Nigeria is set to witness a new flow of investments into its oil sector, with the passage by the Senate, of the Petroleum
Industry Governance Bill, a landmark law which has now unbundled the Nigerian National Petroleum Corporation into three entities, amidst other innovations.
The bill had been in the works for about twelve years as proposed by past governments but it was this present Senate that finally summoned the willpower to ensure that the bill passed third reading at the plenary.
With the new Petroleum Industry Governance Bill (PIGB) passed by the Senate on Thursday, the NNPC has now been scrapped and replaced with three entities: the National Petroleum Company, Nigeria Petroleum Regulatory
Commission and the Nigeria Petroleum Assets Management Company.
The bill is aimed at reforming the oil sector in order to curb corruption and ensure that Nigerians get value for money on their major revenue earner.