Tag: PIB

‘Nigeria loses $50bn to Oil Industry’s stagnation, uncertainty in 10 years’

ADEOLA YUSUF

President Muhammadu Buhari Wednesday in Abuja said Nigeria lost an estimated $50billion worth of investments in ten years, created by the uncertainty of non-passage of the Petroleum Industry Bill (PIB), lack of progress and stagnation in the petroleum industry. In his remarks at a ceremony on passage of the PIA, which preceded the Federal Executive Council (FEC) meeting, the President said the stagnation affected growth of the economy, citing lack of political will on the part of past administrations to actualize the needed transformation. Platforms Africa reports that President Buhari…

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BREAKING: Nigerian President Buhari Signs Petroleum Industry Bill into law

ADEOLA YUSUF

Nigeria’s President Muhammadu Buhari has signed the Petroleum Industry Bill 2021 into law. Platforms  Africa reports that working from home in five days quarantine as required by the Presidential Steering Committee on COVID-19 after returning from London on Friday August 13, the President assented to the Bill Monday August 16, in his determination to fulfill his constitutional duty. READ ALSO: BREAKING: 7 Senior Mgt. Staff Affected as Shakeup rocks NNPC + FULL LIST EXCLUSIVE: Major Shake up rocks DPR, 6 Deputy Directors Removed + FULL LIST DPR confirms Platforms Africa Exclusive Story…

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PIB: Inside the Nigeria’s Controversial Oil ‘Law’

Efe Wellington

Clock ticks on NNPC, PPPRA, DPR as PIB harmonisation nears completion Petroleum Products Pricing Regulatory Agency (PPPRA) and other key agencies in the Nigeria’s multi-billion dollars oil and gas industry are at the eleventh hour of their existence. They will either be scrapped or change present form to a new one. This, according to a report by Platforms Africa, come as harmonisation of the Petroleum Industry Bill (PIB) newly passed by the National Assembly nears completion. Harmonisation work of contradictory provisions in the bill, which began penultimate Monday, has been…

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OPEC Throws Weights Behind Nigerian President, NASS on PIB

ADESUPO OSOSANYA

“Newly passed PIB will help guide the necessary reforms designed to strengthen institutions, solidify regulatory and fiscal frameworks and attract the much-needed investment in a sustainable manner.”   The Organisation of Petroleum Exporting Countries (OPEC) has supported the passage of Petroleum Industry Bill (PIB) by the Nigeria’s National Assembly. commending President Muhammadu Buhari and the lawmakers on the passage. OPEC Secretary-General, Dr Mohammad Barkindo, gave the commendation at the ongoing 20th Nigeria Oil and Gas Conference (NOG) in Abuja, on Tuesday.   READ ALSO: PIB: Analysts Up Oil Prosperity Forecast for Nigeria,…

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Hurdles as Nigeria NASS Passes 20-yr old Oil Bill +Effects on NNPC, N’Delta

Adeola Yusuf

    NNPC’s Equity Sale through IPO, N280 per litre petrol price through subsidy removal, award of 3% development fund and gas flaring fines to host communities and others are details of the bill provided in this report. Beyond these, Platforms Africa highlights reasons investors and Nigerians can not rejoice yet.   Nigeria’s legislators on Thursday ended a 20-year foot-dragging on Petroleum Industry Bill (PIB) at they approved the long-delayed oil and gas law that aims to, among other thngs, transform the Nigerian National Petroleum Corporation (NNPC) to a profit-driven…

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