Many Nigerians still parade foreign-owned companies as local entities to take advantage of the opportunities provided by the NOGICD Act at the detriment of the Nigerian economy.
Also Vice President Yemi Osinbajo has made tremendous efforts to improve Nigeria’s ranking in the World Bank’s Ease of Doing Business to attract foreign companies. Foreign-owned companies, which should enjoy the benefits provided by the Nigerian government for foreign companies have claimed to be local companies to enjoy the benefits in the NOGICD Act.
While Sable Offshore Investment Limited has 53 per cent stake in LADOL, Alsba Ventures Group has 31 per cent. When Nigerians establish companies in British Virgin Island and use these companies to set up a company in Nigeria, their motive becomes questionable and suspicious.
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Source: LeadershipNGA - 🏆 4. / 77 Read more »