NIGERIA LNG (FISCAL INCENTIVES GUARANTEES AND ASSURANCES) (AMENDMENT) ACT

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NIGERIA LNG (FISCAL INCENTIVES GUARANTEES AND ASSURANCES) (AMENDMENT) ACT

[EDITOR’S NOTE: THIS IS THE ORIGINAL LANGUAGE OF THE AMENDMENT TO CHAPTER N87 LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004]

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ARRANGEMENT OF SECTIONS

1.       Amendment of 1990 No. 39.

2.       Amendment of section 6.

3.       Amendment of section 7

4.       Amendment of the Second Schedule

5.       Citation.

[Commencement.]     [18th November 1993]       

Amendment of 1990 No. 39.

THE Federal Government hereby decrees as follows:-

1.       The Nigeria LNG (Fiscal Incentives Guarantees and Assurances) Decree 1990 (in this Act referred to as “the principal Decree”) is hereby amended as set out in this Act.     

Amendment of section 6.

2.       Section 6 of the principal Decree is amended –

(a)     in subsection (8) by substituting for the words “all the ordinary shareholders of the Company” the words “one or more of the share holders of the Company”;  

(b)     by inserting immediately after the existing subsection (9), a new subsection (10) as follows, that is –

“(10) The provisions of the National Shipping Policy Decree 1987, as amended and the regulations made thereunder shall not be applicable to the Company, its contractors, sub contractors, its customers or a shipping company referred to in subsection (8) of this section.”

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