Tuesday, January 23 2018 11:56 AM/Deloitte 

The House of Representatives (HoR) on Wednesday, 17January 2018, passed the Petroleum Industry Governance Bill (“PIGB” or “theBill”) following its third reading at the House. The HoR adopted the version ofthe PIGB passed by the Senate in May 2017. 

The PIGB seeks to provide governance and institutionalframework for the Nigerian Petroleum Industry (NPI) and create clear separationbetween the policy, regulatory and commercial institutions. It also seeks tounbundle the Nigerian National Petroleum Commission and establish the FederalMinistry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission,Nigerian Petroleum Assets Management Company and National Petroleum Company. 

Barring any other issue, the PIGB requires only thePresident’s assent to become an Act. However, this is still just a drop in theocean when compared to the enormous impact of a holistic review of all relevantlegislation in the NPI (which includes passage of Petroleum Fiscal FrameworkBill, Petroleum Industry Downstream Administration Bill, Petroleum IndustryRevenue Management Framework Bill and Petroleum Host Community Bill). 

Clickto download the FULL BILL

Related News