The House of Representatives (HoR) on Wednesday, 17 January 2018, passed the Petroleum Industry Governance Bill (“PIGB” or “the Bill”) following its third reading at the House. The HoR adopted the version of the PIGB passed by the Senate in May 2017.
The PIGB seeks to provide governance and institutional framework for the Nigerian Petroleum Industry (NPI) and create clear separation between the policy, regulatory and commercial institutions. It also seeks to unbundle the Nigerian National Petroleum Commission and establish the Federal Ministry of Petroleum Incorporated, Nigerian Petroleum Regulatory Commission, Nigerian Petroleum Assets Management Company and National Petroleum Company.
Barring any other issue, the PIGB requires only the President’s assent to become an Act. However, this is still just a drop in the ocean when compared to the enormous impact of a holistic review of all relevant legislation in the NPI (which includes passage of Petroleum Fiscal Framework Bill, Petroleum Industry Downstream Administration Bill, Petroleum Industry Revenue Management Framework Bill and Petroleum Host Community Bill).
For more information on the PIGB, as well as copy of the Bill, please refer to our earlier alert.
We will keep monitoring developments in this space and provide updates as soon they become available.