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A New Dawn Awaits the Nigerian Petroleum Industry as the President Signs PIB 2020 Into Law | Dentons

A New Dawn Awaits the Nigerian Petroleum Industry as the President Signs PIB 2020 Into Law | Dentons
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PIB: South South Lawmakers Criticized

LEADERS and stakeholders of the South-South region have berated lawmakers from the region, both Senate and House of Representatives, for allegedly failing the people in the recently passed Petroleum Industry Bill, PIB, accusing them of displaying nonchalant attitude to an important legislation.
There have been outrage in the Niger Delta since the House of Representatives and Senate, which failed to applicably define host communities, recently, voted 3 per cent and five per cent respectively as host communities’ stake in the PIB, which is currently undergoing harmonization by the National Assembly.
Some stakeholders, however, spared the lawmakers, saying they were outnumbered by the majority northern colleagues, who did better homework. ....

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NNPC commercialised as Senate passes PIB

The Red Chamber approved the commercialisation of Nigerian National Petroleum Corporation (NNPC) and the scrapping of the Petroleum Equalisation Fund (PEF) and Petroleum Products Pricing Regulatory Agency (PPPRA).
It also okayed 30 per cent of profits accruing from oil and gas operations by the NNPC Limited for the exploration of oil in the frontier basins and set aside three per cent of the operating expenditure of oil companies for the development of host communities.
The Chairman of the Joint Committee, Sabo Muhammed Nakudu, said the bill’s passage and eventual assent into law would strengthen accountability and transparency of NNPC limited as a full-fledged company. ....

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JUST IN: Amid chaos, Senate passes Petroleum Industry Bill

JUST IN: Amid chaos, Senate passes Petroleum Industry Bill
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PIB: Reps, IOCs, captains of industry to meet Wednesday

PIB: Reps, IOCs, captains of industry to meet Wednesday
PIB: Reps, IOCs, captains of industry to meet Wednesday
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Members of House of Representatives, policymakers and stakeholders drawn from the oil and gas sector will, on Wednesday, converge at the National Assembly to make inputs into the Petroleum Industry Bill (PIB).
The public hearing was initiated by the Ad-hoc Committee on PIB chaired by Hon Mohammed Monguno.
Tribune Online gathered that both Senate and House had reached a compromise to hold separate public hearings on the bill, after the retreat held in Lagos last week.
Recall that the House had on Thursday, July 23, 2020, concluded debate on the general principle on PIB, which seeks to provide for legal, governance, a regulatory and fiscal framework for the Nigerian Petroleum Industry, the development of Host Communities and for related matters. ....

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