January 22, 2018
The House of Representatives passed the Petroleum Industry Governance Bill (PIGB) on Wednesday, 17 January, 2018; almost 8 months after the Bill was passed by the Senate on 25 May 2017. The PIGB provides for the governance and institutional framework for the petroleum industry and for other related matters.
The PIGB seeks, inter alia, to unbundle the Nigerian National Petroleum Corporation by establishing the Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company, National Petroleum Company, Ministry of Petroleum Incorporated, Nigerian Petroleum Liability Management Company, and the Petroleum Equalisation Fund.
The PIGB is the first fragment of the Petroleum Industry Bill (PIB) which was split into four parts for easier passage. The PIB was first presented to the National Assembly in 2008 and its passage into law has since been delayed because of differing stakeholder interests. The PIGB now awaits harmonisation by the two Legislative Houses and the assent of the President before it is signed into law.