Recently, Dr. Olisa Agbakoba, one of Nigeria’s most respected lawyers, called for the repeal of the Petroleum Industry Act 2021. Dr. Agbakoba ‘s main grouse with the PIA as he put it, is that under the PIA, the Nigerian National Oil Company Limited is playing dual roles of operator and regulator.
“Subject to the provisions of this section, wholesale and retail prices of petroleum products shall be based on unrestricted free market conditions”.On a broader level, the PIA came into being to restructure operations in the oil and gas sector and introduce sanity and entrench a regime of transparency. A major step in this regard was the scrapping of three major agencies regulating activities within the midstream, downstream and upstream sectors of the industry.
▪Ensure compliance with all applicable laws and regulations governing midstream and downstream petroleum operations There is nowhere else in the Act where any other entity is listed or authorized to perform any regulatory function. This includes even the NNPCL that Dr. Agbakoba has accused of acting has one. As a matter of fact, one of the reasons for the coming into being was to end the NNPC’S role as both a competitor and regulator in the petroleum industry.
Assets, interests, and liabilities of NNPC not transferredto NNPC Limited or its subsidiaries under subsection, shall remain the assets, interests and liabilities of NNPC until they become extinguished or transferred to the government and six months following the determination under Section 54 of this Act, the Minister, the Minister of Finance and the Attorney-General of the Federation shall develop a framework for the payment of the liabilities not transferred to the NNPC Limited and if such...
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