On August 16, 2021, the President of the Federal Republic of Nigeria, Muhammadu Buhari signed the Petroleum Industry Bill into law. The bill provides a legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry and the development of host communities. The main objective of the bill is to promote the exploration and exploitation of petroleum resources in the country for the benefit of its citizens and foster sustainable prosperity within host communities.
The Oil & Gas index on August 16, 2021 opened trading at 376.24 points to close trading on August 17, 2021 at 374.66 point, declining by 0.42 per cent.Speaking on this development, the former president, Association of Stockbroking Houses of Nigeria , Mr. Emeka Madubuike doubted the effectiveness of the PIB on the nation’s economy, stressing that the bill has been doctored.
According to him, the signing of the bill does not have direct effect on listed oil & gas companies on the nation’s capital market even though whatever affects the sector affects the economy at large.“Even though Oando and Seplat are operating in the midstream and upstream of the Oil & Gas sector, I still do not see the impact on their growth on the Exchange. Mind you, Oando majorly is a downstream company on the NGX.
What sort of foolish headline is this? A bill that just got passed this week is ignorantly or mischievously expected to be ripe enough to impact on the oil sector SMH…
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PIB: Oil-producing communities short-changed, raped with 3% share, says RewaneBismarck Rewane has criticised the allocation of three per cent share for host communities in the just assented Petroleum Industry Bill. Where was your voice & influence when your people and their communities were being raped by the fulani subjugation regime in Nigeria? And Sen Dickson, that was fighting against the anomaly was controversially ambushed by EFCC, all to intimidate him. This fraud called one nigeria is on the verge of unfolding. Shut up you are part of Buhari economic team that destroy the economy, too late to cry. Rewane
Source: MobilePunch - 🏆 8. / 63 Read more »
PANDEF fumes, North to get 30% oil profit share as Buhari assents to PIBThe quests for oil in the Northern region and other parts of the country have received a significant boost with the signing of the Petroleum Industry Bill 2021 into law by the President, Major General Muhammadu Buhari (retd.) on Monday. NASS does exactly what Buhari wants. So his signing the bill is just a formality. The representathieves from the South are there just as mannequins, they can't change anything. Empty fumes We were the southern senators and representatives when this bill was debated? Serious problem will soon emerge in this country from the way things are going. What we are seeing is a tip of the iceberg.
Source: MobilePunch - 🏆 8. / 63 Read more »
FG reviews oil price, pegs dollar at N410 for 2022-2024The Minister of Finance, Budget and National Planning, Zainab Ahmed, has explained that the Federal Government reviewed oil price and other key parameters in its projections for the 2022-2024 budgets to reflect present realities. Awon weyrey tun ti dey o Please who is this woman gan
Source: Daily Trust - 🏆 13. / 51 Read more »
BREAKING: Gunmen Attack Oil Workers In Imo, Kill Four | Sahara ReportersIt was learnt that the oil workers were going to their oil plant in Assa Community when the attackers shot them. IGBO people too like money, what is happening today in South East? When someone is after you for no reason..
Source: SaharaReporters - 🏆 9. / 63 Read more »
Oil prices fall as China demand outlook faltersBrent crude fell 1 per cent.
Source: PremiumTimesng - 🏆 3. / 78 Read more »
BREAKING: Unknown gunmen attack oil workers in Imo, kill fourUnidentified gunmen have attacked some workers of Lee Engineering Company at Assa community in the Ohaji/Egbema Local Government Area of Imo State, Good news
Source: DailyPostNGR - 🏆 11. / 59 Read more »