Lawyer Monthly Magazine - February 2019 Edition

FEB 2019 69 Doing Business In... www. lawyer-monthly .com fair share of tough times in recent years with weak demand and low prices and is now beginning to emerge from its upheaval. Expectedly, investors reaction to the trend is one of cautious optimism. On the other hand, the outlook for energy in the next decade looks bright. There is hope on the horizon especially in Nigeria’s natural gas sector which is heading for exponential growth as new infrastructure is developed and the government implements zero gas flaring polices. With the largest natural gas reserves in Africa and ranking 7th in the world, Nigeria is eager to capitalize on this key asset after many years of wasteful flaring from oil fields. ---------- Are there any other sectors international clients should look out for? The Solid Minerals sector is to meeting the prescribed conditions. Another striking feature of the leases, licences and concessions is that they normally contain restrictive covenants, for instance: • Licencees or Lessees cannot assign the lease or licence without the consent of the Minister of Petroleum. • Licensees or Lessees cannot extend the scope of operation beyond the areas covered by their licences or leases. • A Licensee or Lessee cannot commence operations or exercise any rights of control in areas within its licence or lease area if such area is held to be sacred, appropriated or dedicated to public purposes, unless the Licensee or Lessee obtains the consent of the Minister of Petroleum. The licences, leases and concessions also contain provisions for payment of royalties, rents, signature and production bonuses. ---------- How do you think the commercial aspect of energy sector will progress in the next decade? Why should International Jurisdictions keep their eye on doing business in Nigeria? It is common knowledge that the Oil and Gas Industry has had its “There is hope on the horizon especially in Nigeria’s natural gas sector which is heading for exponential growth as new infrastructure is eveloped and the government implements zero gas flaring polices.” another area that should be of interest to international clients. The Federal Government of Nigeria has now acknowledged its potential as an alternative to the petroleum industry for foreign exchange earnings and has set about revitalizing its fortunes, thus opening a floodgate of new opportunities for interested investors. ---------- What should international clients know about the extant Corporate Immigration Regime in Nigeria? The Nigerian government has discarded the Immigration Act of 1963 as the provisions of that law did not encourage Foreign Direct Investment. The new Immigration Act which came into being in 2015 has addressed the shortcomings of the earlier Act and has now brought immigration regulations in line with modern immigration needs and international best practices. A novel introduction in the new Act is the short Visit Visa or the Visa on Arrival, which now makes it possible for High Net worth Investors to enter the country on self-recognizance and without a previously obtained visa. LM --Ebere Nwokoro & The Firm-- Ebere Nwokoro, MCArb, is a Notary Public for Nigeria and the Principal Partner of TheFIRM Chambers, a full service law firm with over 19 attorneys practicing from 7 offices in Nigeria. He has over 29 years of legal practice experience spanning Litigation and Arbitration (the two major vehicles of dispute resolution) to ground breaking expertise in Corporate Law, Energy, Oil & Gas, Mining, Environmental Law, Labour Relations and Regulatory Compliance. He is equally versed in Intellectual Property, Immigration and Admiralty Matters. He is responsible for the development of service strategies for the firm for growth and continuity. Ebere obtained his Master of Laws degree (LLM) from the University of Lagos and attended several Post Graduate Certificate courses on different areas of Public Law at Harvard and University of Pretoria respectively. He is currently a Doctoral candidate at the Nigerian Institute of Advance Legal Studies. He is a member of the following professional bodies: Chartered Institute of Arbitration, Nigerian Institute of Management, International Bar Association, Nigerian Bar Association, the International Association of Chiefs of Police, and the International Corrections and Prisons Association, inter alia. -- Contact -- Ebere Nwokoro Principal Partner 27A Furo Ezimora Street, Lekki Phase 1 , Lagos www.thefirmchambers.com