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Article

13 Mar 2013

Author:
Hakeem Baba-Ahmad, Vanguard [Nigeria]

PIB: A basic guide [Nigeria]

The Petroleum Industry Bill, PIB, is a piece of legislation initially intended to address endemic structural, policy and managerial issues in the Nigerian oil and gas sector...[and] enhance the value of the asset for the Nigerian people by plugging loopholes in policies and management and improving transparency and efficiency of the sector. It was an attempt to redress observed weaknesses and abuses by operators and stakeholders, eliminate corruption and restructure the industry to make it more responsive to social and economic needs of Nigerians and foreign investors with basic key concerns such as equity, responsibility and sustainability targets...Foreign oil companies…see it as an unwelcome intrusion into their traditional monopoly over the industry and an assault on their stranglehold over production and profits. The NNPC see it as an effort to force it to be more open and transparent, a virtual death sentence for an institution which thrives on lack of openness and accountability.