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FG Backs Single Petroleum Sector Regulator, Wants Minister as Chair



  • FG Backs Single Petroleum Sector Regulator, Wants Minister as Chair

The federal government has said it was in support of the idea of a single regulator for Nigeria’s entire petroleum sector as proposed in the Petroleum Industry Governance Bill (PIGB) currently before the Senate for consideration.

It however stated that it would want the commission to be created by the PIGB in this regard to be chaired by the minister of petroleum resources.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu stated this in his address at the National Assembly during the public hearing in the bill, which is sponsored by Senator Tayo Alasoadura from Ondo Central.

“We are aligned on the concept of a single regulator for the petroleum industry. What Nigeria needs going forward is a regulator that covers the field, as opposed to dissipated regulatory power amongst agencies.

“The regulator should cover upstream, midstream and downstream oil, gas and products regulation, as well as technical, economic and Health, Safety and Environment (HSE) regulation,” said Kachikwu.

Speaking on the composition of the proposed commission, the minister explained: “There needs to be careful calibration of the relationship between the role of the minister as the institution charged with overall supervision of the industry vis-à-vis that of the super regulator as the institution responsible for regulation.

“The calibration must ensure checks and balances on regulatory power through tools such as administrative law; however, it seems essential that the power to issue regulations should at all times reside with the minister.”

He stated: “Section13 does not envisage a position for the minister on the board of the commission. We propose that the minister chair the board of the commission to ensure effective interface between the regulatory and policy making institutions.”

The PIGB, he stated proposes four year terms for commissioners but that in accord with best practice, the government would suggest that staggered terms for commissioners be considered in order to ensure continuity in the governance of the commission such that there would not be vacancy of executive commissioners in office at any time.

Kachikwu also said the government would propose that the PIGB consider setting up a technical directorate for the industry, as well as an open registry regime to advance transparency in the affairs of the commission.

“A core aspect of the reforms that we propose to the effectiveness of the minister’s powers to issue policies, supervise the industry and manage Nigeria’s petroleum resources, is the need for a well-resourced and solid technical back office.

“Hence, the National Oil Policy and the National Gas Policy contains proposals for institutional reforms at the ministry of petroleum resources in this regard. It is our position that the PIGB should address this long standing issue legislatively by creating a Petroleum Technical Directorate,” he stated.

He added: “An essential issue, going forward, is the need to establish a registry of records for all the titles to be issued and managed by the commission. This will aid public access to information, and the due diligence reviews by third parties into assets.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Sanwo-Olu Orders Full Reopening of Markets




Governor of Lagos State Orders Full Reopening of All Markets

Governor Sanwo-Olu of Lagos has ordered the full reopening of markets in the state after a report showed new cases of COVID-19 have subsided.

The governor ordered the full reopening of both the food markets and non-food markets across the metropolis.

Dr. Wale Ahmed, the Commissioner for Local Government and Community Affairs, disclosed this in a statement issued on Tuesday.

He said the governor took the decision to further deepen trade and commerce and ease the hardship of recent happenings.

It should be recalled that the markets were shut due to the outbreak of ravaging COVID-19 pandemic in March before they were partially reopened for activities in May.

The governor, however, urged all traders to observe all safety protocols in order to prevent a possible resurgence of COVID-19 in the state.

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Private Sector Coalition Against COVID-19 (CACOVID) Speaks on Looted Palliatives, Explains Delay



looted palliatives

Looted Palliatives: Private Sector Coalition Against COVID-19 (CACOVID) Speaks

Private Sector Coalition Against COVID-19 (CACOVID) has spoken on the recent actions of criminals and thugs who hijacked the #EndSARS protest and looted warehouses where COVID-19 palliatives were kept for distributions.

The group refuted claims that the stolen items were hoarded for certain people instead of distribution to the vulnerable they were meant for. This is despite the fact that some of the palliatives were already rotten by the time criminals broke into the warehouses.

Some of the looters, who spoke with the press, said a sizeable number of the items were already rotten and destroyed by rodents, while one of the lawmakers tasked with distribution claimed he planned to distribute the items on his birthday. A statement that angered many Nigerians.

However, in a statement issued on behalf of the group by Osita Nwanisobi, the Acting Director of Corporate Communications, CBN, on Monday, CACOVID said due to the huge size of the items meant to be distributed, the complex process involved in manufacturing, packaging and the eventual distribution to 2 million most vulnerable families across the 774 local government in the country, the group agreed to conduct the supply in stages, especially given locked down imposed by the Federal Government during the period.

The statement reads, “Members of the Private Sector-led Coalition Against COVID-19 (CACOVID) wish to call for calm, amidst the looting of COVID-19 palliatives meant for distribution in various State Government warehouses across the country.

“The Coalition is deeply concerned by the recent events and is urging those involved in the wanton destruction of public and private property to immediately desist from these raids, in order to allow the States to proceed with a peaceful and fair distribution of these palliatives to the neediest and most vulnerable in our society.

“Over the past few months, the private sector, through CACOVID has been working with governors, the FCT Minister, and the Nigerian Governors’ Forum (NGF) to procure, deliver, and distribute these food relief items to almost 2 million most vulnerable families (over 10 million Nigerians) across the 774 local government areas of the country, as part of the private sector’s support towards the national response to the COVID-19 pandemic.

“The sheer scale of this nationwide food programme and the timing of the orders and deliveries, which coincided with the lockdowns and reduced movement across the country, compelled CACOVID to roll out distribution in a staggered manner.

“The very large size of the order and the production cycle required to meet the demand caused delays in delivering the food items to the states in an expeditious manner; hence, the resultant delay in delivery of the food palliatives by the state governors.”

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Makinde Directs Schools to Reopen After #EndSARS Protest




Schools to Reopen After #EndSARS Protest, Says Governor Makinde

The Executive Governor of Oyo State, Seyi Makinde, has directed schools across the Ibadan metropolis to resume normal activities immediately after the #EndSARS protest.

Mr Olasunkanmi Olaleye, the commissioner for education, Oyo State, disclosed this in a statement issued on Sunday in Ibadan.

According to Olaleye, the directive was after a careful review of the situation in the Ibadan metropolis as promised by Governor Makinde in a state broadcast on October 20.

This was after the governor ordered the closure of all schools, private and public, in the Ibadan metropolis for three days and promised to review the situation on October 23.

Olaleye said the governor thanks the youths who have been cooperating with security operatives in the state to ensure peace and order.

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