BY TONI KAN In 2018 and just before the end of 2019, the nine oil producing states received a total sum of N942 billion as their share of the 13% derivation principle. That sum is broken down to N640.0 billion in 2018 and N302 billion (in the first 7-months) of 2019. The oil producing states in Nigeria are Delta, Akwa-Ibom, Bayelsa, Rivers, Edo, Ondo, Imo, Abia and Lagos. Lagos state,…

Ten years ago, on the 2nd of April 2010, the Nigerian Local Content bill received presidential assent and thus became a law to provide for a framework that would guide indigenous content and participation in the Nigerian oil and gas industry. The law also provided for the establishment of the Nigerian Content Monitoring Board (NCMB), charged with the responsibility of managing the coordination, monitoring and implementation of the new local…

The Nigerian Local Content bill received presidential assent on April 2, 2010. The Act was to provide a framework that would guide indigenous content and participation in the Nigerian oil and gas industry. The law also provided for the establishment of the Nigerian Content Monitoring Board (NCMB), charged with the responsibility of managing the coordination, monitoring and implementation of the new Local Content law. To fully understand what the Local…