By Prince Okafor
Nigerian indigenous oil and gas company, Seplat Petroleum Development Company Plc (Seplat), in partnership with legal firms, Olaniwun Ajayi LLP and London-based, White & Case Law LLP have harped on the need for stakeholders’ collaboration for the successful implementation of the Federal Competition and Consumer Protection Act (FCCPA) in the oil and gas industry.
The Act, signed into law in January 2019, established the Federal Competition and Consumer Protection Commission and the Competition and Consumer Protection Tribunal. It was enacted for the promotion of competition in the Nigerian markets at all levels to eliminate monopolies, prohibit abuse of a dominant market position and to penalize other unethical restrictive trade and business practices.
In his keynote address, Babatunde Irukera, Director-General and Chief Executive Officer, FCCP Commission, noted that: “The oil and gas industry in Nigeria is peculiar in many respects, both in terms of the legal and regulatory framework. The industry is particularly sensitive. Therefore, if players in the industry notify of the need to make changes to a clause in the Federal Competition and Consumer Protection Act, it is the responsibility of all stakeholders to work together to effect the necessary changes.”
Delivering the opening address in a policy advocacy dialogue organised by Seplat, the company Chief Executive Office, Mr. Austin Avuru, stressed Seplat’s strong regard for compliance and strict adherence to Corporate Governance ethos in the industry.
According to him, Seplat remains very concerned about its current and future business environment in Nigeria and will continue to collaborate with relevant stakeholders to advocate for good laws that will positively impact businesses, especially in the oil and gas industry.