The Price Control Act 1977, enacted during the military regime of Gen. Obasanjo, serves as a fundamental tool for governmental price regulation, particularly during periods of economic turmoil such as wartime or high inflation.
Understandably, in response to the significant decline in revenue from crude oil sales and the persistent increase in the country's debt burden, Nigerian economic authorities appear to believe that a reliable approach to generating funds is by raising both tax rates and expanding the scope of taxed items
A shell corporation is a company that has neither substantial assets nor ongoing business activity.
In conclusion, Nigeria needs an effective insolvency framework for rescuing struggling oil firms and requires limited court intervention, debtor-friendly practices, and specialized courts.
Several factors contribute to the use of arbitration in the oil and gas industry for dispute resolution. Among other things, the technical nature of the oil and gas industry necessitates the use of arbitrators with particular expertise in the field, which may not be found in a regular courtroom.
This regulatory framework encompasses several key features that are designed to encourage innovation, technological advancement, and sustainable practices within the industry.
The aim of the Petroleum Industry Act (PIA) is to establish a comprehensive legal, governance, regulatory, and fiscal framework for the Nigerian petroleum industry, which also addresses matters related to the development of host communities.
This article has attempted an analysis of the role of CSR by companies in the oil and gas sector, it is obvious that most companies carry out their CSR as a gesture of philanthropy aimed at addressing socio-economic challenges in Nigeria because very few legislations lend a voice in the area of CSR and the legislation lacks in detailing the nature and scope of CSR that companies can adopt. Aside from the government’s responsibility to provide basic amenities, infrastructure and ensure law and order, the emergence of CSR in Nigeria by individual companies has been at the discretion of the companies without an enabling law governing that.
With Natural gas on the increase, it has become a key source of energy, and supplies around one-fifth of the global energy needs. Nigeria has the 7th largest natural gas reserve in the world and with natural gas being an invisible product, it serves as a major source of clean energy as well as economic development.
