Don’t amend oil free zone law – Stakeholders

Stakeholders in the nation’s free zones have raised the alarm over the adverse economic impact of the proposed bill to amend the Oil and Gas Export Free Zone Act (OGEFZA Act).

They expressed fear that the proposed bill, if passed in its current form, will lead to economic sabotage, entrench monopoly, remove healthy competition in the industry, hamper the ease-of-doing business in Nigeria and cause loss of jobs.

They said in a joint statement that the proposed bill would conflict with several existing laws and policies of the federal government and legitimise illegality that has been perpetuated over the years by the Oil and Gas Export Free Zone Authority (OGEFZA), as well as undermine the integrity of the Senate in particular and the Nigerian State in general.

They posited that the bill would effectively remove all competition in the oil and gas services sector, and endorse a monopoly in favour of Intels/ Orlean Invest, the sole beneficiary of the proposed bill, and that every investment remotely connected with the oil and gas industry would be placed at the mercy of the monopoly, if it becomes law.

According to them, “The proposed bill seeks to use the legislature as a tool to entrench the monopoly of one entity in the Nigerian oil and gas services industry. Its effects are twofold; to rubber stamp and endorse years of illegal and unconstitutional activity perpetrated by the management of OGEFZA, and to acquire the property of private investors through legislative process.”