Agbakoba’s Call To Repeal PIA Sparks Controversy With Federal Government

Agbakoba’s Call To Repeal PIA Sparks Controversy With Federal Government....KINDLY READ THE FULL STORY HERE▶

Senior Advocate of Nigeria and former Chairman of the Nigerian Bar Association, Olisa Agbakoba, has called for the repeal of the Petroleum Industry Act (PIA), citing significant errors in its design by its creators…….. CONTINUE READING 

However, the Federal Government, represented by the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Commission, has opposed Agbakoba’s stance, affirming that the PIA represents a boon for Nigeria’s oil and gas sector.

Addressing journalists in Ikoyi, Lagos State, Agbakoba argued for a complete overhaul of Nigeria’s oil and gas framework, suggesting a model similar to Saudi Aramco.

Agbakoba expressed concerns over the Act’s creation of multiple agencies with overlapping mandates.

“In Saudi Arabia, the structure is clear. Our problem lies in our regulatory and legal processes. The PIA should be repealed immediately because it creates numerous agencies—upstream, downstream, and over five to six others—with unclear roles. Lack of clarity leads to failure,” he asserted.

The legal expert urged the government to enable full participation of local stakeholders in the industry.

“The issue is not lack of funds but the exclusion of local players. Nigeria’s oil and gas revenue could make it incredibly wealthy if properly managed and retained, unlike now where the President holds the Petroleum Ministry, which is impractical,” he commented.

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“In Saudi Arabia, the Minister of Energy oversees electricity, hydrocarbons, and all related sectors under one domain. Having separate ministers causes confusion and neglect of hydrocarbon policies,” Agbakoba added.

He criticized Nigeria’s hydrocarbon policy’s incoherence, attributing significant missteps to it.

“The Minister of State for Petroleum is ineffectual; he does nothing substantial, overshadowed by the NNPC’s Group Chief Executive Officer under the PIA, who juggles regulatory and operational roles. This duality allows IOCs to exploit and exclude Nigerians from benefiting,” he elaborated.

Agbakoba emphasized the need to dismantle Nigeria’s oil and gas regulatory framework for a more effective one, comparable to Saudi Aramco’s efficiency in safeguarding national interests through refining.