Abstract

Abstract The strategic importance of compliance with National Business Laws, Regulations and standards in managing the ethical and corporate governance standards of Nigerian companies can no longer be ignored in a globalized business environment. Preparation for business, capability and capacity may be adjudged from level of the companies' compliance with National Laws. Regulations and standards were promulgated to be obeyed by suppliers and buyers as law abiding corporate entities. Non-conformity to business legal requirement may attract sanctions, loss of patronage and income, litigation, corporate image and possibly removal from national companies' register if critical. This paper examines the roles of Nigerian Oil and Gas sector's Joint Prequalification scheme on Oil and Gas service companies' adherence on the implementation, enforcement and sustenance of Nigerian Laws. The study covers about three hundred Nigerian companies in three geographical zones of South-West, South-South and North Central comprising of Lagos, Ondo, Ogun, Oyo, Delta, Rivers, Akwa-Ibom, Cross River, Edo and Abuja. Moreover critical review of several Nigerian Laws, businesses legal requirement, entrepreneur legal awareness level, Regulatory agencies' enforcement strategies and capacities, business growth and continuity as well as its consequences. The study was restricted to the compliance of Nigerian companies with National Laws before and after prequalification assessment exercise based on practical field experience between March 2010 and 31st December 2014. The paper wraps up with summaries of findings, strategic solutions recommendation and conclusion on how Nigerian companies and Regulation Agencies may boost the national economy and optimally promote business activities in a legal conscious and friendly environment through third party business evaluation scheme.

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