The Nigerian Senate today, 7th of October 2021 confirmed the appointment of Idaere Gogo Ogan (Chairman); Farouk A. Ahmed (Chief Executive Officer); Abiodun Adeniji (Executive Director, Finance and Accounts); and Ogbugo Ukoha ( Executive Director, Distributions System, Storage and Retail Infrastructure) as members of the board of the Midstream and Downstream Regulatory Authority.
The Senate on Wednesday 6th October 2021, confirmed the appointment of Isa Ibrahim Modibbo – Chairman; Engr. Gbenga Komolafe – Chief Executive; Hassan Gambo – Executive Commissioner, Finance and Accounts; and Ms Rose Ndong – Executive Commissioner, Exploration and Acreage Management. The President is expected to appoint other non-executive members to the Board of the Commission, once the proposed amendment to the PIA is passed.
There are a number of tasks immediately before the Commission including – staffing the Commission appropriately; instituting change management; publishing draft regulations and guidelines; publishing the domestic base price for natural gas.
Since the passage of the Petroleum Industry Act (“PIA”) on August 16, 2021, several noteworthy developments have taken place, which we highlight below.
- The Federal Government sets up PIA Implementation Committee
- NNPC becomes a limited liability company
- The President and Minister of Petroleum Resources constitutes board of the Regulatory Institutions
- The President seeks to amend the PIA
The Federal Government sets up PIA Implementation Committee
On Thursday, 19th of August 2021, the Federal Government inaugurated the steering committee for the implementation of the PIA, headed by the Minister of State for Petroleum Resources, Chief Timipre Sylva. The implementation structure is made up of the Steering Committee to be supported by an Implementation Working Group/Coordinating Secretariat (“IWGCS”) for effective and timely implementation of the PIA during the transition to the new petroleum industry regime.