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PIB: Eight Years In Limbo

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President Muhammadu Buhari and Senate President Bukola Saraki

President Muhammadu Buhari and Senate President Bukola Saraki

When President
Umaru Yar’adua, of blessed memory, assumed office in 2007, the unending crisis rocking the nation’s oil sector, could be said to be at its peak.
He was welcome into office by a turmoil occasioned by mass protest over an overnight and unwarranted increase in the pump prices of petroleum products, inherited from his predecessor, ex-president Olusegun Obasanjo.
As expected of a leader who has the feelings of the people at heart, Yar’Adua, reverted the new pump price to normal, rendering the land mine on his administration impotent, and the masses, ended the protest.
But, he also had the problem of the then Niger Delta militancy (the freedom fighters as they chose to be called), confronting him. There is no gain saying the fact that the colossal destruction caused by the activities of the Niger Delta militants on the nation’s oil and gas infrastructure in the region, brought Nigeria’s economy on its knees.
Again, as expected of a peaceful and caring leader, Yar’Adua intrdocued his famous Amnesty Initiative.  Consequent upon this, the staccato sounds of the militants’ guns and the booms of their bombs stopped thereby giving way for peace.
Apparently, after giving a deep thought on the oil sector, considering the fact that it is the lifewire of the nation’s economy, Yar’Adua initiated the Petroleum Industry Bill (PIB) as a master plan towards bringing sanity in the sector.
The PIB which Yar’Adua presented to the National Assembly as Executive Bill in 2008 stirred up wide jubilation amongst natives of oil-bearing communities because it promised them 20 per cent of equity in oil production.  The bill equally promised other goodies to other stakeholders.
However, like a pregnant woman happily welcome into the labour room, eight years after, neither the voice of the child nor that of the mother has been heard as the National Assembly members are yet to agree on issues concerning the PIB. The euphoria that greeted the idea of PIB has given way to anxiety, suspicion and fear.
Is it that the PIB idea is bad and contradicts all expectations of the National Assembly?  Such that the lawmakers cannot find any useful thing in the bill? Is it that the alleged cartel that determines what happens in the Nigerian oil sector is not happy and has decided to frustrate and kill the people’s bill? What exactly is the matter with this bill which in many analysists’ views holds a lot of promises to the people?
When Nigerians waited till the end of the sixth National Assembly (2007-2011) and did not see the bill transform into an Act of the Parliament, the impression then was that, because of the high level of importance attached to the bill and the need for the law makers to do thorough work on the bill, it could not be concluded.
But when the then Senate President, David Mark was concluding activities of the 7th National Assembly in 2015 and hurriedly ‘passed through’ his basket full of bills, concerned Nigerians were disappointed that the PIB was not one of the many bills that graduated to Acts of Parliament.
A group, the Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN) expressed dismay over the failure of the National Assembly to pass the bill, attributing it to politics.
Executive Director of the group, Godwin Ojo, had during a press conference in Lagos accused some of the lawmakers of falling prey to the influence of the oil multinationals  who fear that the PIB would rob them of so much unabridged fortune they have been having as far as the nation’s oil industry is concerned.
To Ojo, “some of them became the mouth piece of Shell and other oil companies that threatened to pull out of Nigeria’s oil and gas operations if the PIB was passed.
“They not only betrayed the wishes of the people but succumbed to cheap blackmail of the oil companies that the PIB would render the oil and gas industry unviable”.
It would be recalled that apart from the one submitted by President Yar’Adua, which did not attract the attention of the lawmakers, ex-President Goodluck Jonathan re-introduced the bill to the National Assembly in 2012, which could also not attract the attention of the parliament.
The National Co-ordinator, Niger Delta Youth Coalition (NDYC). Prince Emmanuel Ogba, regretted the attitude of members of the National Assembly to the bill, saying their standing on the way of such a bill shows that the interest of the people was not the main business of those up there, and urged the present  senate, led by Bukola Saraki, to make a difference.
