NJ A4608

Entities engaged in "prohibited activities in Nigeria" would be barred from New Jersey state contracts, public works registrations, economic development subsidies, property tax abatements, tax clearance certificates, and redeveloper designations.

"Prohibited activities" includes businesses with Nigerian government equity stakes, contracts with or services to Nigeria, headquarters in Nigeria, or supporting/facilitating Nigeria in aiding Islamic terror groups that persecute Christians.

The Department of the Treasury must develop and maintain a list of prohibited entities, updating it at least every six months, with notice and opportunity for entities to contest inclusion.

False certifications of non-involvement with Nigeria carry civil penalties of $1 million or twice the bid amount (whichever is greater), contract termination, and three-year ineligibility from government dealings.

State pension and annuity funds are prohibited from investing in listed companies, and government entities cannot bank with, hold investments in, or maintain insurance through financial institutions engaged in prohibited Nigerian activities.