The PIGB 2017 passed by the Senate on May 25, 2017, has the following objectives:
- create efficient and effective governing institutions with clear and separate roles for the petroleum industry;
- establish a framework for the creation of commercially oriented and profit driven petroleum entities that ensure value addition and internationalization of the petroleum industry;
- promote transparency and accountability in the administration of petroleum resources of Nigeria; and
- foster a conducive business environment for petroleum industry operations.
To this end, the bill creates an independent regulatory commission to be headed by five executive commissioners. The executive commissioners are accountable to a Board and appointed by the President subject to the ratification of the Senate.The bill also clarifies the role of the Minister
The bill also clarifies the role of the Minister in the industry, focused on policy supervision. It provides for the incorporation of a number of commercial entities as limited liability companies under the Companies and Allied Matters Act to take over the assets and liabilities of NNPC.
More details to follow.