Month: May 2017

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News on the PIGB

Since its passage last week, the PIGB has dominated Nigerian newspapers. See a cross-section of some of the articles below.

The Daily Trust in its article – The next big hurdle for PIB – highlights some of the challenges before the PIGB finally becomes law. The article suggests that the Bill may be given accelerated consideration by the House of Representatives.

The Vanguard interviews experts on the passage of the PIGB.

In Oil Workers Commend the Passage of the PIB, the Guardian reports on comments by the leadership of PENGASSAN welcoming the passage of the Bill by the Senate and seeking early passage of the other elements of petroleum industry reform.

 

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PIGB 2017 – Objectives

The PIGB 2017 passed by the Senate on May 25, 2017, has the following objectives:

  1. create efficient and effective governing institutions with clear and separate roles for the petroleum industry;
  2. establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensure value addition and internationalization of the petroleum industry;
  3. promote transparency and accountability in the administration of petroleum resources of Nigeria; and
  4. foster a conducive business environment for petroleum industry operations.

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Breaking News – History is made as the Nigerian Senate passes the Petroleum Industry Governance Bill

The Petroleum Industry Governance Bill was passed at its third reading at the Nigerian Senate today (May 25th, 2017). In the long history of pursuing Petroleum Industry legislative reform in Nigeria, this is the first time that a bill will be passed at the Nigerian Senate.

We shall update you on the changes made to the Bill and the next steps.