Ogba expressed the view that giving 10 per cent of the equity to the host communities would go a long way in bringing peace both for the community and the oil multinationals.  This according to him, would provide the conducive atmosphere for better oil operation that would benefit the host, the oil companies and the government.
The youth leader blamed the Federal Government for shortchanging the oil-bearing communities by not providing social amenities as road, water, schools, health infrastructure etc.
“You see, because the oil companies are the ones the community people always see physically, they transfer  their grievances to the companies for not providing the infrastructure while  in the actual sense of it these should not be the responsibilities of the companies.
In his own reaction, the publisher of News Africa Magazine, Mr Moffat Ekoriko, described the PIB as a National disgrace in that the sixth and seventh National Assemblies could not give Nigerians any explanation as to why they were not able to pass the bill.
“If we are to believe what we got from the grapevine, two factors were responsible for trauncating the bill.  Inducement by the multinational oil companies and ethnic interest. Ethic, in the sense that most provisions of the bill were seen as being more favourable to host communities”, he said.
Ekoriko, in an interview with The Tide, said the oil multinationals were uncomfortable with the aspect of the bill which gives 10 per cent equlity to the host communities and the incentive for deep offshore.
“If we are to believe those rumours, it then calls to question the sense of patriotism of the Sixth and Seventh Assemblies”, he said.
The News Africa publisher advised President Muhammadu Buhari to invest his political capital in getting the bill passed, noting that since APC controls both Houses of the National Assembly, there is no reason why a president who is so fair as Buhari cannot wield his party into line.
Another alternative, he said, is to break up the bill so that the non-contentious aspects can pass.  He suggested that Buhari should consider leaving the 10 per cent equity to host communities and the incentives for the deep offshore operations and pass the other less contentious aspects of the bill.
“Over the years, the government has been failing the oil communities. They collect tax and always fail to provide amenities.  What the oil firms should do is to provide ‘jara’, but ‘jara’  can’t substitute the real thing”, he said stressing  that oil companies cannot translate into government of the Niger Delta such that you expect them to provide water, road, healthcare and wondered what should be the responsibilities of the government.
Ekoriko also blamed the interventionist agencies as the Niger Delta Development Commission (NDDC) for lack of clear focus on what to provide.
“While NDDC goes into skills acquisition agriculture, primary healthcare what should go to LGAs and state government, it becomes Jack-of-all-trade and master of none”, he explained.
He said what the region needs is infrastructure as rail line connecting Niger Delta, good road network to make the economy of the region to take off and challenged the Niger Delta Ministry and other relevant agencies to be focused on their statutory responsibilities.
The PIB which should serve the interest of well-meaning Nigerians and stakeholders in the oil sector is one that would fairly address their peculiar needs and fears since it is by so doing that all stakeholders would work as partners in progress.
This spirit will bring to an end the so much acrimony where communities see the oil firms as those short changing them.
The Federal Government which defined and enjoys 60 per cent equity in the joint venture, should be alive to its expected responsibilities to the host communities.
Nigeria desires a PIB that would take definite stand on the issues of gas flaring , oil spill clean-up, local or Nigerian content particularly on expatriate quota, contract awards and also bring an end to the enigma of casualisation in the  oil industry.
Those who are so worried about the ubiqiutous influence of the oil multinationals should also know that as stakeholders, the multinational oil companies would not fold their arms on an issue that affects their business interest in Nigeria.
But what one expects is that members of the National Assembly, particularly those from the Niger Delta region should stand up in the interest of Nigeria and not allow themselves to be bought over by other forces protecting their own interest since they are voted to serve their people.
If a thorough job aimed at providing an effective PIB, fair to stakeholders, is done the fear is that there might be a PIB that would be watered down such that it would lose its essence.
The initiator of PIB, Yar’Adua, was a Niger Delta friendly President, same way Goodluck Jonathan was a Northern friendly President and did more for the north.  Buhari should declare his position on PIB.

