Next Level: BudgIT charges President Buhari to prioritize oil sector reform vanguardngr.com vanguardnews
President Muhammadu Buhari, GCFR, and Vice President Yemi Osinbajo, SAN, receive Certificate of Return from INEC on their re-election in Abuja. 27th, February 2019
Recall that President Buhari rejected last August the Petroleum Industry Governance Bill passed by the National Assembly after 16 years of back and forth. Needless to reiterate, the PIGB would liberalise the governance structure of the oil industry, strengthen institutions and entrench transparency. For these critical reforms, we ask that the Bill should be reconsidered.
Also demanding dire attention is the issue of beneficial ownership. BudgIT notes that a lot of oil companies seem to operate under fake identities. A lasting example is the case of Malabu Oil Scandal in which Dan Etete, petroleum minister under the Abacha regime, acquired “OPL 245” through Malabu Oil and Gas Limited, a camouflage of his personal company, to perpetuate one of the biggest frauds in the history of Nigeria’s oil sector.
Lack of transparency and accountability remains the biggest challenge in the oil and gas sector. To solve this, ensuring capacity building as well as the development of effective business models that are profit-driven, calls for decisive reforms can no longer be ignored. More so, we strongly believe that the reforms will go a long way in enhancing good governance and processes that are flexible to the peculiarities of Nigeria’s oil and gas industry.
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