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PIB: 3% Stake For Host Communities Threat To Investment In N'Delta

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The refusal of the National Assembly to allocate 5% equity to the host communities in the Petroleum Industry Bill (PIB) recently passed into law, poses a

threat to the peace of the Niger Delta region and as well as investments and investors in the oil and gas industry.

The lawmaker said the when the PIB was introduced under the late President Umaru Yar’Adua administration, 10 per cent stake was proposed for the host communities and another 10 per cent for frontier development, adding that it was unfortunate the bill cannot be passed at the time.

 

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