Section 52: Financial services

(1) All operators, contractors and any other entity engaged in any operation, business or transaction in the Nigerian oil and gas industry requiring financial services shall retain only the services of Nigerian financial institutions or organizations, except where, to the satisfaction of the Board, this is impracticable.
(2) All operators shall submit to the Board every six months, its Financial Services Plan (FSP).
(3) The FSP shall include-
(a) financial services utilized in the past six months by expenditure ;
(b) a forecast of financial services required during the next six months
(c) the projected expenditure for the services
(d) A list of - (i) financial services utilized in past six months,
(ii) the nature of financial services provided, and
(iil) the expenditure for financial services
(e) a list of-
(i) financial services utilized in the past six months,
(ii) the nature of financial services provided, and
(iii) the expenditure for financial services made by the operator or its main contractors
(f) all operators, contractors and sub-contractors shall maintain a bank account in Nigeria in which it shall retain a minimum of 10 per cent of its total revenue accruing from its Nigerian operations.