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Local Content: Senate Set To Probe 100% Foreign Ownership Of Some Multinational Companies

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The Committee on Local Content has concluded plans to investigate 100 per cent foreign ownership of some multinational companies registered in Nigeria.

The Chairman of the committee, Solomon Adeola, made this known in Port Harcourt, while briefing newsmen at the end of a two day oversight visit to Rivers and Bayelsa states. He said it was worrisome for some multinational companies registered in Nigeria to have 100 per cent foreign ownership.

The lawmaker added that the committee would find out if there is legislation that permitted such, then come out with a firm position on matter.

On non-listing of some of the companies on Nigeria’s stock exchange, the Adeola said it was worrisome.

According to him, the committee found out that companies like Halliburton, TechnipFMC, Saipem and a host of others have not been listed on the stock exchange.

 

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