29 August 2018 : News report suggest that President Buhari has withheld assent of the Petroleum Industrial Governance Bill (PIGB), citing concerns that the bill erodes the influence of the presidency over the most important industry in the economy. The crucial elements of the PIGB focus on unbundling the Nigerian National Petroleum Corporation into three separate entities, reducing the powers of the Petroleum Minister, and establish a single industry regulator to replace the Department of Petroleum Resources and the Petroleum Products Pricing Regulatory Agency. 

The mooted changes are expected to improving regulation and governance in a sector plagued by corruption and opacity, and the PIGB was passed by the National Assembly earlier this year. The President’s refusal to sign the bill is another setback to efforts to push through necessary legislative reform to transform Nigeria’s ailing oil & gas industry. 

Reporting for EasyKobo on Wednesday ,29 August 2018 in Lagos, Nigeria

Source: Vetiva Capital Management Limited