Seplat Petroleum Development Company has called for stakeholders in the oil and gas industry to collaborate for the successful implementation of the Federal Competition and Consumer Protection Act (FCCPA).
Vanguard reports that Seplat made it known in a statement in partnership with legal firms, Olaniwun Ajayi LP and London-based, White & Case Law LLP.
While speaking about the Federal Competition and Consumer Protection Act, the Director-General and Chief Executive Officer of FCCP Commission, Babatunde Irukera, said, “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 Chief Executive Officer of the company, Mr Austin Avuru, stressed Seplat’s strong regard for compliance and strict adherence to Corporate Governance ethos in the industry.
Avuru made known that Seplat remains very concerned about its current and future business environment in Nigeria and would continue to collaborate with relevant stakeholders to advocate for good laws that would positively impact businesses, especially in the oil and gas industry.
What you should know: The Federal Competition and Consumer Protection Act is a codified set of rules signed into law in January 2019. The act 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.