Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


PIB needs to be modified - Kachickwu

27 August 2015, 12:07

Abuja - The Group Managing Director of the Nigerian National Petroleum Corporation, Dr. Ibe Kachikwu has explained that the Petroleum Industry Bill which has been pending before the National Assembly in the last seven years requires extensive engagements with all stakeholders to iron out all grey areas.

Dr. Kachikwu who chaired a special session on the proposed law at the ongoing 55th Annual General Conference of the Nigerian Bar Association in Abuja titled: Legal and Regulatory Framework of the Petroleum Industry in Nigeria: Review of existing Laws and the Petroleum Industry Bill (PIB), described the bill as an essential legislation which must be approached with all the seriousness and thoroughness it deserves.

"PIB is a serious affair, it is an essential piece of legislation but as we all know a lot of engagement is required to address all the issues because the oil and gas environment has changed. There are issues of cost, with oil going down to $40 per barrel, the PIB cannot be the same,’’ Dr. Kachikwu said.

The NNPC GMD explained that because of the volume of extensive consultation and time required to make the bill a workable document, it is only natural to kick start the reforms in the industry with the existing laws while waiting for the eventual passage of the proposed law.

"The reform of the petroleum industry is key and it is an area where we are going to put a lot of focus. Transparency is key, restructuring is key.

Also read: Kachikwu commiserates with victims of helicopter crash

Sometimes people don’t realize that the problem hasn’t been NNPC, it is a problem of political will to go forward and implement the outcome of researches and reports that had been done but fortunately for us this time around, that is what the President has brought to the table. He has strong political will to see this through,’’ he said.

Commenting on what the Federal Government intends to do with the draft legislation, Dr. Kachikwu informed that PIB has come to stay though it would take a bit of time to perfect the draft.

"PIB is important, but we need to x-ray the issues. We need at least one year to get it back on track. The reality is that we cannot afford to wait any longer for change in the petroleum sector because of the delay in the passage of PIB, things have got to start happening and that’s exactly what we are doing,’’ the GMD stated.

Echoing Dr. Kachikwu’s position, Comrade Peter Esele, former President of the Trade Union Congress, TUC, who was also President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, PENGASSAN, noted that though PIB is key, the industry can make do with existing laws to activate essential reforms in the sector.

- News 24

Tags pib nnpc

Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...