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Ghana Beats Nigeria, Passes Petroleum Bill

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Ghana's Parliament

As Nigeria continues to dither over the Petroleum Industry Bill, which has suffered setbacks in two consecutive legislative tenures, Ghana has passed its own petroleum bill into law in a bid to lure investments.

Ghana’s legislature passed the Petroleum Production and Exploration Bill into law on Thursday to replace the Petroleum (Exploration and Production) Act, 1984, our correspondent gathered on Monday.

The country’s Energy Minister, Emmanuel Buah, said the new law would create an attractive environment for potential investors to participate in the sector by providing certainty and transparency in the ground rules for operations.

Hope that the PIB would be given quick attention by the President Muhammadu Buhari administration was rife last year when the new government came on stream.

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, recently said that the nation was losing over $15bn annually to the non-passage of the PIB.

In April, the Senate started the legislative procedure on a new draft of the PIB, named the Petroleum Industry Governance Bill, and it scaled first reading on April 13.

The PIGB was harmonised by the Senate and House of Representatives following a prolonged silence by the Presidency on the PIB despite continued agitation for its passage by the citizenry.

An energy expert and Technical Director, Drilling Services, Template Design Limited, Mr. Bala Zakka, said, “Until we pass the PIB, many investors, whether foreign or local, will be scared and will never be comfortable to invest or patronise the Nigerian oil and gas industry.”

He said investors would not want to get involved in such a highly capital-intensive industry without knowing the laws that would govern their operations in a country.

According to Zakka, the principal reason why the PIB should be passed into law is that the 1969 Petroleum Act is fairly obsolete today.

He said, “Investors want to come and invest, but they need to see an existing law that is current and is in tune with the dynamism of events.

“Unless you pass the PIB into law, many investors will shy away from Nigeria and will prefer to go to countries where there are existing laws, whether those laws are harsh or soft; at least, they will know the laws that will guide them.”

He noted that they had been hoping for the PIB to be passed into law a very long time ago, adding, “Nobody, ordinarily, is supposed to delay the PIB, knowing that Nigeria depends on revenue from crude oil to develop other sectors.”

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

Government

Obaseki Wins Edo State With a Landslide Victory

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Governor Godwin Obaseki has now won the remaining Local Government, Ovia South-West Local Government.

Here is a break down of Ovia South-West’s final result. APC recorded 10, 636 votes while PDP amassed 12, 659.

Total valid votes stood at 23,741 with 743 votes rejected and 24,484 votes cast.

Overall, Obaseki won a total of 13 local governments out of 18, while Ize-Iyamu wins 5. See the details below.

Local Government APC  PDP 
Igueben  5,199  7,870 
Esan North-East  6,556  13,579 
Esan Central  6,719  10,794 
Ikpoba-Okha  18,218  41,030 
Uhunmwonde  5,972  10,022 
Egor  10,202  27,621 
Owan East  19,295  14,762 
Owan West  11,193  11,485 
Esan South East  9,237  10,565 
Ovia North-West  9,907  16,987 
Etsako West  26,140  17,959 
Ovia South-West 10,636 12,659
Oredo  18,365  43,498 
Esan West  7,189  17,434 
 Akoko Edo 22,963 20,101
 Etsako East 17,011 10,668
 Etsako Central  8,359 7,478
Orhionmwon 10,458 13,445

 

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Government

Obaseki Beats Ize-Iyamu in His Local Government to Extend Lead

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Godwin Obaseki Wins Ize-Iyamu Local Government to Extend Lead

Governor Godwin Obaseki has won Orhionmwon Local Government Area to extend his lead over Pastor Osagie Ize-Iyamu of the All Progressives Congress.

Pastor Ize-Iyamu, who hails from Orhionmwon, won his polling unit but failed to win the entire council area as Obaseki wins again.

Orhionmwon was one of the two remaining local governments. Therefore, it now remains one local government area, Ovia South-West, with Obaseki cruising to victory following 17 LG counts.

Obaseki now has 295,296 votes while Ize-Iyamu has 212,983.

Obaseki is no expected to win Saturday’s governorship election after amassing massive votes across each of the 17 local governments counted.

The remaining local government, Ovia South-West has 73,909 voters, below the over 80,000 lead of Godwin Obaseki.

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Government

Obaseki, PDP Members Celebrate Potential Win in Situation Room

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Obaseki

Obaseki Celebrates With Other PDP Members in Situation Room

Following the strong positive support received from Edo people as shown by almost 90,000 vote gap received over Osagie Ize-Iyamu after 16 local government counts, the executive governor of Edo State, Gowin Obaseki, and the Peoples Democratic Party (PDP) members have started celebrating a potential win ahead of the two remaining local government results.

According to the results of the 16 local governments released by the Independent National Electoral Commission (INEC), Obaseki received 288,572 votes while the candidate of the All Progressives Congress, Pastor Osagie Ize-Iyamu, received 202,525 votes.

With just two local governments left to go, it is safe to say Obaseki has won this particular election again.

Pastor Osagie Ize-Iyamu contested against Governor Obaseki four years ago under the Peoples Democratic Party when Obaseki was the gubernatorial candidate of All Progressives Congress before he fell out with his godfather, Adams Oshiomhole.

If wins, Obaseki will be the first gubernatorial candidate to win two elections under the two major parties within four years and vice versa for Ize-Iyamu.

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