Nigeria In One Minute

NNPC’s assets sale stalled as coast thickens for PIGB

Clouds are thickening over the planned listing of 40 per cent flagship asset of the Nigerian National Petroleum Corporation (NNPC) through Initial Public Offering (IPO), as more confusion is greeting the Petroleum Industry Governance Bill (PIGB).

Assent to the PIGB, a legislation through which the listing is predicated, had been withheld by President Muhammadu Buhari and further checks by this newspaper showed that the re-election bids by the legislators are posing threats to reconsideration of the reasons the president gave for withholding his assent.

Giving credence to this, oil and gas policy expert, Leonard Ugbajah, told New Telegraph that lawmakers “no longer bother about the reforms in the sector, particularly to quickly reconsider issues raised by president for withholding the bill, because all of them are pre-occupied with politics of how to get re-elected.”

Noting that oil remains biggest revenue earner for the country and allowing reforms about the sector to lay by cannot be the best for Nigeria, Ugbajah, a lawyer, said; “We all know efforts put into getting the PIB passage. At some point it was divided into four, the one about governance was passed and the President declined assent to the bill. The revenue expected from the sector has been declining over this.”

New Telegraph, October 29, 2018

 

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