 

Chris Oluoh

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Renewable Energy Investment Forum Begins Nov. 25

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Nigeria’s growing solar market will take centre stage as the Renewable Energy Forum Africa (REFA) 2026 holds in Lagos on November 25-26 with the backing of the Rural Electrification Agency (REA).

Organised by the Africa Solar Industry Association (AFSIA) and supported by SolarPower Europe, the forum would bring together investors, developers, regulators, utilities and policymakers at the Radisson Blu Anchorage Hotel, Victoria Island.

The agency said the forum would strengthen partnerships, attract investment and support Nigeria’s clean energy and local manufacturing ambitions.

REA Managing Director, Abba Abubakar Aliyu, is billed to deliver the keynote address at the opening plenary.

The forum would also examine local manufacturing following the launch of Nigeria’s first privately owned 100MW solar module assembly plant in Ibeju-Lekki, Lagos.
The event would also feature B2B meetings, an exhibition and the AFSIA Awards on November 25.
It would be noted that Nigeria is West Africa’s leading solar market, with about 618MWp operational capacity, ranking first in the region and eighth in Africa, according to AFSIA.

The country also leads the continent in mini-grid capacity with 132MWp, while its commercial and industrial (C&I) solar capacity stands at 385MWp.

The market is receiving fresh support through the $750m World Bank-backed Distributed Access through Renewable Energy Scale-up (DARES) programme, targeting 1,350 mini-grids and electricity access for 17.5 million Nigerians.

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CBN Appoints Eight New Pre-shipment Agents For Crude Oil And Gas Exports

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The Central Bank of Nigeria (CBN) has appointed eight pre-shipment inspection agents to monitor crude oil and gas exports, alongside two monitoring and evaluation agents to oversee their activities.
The appointments, announced in a notice signed by Aderinola Shonekan, Director of the CBN’s Trade and Exchange Department, took effect on October 2, 2026, under the Nigerian Export Supervision Scheme.
The notice directs authorised dealer banks, the Nigeria Customs Service, petroleum regulators, terminal operators and oil and gas companies to comply with the revised arrangements.
The CBN assigned the eight inspection agents to specific crude oil and gas export terminals as part of the revised framework.
The allocations are as follows:
Dakee Engineering and Construction Ltd.: LNG, Escravos (Gas), Bonny River Terminal (BRT) and EGTL.
Trexem Energy Services Limited: Egina, Qua-Iboe and Tulja. Geoscape Limited: Escravos, ERHA, Odudu and FSO Cawthorne.
617 Limited: Bonga, Brass, Usan and Eagle.Robinson International Energy Ltd.: Ugo-Cha, Penington, Aje, Ima, Oyo and Nembe. Trobell International Nigeria Limited: Forcados, Bonny and Okwori.
Integrated Shipping Services Nigeria Ltd.: Akpo, Antan, Okoro, Anyala-Madu and Ebok.
Kephren Business Ltd.: Ukpokiti, Utapate, Yoho, Abo, Agbami, Ajapa, Okono, Okwok and additional marginal streams designated by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
The CBN also appointed two monitoring and evaluation agents, the Q&Q Control Services Limited and the Arlington Securitas Nigeria Limited to oversee the inspection companies.
The Q&Q Control Services Ltd. would monitor 617 Limited, Trexem Energy Services Limited, Geoscape Limited and Kephren Business Ltd while the Arlington Securitas Nigeria Limited would monitor Dakee Engineering and Construction Ltd., Trobell International Nigeria Limited, Robinson International Energy Ltd. and Integrated Shipping Services Nigeria Ltd.
The latest appointments follow previous changes to the CBN’s monitoring arrangements for crude oil and gas exports.
The latest changes update the companies responsible for inspecting export cargoes and the terminals assigned to them. The notice requires the relevant institutions and operators to comply with the new allocations from October 2, 2026.
The appointments also come amid growth in Nigeria’s gas export earnings.
According to the CBN, Nigeria’s gas export earnings rose to $2.53 billion in the first quarter of 2026, reflecting stronger earnings from the country’s natural gas sector and contributing to its external trade position.
The revised inspection arrangements place designated agents in charge of specified export terminals, while the monitoring and evaluation companies oversee the inspection agents’ activities under the scheme.
Recall that in May 2024, the apex bank appointed 11 pre-shipment inspection and monitoring agents under the export supervision scheme.
The government subsequently reviewed the allocation of oil export terminals in March 2025, assigning additional terminals to nine inspection agents appointed under the scheme.
In July 2026, the CBN also appointed Candid Oil Services Limited as the pre-shipment inspection agent for the Taurus Oil and Gas Depot.
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What’s Next for Global Natural Gas Demand?

