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Investor Presentaiton

The Country and its institutions KPMG Business Organisation Labour and Social and Regulation Security Regulations The Nigerian Financial Tax System Services Industry Foreign Exchange Transactions Investment in Nigeria Accounting and Importation of Goods Exportation of Goods Auditing Requirements COVID-19 Economic and Fiscal Measures 1.4.34 Nigerian Content Development and Monitoring Board (NCDMB) The NCDMB was established by the Nigerian Oil and Gas Industry Content Development Act (NOGICDA), 2010, to supervise, co-ordinate, monitor and implement the provisions of the Act, with a view to improving indigenous participation in the Nigerian oil and gas industry. In this regard, NCDMB is charged by NOGICDA to: • • • • . implement the regulations made by the Minister of Petroleum Resources in relation to any aspect of the Act; supervise, co-ordinate, administer and monitor the development of Nigerian content in the Nigerian oil and gas industry; appraise, evaluate and approve the Nigerian content plans and reports submitted to the Board in compliance with the provisions of the Act; administer and operate the e-market place and Joint Qualification Systems set up in accordance with the provisions of the Act; assist local contractors and Nigerian companies to develop their capabilities and capacities to further the attainment of the goal of developing Nigerian content in the Nigerian oil and gas industry; and make procedures to guide the implementation of the Act and ensure compliance. A Bill has been proposed for an Act to repeal the NOGICDA and enact the Nigerian Content Development and Enforcement Act. The Bill seeks, among other things, to extend the application of the local content principles and philosophy to other key sectors of the economy, such as information and communication technology, power, solid minerals, and construction. Please refer to Appendix 1 for contact information of the above Federal ministries, departments and agencies. 1.5 Other Self-regulatory Agencies 1.5.1 Nigerian Stock Exchange (NSE) 1.5.2 1.5.3 The NSE is the organised market for the sale of stocks, shares and debentures of companies, unit trusts and stocks/bonds issued by the Government. It provides essential facilities for companies and Government to raise funds for business expansion and development projects. It is governed by rules formulated by its National Council for the operation of the Exchange. Dealings on the floor of the Exchange are conducted through licensed stockbrokers. The Exchange has trading floors in Lagos, which is its headquarters, and thirteen other cities in the six geopolitical zones in Nigeria, including Abuja, Ibadan, Onitsha, Kano, Ilorin, Port Harcourt, Kaduna, Benin and Yola. Stocks can be traded physically by licensed stockbrokers on the trading floors, and remotely by licensed stockbrokers that are registered on the NSE's Automated Trading System. Abuja Securities & Commodities Exchange (ASCE) The ASCE was set up in 1998 as a parallel stock exchange to the NSE and commenced trading in 2001. However, soon after its take-off, it was converted to a commodity trading exchange. There are indications that the Federal Government (through the combined efforts of the SEC, Ministries of Finance, Agriculture, and Trade and Investment) may restructure the ASCE, to align its structure and operations with Government's agenda for agriculture and small and medium enterprises. It is envisaged that this measure will provide the much-needed stimulus to non-oil export promotion in the country. Lagos Commodities and Futures Exchange (LCFE) The LCFE was recently licensed by the SEC to function as a platform where traders exchange commodities and derivatives. The LCFE would be operationalised through partnerships with the Association of Stockbroking Houses of Nigeria and the Central Securities Clearing System (CSCS). Based on a Memorandum of Understanding between LCFE and CSCS, the latter would serve as the depository, clearing and settlement house for the LCFE. Investment in Nigeria Guide - 8th Edition 20
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