SENATE OKAYS PIGB, PETROLEUM INDUSTRY GOVERNANCE BILL

ABUJA, Nigeria – The Senate on Thursday finally passed the Petroleum Industry Governance Bill, PIGB after 17 years.

Embeded in the PIGB is Nigeria Petroleum Regulatory Commission, NPRC, which will take over the functions of Petroleum Inspectorate (PI) the Department of Petroleum Resources (DPR)and the Petroleum Products Pricing Regulatory Agency(PPPRA).

When signed into law, two new companies, Nigeria Petroleum Assets Management Company and National Petroleum Company will be created from the present Nigerian National Petroleum Corporation, NNPC.

The Bill according to the Senate will foster a condisive business environment for petroleum industry operation.

Provide transparency and accountability in the administration of Nigeria’s petroleum industry and split NNPC into Nigeria Petroleum Assets Management Company and National Petroleum Company.