Two years after signing the Petroleum Industry Act , the projected gains for Nigeria’s oil and gas sector and by extension the economy, have remained elusive. Instead of acting as the gamechanger with the capacity to introduce best global standards in governance......Two years after signing the Petroleum Industry Act , the projected gains for Nigeria’s oil and gas sector and by extension the economy, have remained elusive.
The PIA also commercialises what used to be the behemoth Nigerian National Petroleum Corporation to become a limited liability company to be listed on the stock market with a board appointed by shareholders. The ownership of the NNPC Limited shall be open to members of the public through sales of shares. Although the company has been commercialised on paper, the continued political oversight by the government is slowing NNPCL’s full operations as a commercial entity.
Host communities are lamenting that this aspect of the law has not seen any serious action since August 2021 when the law was signed. Only one International Oil Company is said to have inaugurated a board of trustees for this purpose. Instead, both the NNPCL and IOCs are still using private security to protect their assets, which is not what the PIA recommends.
Minister of Interior, Dr Olubunmi Tunji-Ojo, inaugurated the facilities at the Nigerian Embassy in Rome.A statement by the Service Public Relations Officer , Dr. Adedotun Aridegbe, yesterday...
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