Passing the bill, the lawmakers observed that it has become imperative for the state to government to intervene in the state’s Maritime Sector to address safety, security and environmental concerns.

They also agreed that the bill will generate economic benefits as it is capable of generating employment opportunities for indigenes of the state, and as well boost the state’s revenue base.

The bill provides that every oil exploration and production company operating major or marginal fields within the state shall open and maintain a functional office in the state. The law also stipulates that ” every company engaged in or intending to do maritime-related business with any oil company operating within the state territorial waters shall, provide evidence of substantial engagement of indigenes of Akwa Ibom State by the company and be registered with the Ministry(related to transportation and Petroleum matters)”.

Clause 2 of the same bill provides that “Every person whose vessel is used for oil/gas prospecting, exploration and production, drilling, storage, accommodation, lifting of crude oil, refining, personnel movement, and other marine activities within the state territorial waters must be registered with the Ministry before commencing their operations”.
The Maritime sector Regulations Law takes effect today.

In his remarks, Speaker of the House, Rt. Hon. Barr. Onofiok Luke, saluted the sponsor, Hon. Usoro Akpanusoh, member representing Esit-Eket /Ibeno state constituency for his courage and foresight. He thanked the Chairman and members of the Joint committee and members of the House for their dedication and commitment to duty in ensuring the smooth passage of the bill.

Listing the benefits of the Maritime Sector Regulation bill, Speaker Luke expressed hope that the law passed by the House will prevent tax evasion in the maritime sector and would as well introduce transparency and accountability in the process of revenue collection.

“This is to further demonstrate our commitment to boosting the revenue of our state through ensuring that we make laws which would protect the financial rights of Akwa Ibom State as we deepen our relationship with business partners and open our doors to new business opportunities. It is part of our legislative agenda to boost the IGR of our state.

It is a settled fact that state economies are bleeding due to global fall in oil prices. Therefore, the need to salvage the economy from the gallows through legislative reforms cannot be overemphasised”.

By Mfonobong Ukpong