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PIA To Unlock Investments In Nigeria’s Oil And Gas Sector – Sylva

Published

3 years ago

September 22, 2022

The Minister of State Petroleum Resources, Chief Timipre Sylva, has said that the desire to surmount the challenges bedeviling the oil and gas sector led to the enactment of the Petroleum Industry Act (PIA).

Speaking at the Nigeria International Economic Partnership Forum, in New York, on Wednesday, with the theme: “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”, Sylva said the desire of the President Muhammadu Buhari’s government to inject life into the sector hitherto characterized by fiscal and operational challenges led to making proactive reforms in the sector a priority.

The minister said the enactment of the Petroleum Industry Act (PIA) on August 16, 2022 was a “watershed moment for the nation, the industry and all stakeholders alike, signaling the beginning of a more conducive environment for investment, output, industrial and national growth, while also addressing legitimate grievances of resource host-communities most impacted by resource extraction operations”.

Sylva said the “PIA 2021, at full implementation, will create massive investment opportunities, improve transparency, attract investors, and reposition the Nigerian Oil and Gas industry for sustainable growth,” urging investors “to capitalize on the sustainable incentives provided by the PIA 2021 to invest in the oil and gas industry in Nigeria” with no future regret.

The minister told the gathering that the “PIA 2021 has established a legal, governance, regulatory, and fiscal framework for the petroleum industry, host community development, and associated matters” adding that “it provides fiscal certainty, improves regulations and incentives for investment, including up to ten-year tax vacations, while guaranteeing better take for both government and private investors, thereby balancing rewards with risk”.

The minister who said the PIA has set the foundation for a sustainable growth in the sector with the establishment of the Nigerian National Petroleum Company Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and Nigerian Upstream Petroleum Regulatory Commission (NUPRC) reassured the international investors of government’s commitment in the sector.

“This administration remains committed to ensure a full implementation of these carefully conceived reforms to foster efficiency and attract investments and development of supporting infrastructure along the oil and gas value chain as embedded in our policy aspirations for the sector.

“The government has taken the necessary steps to sustainably implement and operationalize the PIA 2021 within the timelines stipulated in the Act. To this end, the government has inaugurated the steering committee, which I chair, responsible for PIA implementation immediately after the PIA was signed into law,” he further stated.

He noted that the commitment of the Nigerian government to tackle the challenges in the oil and gas sector is a clear move “to reform the industry in order to build a robust, thriving and resilient economic backbone for domestic growth, expansion and consolidation in the era of the global energy transition, and also in a post covid world”.

Reflecting on the theme of the conference “Nigeria’s Oil and Gas Sector: Reforms, Results and the Road Ahead”, Sylva said the theme resonates the aspirations and commitment of President Buhari’s government to reform the sector in order to make it pivot for industrial diversification, economic growth and sustainable development in Nigeria.

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Boko Haram Once Nominated Muhammadu Buhari As Negotiator – Jonathan Revealed

Published

3 hours ago

October 3, 2025

Editor

Former President Goodluck Jonathan on Friday, disclosed that Boko Haram insurgents once nominated the late ex-President Muhammadu Buhari as their negotiator.

Jonathan said Boko Haram chose Buhari to negotiate with the Nigerian government on their behalf.

He made the disclosure while speaking at the public presentation of Scars, a book authored by former Chief of Defence Staff, Gen. Lucky Irabor (retd.), in Abuja.

Jonathan said the insurgents named Buhari after his then-administration set up several committees to explore dialogue with the group.

Jonathan said: “One of the committees we set up then, the Boko Haram nominated Buhari to lead their team to negotiate with the government.

“So I was feeling that, oh, if they nominated Buhari to represent them and had a discussion with the government committee, then when Buhari took over, it could have been an easy way to negotiate with them and they would have handed over their guns. But it was still there till today.”

Jonathan noted that the inability of Buhari to eradicate Boko Haram terrorists showed that the crisis was more complex than often portrayed.

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Edo: Pandemonium As NDLEA Operatives Chase Escaping Driver With Shooting

Published

5 hours ago

October 3, 2025

Editor

There was pandemonium at Oka Market, Upper Sakponba Road, Benin City, Friday, as operatives of the State Command of Nigerian Drug Law Enforcement Agency (NDLEA) shot sporadically in chase of an escaping driver.

In the course of the commotion, traders and residents took to their heels, probably to avoid being hit by stray bullets, while others were confused, not sure of what caused the sporadic gunshots.

The sporadic gunshots which lasted more than five minutes at the gate of the NDLEA Head Office, by Oka Market, followed a hot chase of an articulated vehicle driver who was said to have brushed their (NDLEA) vehicle.

The driver, who reportedly brushed the NDLEA vehicle refused to stop for negation, which prompted officers at the scene to alert their colleagues who waited at the alert.

According to eyewitnesses, as the escaping articulated driver approached the NDLEA office, officers who were said to have been alerted by their colleagues pursuing the trailer began to shoot.

Seven of the tyres of the trailer were deflated by bullets of the NDLEA operatives yet the driver refused to stop.

The officers continued to shoot while pursuing him, until he was caught.

A source said that the driver brushed their vehicle on the way, and that every effort by the officers to stop him so they could settle the matter proved abortive; hence the gunshots and deflation of the tires.

“It was a simple thing; they jammed our men, but the officers tried to stop him so that they could settle, but the driver refused to stop. That is why the men have been shooting to stop him. Even after bursting about seven tires, he was still running, but we caught him and they are bringing him back to our office,” he concluded.

Calls and messages sent to the commander, Edo State NDLEA Command, Mr. Mitchell Ofoyeju, were not responded to as at when filing this.

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JUST IN: Court Bars Police From Enforcing Tinted Glass Regulation

Published

7 hours ago

October 3, 2025

Editor

The Federal High Court sitting in Warri has issued an order directing the Nigeria Police Force and the Inspector-General of Police to maintain the status quo in the ongoing case concerning the controversial tinted glass permit.

The case, Suit No. FHC/WR/CS/103/2025: John Aikpokpo-Martins v. Inspector-General of Police & Nigeria Police Force, came up for hearing today.

Delivering the interim order, the Court directed the police authorities to respect judicial processes pending further proceedings in the matter.

Confirming the development, Kunle Edun, SAN, who led the legal team, noted that the directive is a major step in ensuring that the rule of law is upheld while the substantive issues in the case are being determined.

Details of the ruling and the next adjourned date are expected shortly.

Further updates coming soon…