By Udeme Akpan & Henry Umoru
THE National Assembly, NASS, has denied getting the new copy of Nigeria’s Petroleum Industry Bill, PIB, from the Presidency.
President Muhammadu Buhari was said to have transmitted the 2020 edition of the PIB to the National Assembly.
However, in an interview with Vanguard, a reliable NASS source, said: “We are still on holiday and from my findings, no copy has so far been delivered to us.”
Nevertheless, in a telephone interview with Vanguard, Senior Special Assistant (SSA) to President Buhari on National Assembly Matters (Senate), Senator Babajide Omoworare, said he would get back to Vanguard on the subject.
The new PIB is said to be important, especially as it aims at the restructuring as well as transparency and accountability in the oil and gas industry.
Specifically, Section 54(1, 2 and3 ) states among others that, “the Minister (of Petroleum) and the Minister of Finance shall determine the assets, interests, and liabilities of NNPC to be transferred to NNPC Limited or its subsidiaries and upon the identification, the minister shall cause such assets, interests, and liabilities to be transferred to NNPC Limited.
“Assets, interests, and liabilities of NNPC not transferred to NNPC Limited or its subsidiary under subsection 1 of this section shall remain the assets, interests, and liabilities of NNPC until they become extinguished or transferred to the government.
“NNPC shall cease to exist after its remaining assets, interests, and liabilities other than its interests, assets, and liabilities transferred to NNPC Limited or its subsidiaries under subsection 1 of this section shall have been extinguished or transferred to the government.”
Section 53 of the bill, also states that the minister shall, “within six months from the commencement of this Act, cause to be incorporated under the Companies and Allied Matters Act, a limited liability company, which shall be called Nigerian National Petroleum Company (NNPC Limited).
“The minister shall be at the incorporation of NNPC Limited, consult with the Minister of Finance to determine the number and nominal value of the shares to be allotted which shall form the initial paid-up share capital of the NNPC Limited and the government shall subscribe and pay cash for the shares.
“Ownership of all shares in NNPC Limited shall be vested in the government at incorporation and held by the Ministry of Finance incorporated on behalf of the government.”