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The Iran war and the lack of LNG supply from the Middle East have upended forecasts of near-term natural gas demand and import costs.
So far this year, economies in Europe and Asia have relied more on renewables and coal for power generation to offset reduced gas supplies procured at very high prices.
This year’s crisis has prompted governments to rethink energy policies with energy security the top priority, again, after the 2022-2023 energy crisis.
After the decline in global gas demand this year, due to prices at four-year highs, the obvious question for gas market participants is where demand is going after the current crisis ends. Has the second gas crisis in four years permanently undermined expectations of long-term gas demand growth?
Gas cannot be replaced in many industrial processes, yet. Electricity-generating systems in major economies that have relied on gas for power cannot have a reliable electricity supply without gas.
Still, this year and over the past four years, key gas markets in Europe and Asia have seen the share of gas in their electricity mix decline.
The UK, the Netherlands, and Turkey, and major Asian economies China, Japan, and South Korea, have all seen the share of gas-fired electricity drop, according to data from think tank Ember cited by Reuters columnist Gavin Maguire.
The spike in natural gas prices has accelerated Europe’s renewables rollout, which took off in earnest earlier this decade when Russia invaded Ukraine in 2022 and cut off pipeline gas supply to most of Europe. The share of renewables has surged in the EU and the UK in recent years, gradually sidelining gas as the reliable backup fuel rather than the one meeting growing electricity demand.
Globally, “Gas is losing its share in the global power mix as renewables increasingly meet rising electricity demand,” Ember said in a report earlier this year. The analysis found that the share of gas in the global power mix declined for the fifth consecutive year in 2025, despite a small rise in absolute gas generation. Strong growth in clean power, led by solar and wind, met around 68% of global electricity demand growth over the five years to 2025, reducing the need for a significant rise in gas power generation
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According to Ember, 61 out of 124 economies generating electricity from gas had passed their gas generation peak.
However, these countries accounted for around one-fifth of global gas-fired electricity generation in 2025. So the large gas-generating economies, albeit a smaller group, haven’t seen their peak in gas power generation.
The biggest emerging economies, China, India, and Brazil, have actually met their surging electricity demand without turning to gas, Ember noted.
China’s gas share remained close to 3% of the electricity mix in 2025 despite rapid demand growth, while gas power generation in India and Brazil plays a more limited balancing role, the think tank said.
“The economics and energy security case for electricity are increasingly moving in the same direction,” said Malgorzata Wiatros-Motyka, ?Senior Electricity Analyst at Ember.
“As renewables lower costs and reduce exposure to fuel price shocks and geopolitical disruptions, gas is steadily losing the advantages that once made it the default fuel for power system growth.”
The writing may have been on the wall for natural gas producers and exporters if natural gas was only used in power generation.
But natural gas key uses include as feedstock in industrial manufacturing, including cement and steel, as a chemical feedstock for fertilizer, or as the start of the supply chain of manufacturing plastics, paints, synthetic fabrics, and medicine, to name a few.
And then comes the biggest twist in energy and electricity demand forecasts in recent years—the AI boom. Data centers will drive a large part of the rise in global electricity demand, which has returned to growth even in the U.S. and Europe after a decade or so of flatlining. Renewable energy alone will not meet the surge in power demand, and gas will play a key role in America and in most of Asia, where many countries are positioning to become AI and data center hubs.
The biggest LNG producers, exporters, and traders see long-term gas demand growth intact despite this year’s supply shock that is reducing consumption amid spiking prices.
For example, Shell, the world’s biggest LNG trader, said in its annual LNG Outlook 2026 this summer that surging gas demand in South and Southeast Asia would push global LNG demand up by 65% by 2050 from 2025 levels, although growth this year has been stalled by the Strait of Hormuz crisis.
Shell sees global LNG demand increasing to nearly 700 million tons annually by 2050, up by around 65% from the 2025 levels of 422 million tons.
“The conflict created a system-wide shock with disruption cascading across all segments of the economy, but the LNG industry has proved resilient and able to adapt to changing market conditions,” Cederic Cremers, President of Integrated Gas at Shell, commented in the outlook.
“While more investment in both supply and demand infrastructure is needed, the long-term outlook remains strong and LNG will continue to be a stabilising force in the global energy system.”
The International Gas Union (IGU) said in its 2026 World LNG Report in July that “while LNG industry is not immune from the challenges of operating in an era of heightened geopolitical uncertainty, its unique ability to re-distribute large quantities of clean-burning energy from a broadening supply base only enhance LNG’s role as a ‘shock absorber’ to the global economy.”
By; Tsvetana Paraskova
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