NBA-SBL & NCDMB Organise colloquium to solve enforcement challenges and tap into opportunities surrounding Nigerian content for lawyers
The first edition of the Nigerian Bar Association Section on Business Law ( NBA-SBL) & Nigerian Content Development & Monitoring Board (NCDMB) COLLOQUIM, organised by the NBA-SBL took place on Wednesday, 19th May, 2021. The hybrid event, held at the Metropolitan Club and streamed live for a virtual audience, featured a distinguished faculty of speakers and panellists.
The theme for the event was “NOGICDACT-STRIDES Challenges & Opportunities” and experts across various sectors, legal and non-legal, presented and discussed on topics centred around the theme.
Ayuli Jemide, Chairman of the NBA-SBL and Lead Partner, Detail Solicitors, kicked off the event with his opening remarks. He stated that he had noticed that the Nigerian content requirement for lawyers was not really being enforced, so the body has been in engagement with the NCDMB, and part of that engagement is to create awareness about the activities generally, and as it pertains to lawyers.
Jemide stated that this was just the beginning of many more events between the NBA-SBL and the NCDMB and assured that the partnership would help open regular engagements with the NCDMB that would foster successful results. This activity would create a culture that would see the NBA-SBL go to the NCDMB whenever it had complaints about the activities or regulations.
“The long-term gain is that if we can work with the NCDMB to ensure the Nigerian content development for lawyers is properly enforced. This will improve thousands of Nigerian law firms and Nigeria’s Gross Domestic Product, (GDP). We will keep engaging to make enforcement successful.
Right after, The Director, Legal Services, NCDMB Muhammed Umar gave opening remarks on behalf of the Executive Secretary of the body, Engr. Simbi Wabote.
Delving into the meat of the event CEO, RTC Advisory Services, Opeyemi Agbaje gave a data saturated presentation, highlighting some shocking statistics and facts about the state of the Nigerian economy. He used infographics to stress the need to halt refined import petroleum products, stating, “It is within the purview of local content policy and administration to ensure the cessation of importation of refined petroleum products, which has become a national economic embarrassment, as well as a drain on scarce resources. How can the Board facilitate the emergence of a dynamic, sustainable, competitive domestic refining and petrochemicals sector?”.
Muhammed Umar, during his presentation stated that the success of any good law such as the Nigerian Oil and Gas Industry Content (NOGICD) Act cannot be hinged on the elegance of its form or content but primarily on the commitment of all stakeholders to make ensure its success, in spite of any perceivable barriers.
Rounding up presentations, Founding Partner, Adeyemi Akinsoya & Co, Adeyemi Akinsoya, and Partner, Babalakin & Co, Bayo Adaralegbe gave insight into the regulation for establishment of operations in Nigeria.
The Panel discussions followed the presentations and the first panel had 5 distinguished speakers namely, Chairman NBA-SBL, Ayuli Jemide; Founding Partner, AELEX, Soji Awogbade who moderated the session; Director, Monitoring Evaluation, NCDMB, Akintunde Adelana; Partner, Paul Usoro & Co, Mfon Usoro, and Partner, Akabogu Law, Emeka Akabogu. They deliberated on ways to improve the Nigerian Oil and Gas Industry Content (NOGICD) Act. They stressed the need for specialisation within the industry in order to provide optimal services. This was aptly summarised by Soji Awogbade when he stated, “When you specialize, you lose general income, and you must be ready for that. There is no willingness to specialise because sometimes the clients are not even there, but it a sacrifice one must be willing to make because when those clients do come, without having specialised knowledge and experience you will not be able to compete with the foreign lawyers”
The second panel was moderated by Managing Partner, Principles Law Partnership, Miannaya Essien, SAN, who was joined by distinguished panellists, Director, Legal Services, NCDMB Muhammed Umar; CEO, Waltersmith Petroman Oil Limited, Chikezie Nwosu, and Partner, Babalakin & Co, Dunni Segun-oki. This panel discussed the imperfections in the NOGICD ACT and if there was an urgent need for review, particularly related to International Oil Companies (IOC’S) and local service providers.
Chikezie explained that overregulation should not be feared as long as positive results were the outcome. He stated, “A major area that is a challenge, is the need to regulate a little more these indigenous service providers because a large number of them do not provide any services, they simply outsource to foreign companies, thus simply acting as middlemen. There needs to be a push to ensure that these service providers are actually local, and the materials are local.”
The event was concluded with a question- and- answer session, which participants both in person and online were given the opportunity to ask questions to the panellists and closing remarks from the Chairman of the NBA-SBL.