Passed in the Senate: Petroleum Industry Governance Bill (PIGB) 2017

After more than 17 years, the first part of the Petroleum Industry Bill (PIB) has been passed by the Nigerian Senate. Entitled “Petroleum Industry Governance Bill (PIGB) 2017”, the bill hopes to take care of the governance aspect of the industry.

The PIGB scaled the third reading following a report of the Joint Committee on Petroleum Resources (Upstream, Downstream, Oil and Gas).

After the president’s assent, the PIGA will unbundle the Nigerian National Petroleum Corporation (NNPC) into two or three companies: Nigeria Petroleum Assets Management Company and the National Petroleum Company, which shall be created and supervised by the Ministry of Petroleum Incorporated.

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