Even with the signing of the Nigerian Oil and Industry Content Development Act of 2010, many Nigerian investors still exploit the old loopholes in the system to take advantage of this law.
Also, the Vice President, Professor Yemi Osinbajo, has also 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. If British Virgin Island companies owned by Nigerians establish a company in Nigeria, the company is not a truly Nigerian company because it is owned by foreign companies. These companies are shell companies and regulators and anti-corruption agencies in most countries have had cause to probe the business activities of these companies.