OTL Downstream Week: Ondo Rep. Joseph Akinlaja Assures Industry Players of Passage of PIB in 2019

The Chairman, House of Representatives Committee on Petroleum Resources (Downstream), Hon Joseph Akinlaja, on Monday (Oct 29, 2018) said the National Assembly would send the Petroleum Industry Governance Bill back to President Muhammadu Buhari soon for executive assent.
 
“We are working on it (PIGB) and we will send it back to Mr President soon for assent. We will attend to the areas of concerns that he raised, and sent it back to him,” Akinlaja told the press on the sidelines of the 12th edition of the Oil Trading and Logistics Africa Downstream Week in Lagos on Monday at Oriental hotel.
 
Asked what would happen if the President again fails to assent to the bill, the Federal Parliamentarian responded, “We have overriding power but let us attend to the issues he raised, which we have attended to and we will send it back. But if we know that in the interest of Nigeria that the passage does not come, we have other legislative powers, which we can invoke.”
 
Akinlaja, who spoke during a panel session, said members of the House of Representatives were working to ensure the passage of the Petroleum Industry Bill before the end of their tenure by May next year.
 
Recall, the Senior Special Assistant to the President on National Assembly Matters (Senate), Ita Enang, had on August 29, 2018 identified the provision of the PIGB permitting the Petroleum Regulatory Commission to retain as much as 10 per cent of the revenue generated as one of the reasons Buhari declined assent to the bill.
 
He said the President’s position was that the provision unduly increased the funds accruing to the commission to the detriment of the revenue available to the federal, states, Federal Capital Territory and local governments in the country.
Following the inability of the 6th and 7th National Assembly to pass the PIB, which was initially proposed in 2008, the current National Assembly split the bill into four parts – the PIGB, Petroleum Industry Administration Bill, Petroleum Industry Fiscal Bill and Petroleum Host Community Bill — to fast-track its passage. The first part of the bill, the PIGB, was recently passed by the National Assembly and transmitted to the President in July for his assent to enable it to become a law.
 
However, whilst emphasizing on the theme of the 12th edition of the Oil Trading and Logistics Africa Downstream Week, ”Unlocking Value Through Downstream Industry Synergy” the Ondo East and West Federal Constituency Rep said,
 
”If we truly want to align with contemporary realities, it is imperative for us to translate science into strategy and plan for an uncertain future, deep research expertise to help our investors and other key players create sustainable growth and competitive advantage by harnessing science, technology and innovation.”
 
He added, ”A look into the oil and gas downstream sector reveals that there is almost business for everyone; this means that no matter who you are and your financial capacity you can still invest somehow in the Industry and make your own mega buck. Most of the activities at downstream sector and that is where most of us can afford to invest.
 
The Upstream sector is dominated by multinationals and big investors who have the capital and the expertise. Before you talk of investing you need to know where to invest, the decision you make after this depends on your capacity. ” Akinlaja said.
 
The annual OTL Africa Downstream Week is the continent’s leading business forum for market insights, emerging opportunities, products’ showcase and recognition of excellence in the African downstream petroleum value-chain. The high profile policy dialogue featured strategic conference, dedicated industry exhibition as well as the annual OTL Downstream Industry Dinner.

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