P
ProfRem
Guest
The National Assembly is set to scrap the Department of Petroleum Resources (DPR), the Petroleum Products Pricing and Regulatory Agency (PPPRA) and the Nigeria National Petroleum Corporation (NNPC) through its new version of the Petroleum Industry Bill (PIB), Petroleum Industry Governance Bill (PIGB), Leadership newspaper reports.
National Assembly’s version of the controversial PIB clearly recommends the dissolution of the NNPC, DPR and PPPRA and has sent shock waves across the oil industry.
According to Leadership, part three (3) of the Petroleum Industry Governance Bill, 2016, anticipates in section 4 subsection 1 that “from the date of the commencement of this Act, without further assurance, the Commission shall be vested with all assets, funds, resources and other movable and immovable properties which immediately before the commencement of this Act were held by the Petroleum Inspectorate, the Department of Petroleum Resources and Petroleum Products Pricing Regulatory Agency.
“As from the date of the commencement of this Act, the rights, interests, obligations and liabilities of the Petroleum Inspectorate, Department of Petroleum Resources and the Petroleum Products Regulatory Agency existing immediately before the effective date under any contract or instrument or at law or in equity shall by virtue of this Act be assigned to and vested in the Commission.”
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National Assembly’s version of the controversial PIB clearly recommends the dissolution of the NNPC, DPR and PPPRA and has sent shock waves across the oil industry.
According to Leadership, part three (3) of the Petroleum Industry Governance Bill, 2016, anticipates in section 4 subsection 1 that “from the date of the commencement of this Act, without further assurance, the Commission shall be vested with all assets, funds, resources and other movable and immovable properties which immediately before the commencement of this Act were held by the Petroleum Inspectorate, the Department of Petroleum Resources and Petroleum Products Pricing Regulatory Agency.
“As from the date of the commencement of this Act, the rights, interests, obligations and liabilities of the Petroleum Inspectorate, Department of Petroleum Resources and the Petroleum Products Regulatory Agency existing immediately before the effective date under any contract or instrument or at law or in equity shall by virtue of this Act be assigned to and vested in the Commission.”
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