nigerian Content Development and Enforcement Act (“the Bill”) is currently pending before the House of Representatives for approval. The Bill seeks to, among others, extend the application of the local content principles and philosophy to other key sectors of the economy as follows: information and communication technology, power, solid minerals and construction.

The NOGICDA being proposed for repeal, provides for the development, implementation and monitoring of Nigerian content in the oil and gas industry, in order to encourage indigenous participation and transfer of technology to Nigerians.

We are reviewing the Bill, and will issue a detailed newsletter in due course.

2. Submission of statutory Nigerian Content reports for 2020

The Nigerian Content Development and Monitoring Board (NCDMB) on Monday, 27 January 2020, issued a Public Notice reminding operators and service providers in the Nigerian oil and gas industry of their obligation to submit the Nigerian Content statutory reports (“the statutory reports”). The Public Notice details the statutory reports to be submitted for 2020 and the frequency of reporting (consistent with the provisions of the NOGICDA). Failure to submit the statutory reports as and when due constitute a violation of the NOGICDA and will result in sanctions against defaulting companies. Therefore, operators and service providers in the industry are advised to take note of the statutory reports and their timelines, to facilitate compliance with the provisions of the NOGICDA.

Please access the NCDMB’s public notice here and the reporting templates here.

For any enquiries on the above, please contact:

Wole Obayomi

ng-fmtaxenquiries@ng.kpmg.com

© 2020 KPMG Professional Services, a partnership registered in Nigeria and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

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