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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.

News

Peter Obi’s Son, Oseloka, Speaks On Gay Allegations

Published

2 hours ago

August 23, 2025

Editor

Oseloka Obi, son of the 2023 Labour Party presidential candidate Peter Obi, has responded to viral allegations linking him to homosexuality after photographs of him with London-based British-Nigerian Kent Okwesa, circulated online this week.

The pictures, which emerged on Wednesday, showed Oseloka and Okwesa sitting closely at a restaurant in the United Kingdom, sparking a wave of online speculation and gossip.

In a detailed statement, Oseloka dismissed the rumours as malicious falsehoods driven by his father’s involvement in Nigerian politics.

He noted that while he rarely responds to such narratives, the persistence of gossip and unfounded claims made it necessary to address the matter.

“Because of my father’s involvement in Nigerian politics, there has been a persistent curiosity and, at times, malicious obsession with me.

“I have no social media presence and no interest in maintaining one, so I rarely correct these falsehoods. But perhaps it is time I address them,” he wrote.

Oseloka stressed that the photos of him in circulation were being misrepresented, insisting they were ordinary snapshots with friends and colleagues.

“The truth is simple: Peter Obi’s son appears in photos with his friends and colleagues, nothing more. If people wish to invent otherwise, I hope they sleep soundly knowing they are spreading lies,” he added.

He further emphasised that neither he nor his father is perfect, but attested to his father’s integrity and commitment to Nigeria’s future.

“My father has my vote, not because he is my father, but because he is the right man for the job. If others wish to go low, invent scandals, or attack me to wound him, they are free to do so. But we will go high, and we will continue to focus on the future of Nigeria.”

Concluding, Oseloka urged Nigerians to redirect their attention from idle gossip to the pressing socio-economic challenges facing the country.

Read the full statement below:

News

FULL LIST: PenCom Bars Seven Mortgage Banks From Processing Housing Loans

Published

2 hours ago

August 23, 2025

Editor

The National Pension Commission (PenCom) has barred seven Primary Mortgage Banks (PMBs) from processing applications under the pension-backed equity contribution scheme for residential mortgages, citing their non-compliance with housing loan guidelines.

In a letter published on PenCom’s website, addressed to Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs), the organisation instructed them to immediately stop accepting or processing equity contribution applications submitted through the affected institutions.

The blacklisted mortgage banks are:

• Jigawa Savings & Loans Limited

• FHA Mortgage Bank Limited

• Delta Trust Mortgage Bank Limited

• AG Mortgage Bank Limited

• Infinity Trust Mortgage Bank Pic

• First Trust Mortgage Bank Limited

• Mutual Alliance Mortgage Bank Limited

“Following the cited letter, the commission instructs that PFAs, including Closed Pension Fund Administrators and Pension Fund Custodians, immediately stop accepting or processing equity contribution applications submitted by the following Primary Mortgage Banks… Please be guided,” the circular read in part.

Explaining the decision, PenCom’s spokesman, Ibrahim Buwai, told The PUNCH that the sanction was imposed because the affected institutions failed to generate the mortgages for which funds had been approved.

“The whole purpose of giving access to RSA holders is to enable them to own houses through mortgages,” he said. “It was discovered that some of the primary mortgage institutions were not generating mortgages. If that is the case, it means they are not complying with the regulations. That is the reason for their blacklisting.”

PenCom introduced the equity contribution for residential mortgages in September 2022, allowing Retirement Savings Account (RSA) holders to withdraw up to 25 per cent of their balances to fund equity contributions for home ownership.

According to the commission, 24,582 RSA holders had accessed the scheme as of the first quarter of 2025, with disbursements totalling ₦149.84bn.

RSA holders who submitted applications through the barred mortgage banks are now advised to reapply with other eligible PMBs. Those who have made upfront payments were urged to contact the affected institutions for the next line of action.

News

VIDEO: How ‘Close Friend’ Leaked Cat Secret To Security During My House Invasion — Sunday Igboho

Published

3 hours ago

August 23, 2025

Editor

Yoruba Nation agitator, Chief Sunday Adeyemo, popularly known as Sunday Igboho, has opened up again on the July 1, 2021 midnight invasion of his Ibadan residence by security operatives, including the Department of State Services (DSS).

Speaking during a visit to the Olowo of Owo, Oba Ajibade Gbadegesin Ogunoye III, at his palace in Ondo State, Igboho alleged that the attack was carried out with the intent to take his life.

“When my house was invaded, they wanted to kill me but failed. Some said my intestines were shattered, others said my leg was broken, but there was nothing of such. They fired guns at me very well, but the prayers of you my fathers on me were answered.”

According to him, the DSS operatives forcefully gained entrance into his residence and pointed a gun at his Personal Assistant so he could lead them to his room.

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Death of cat after friend’s betrayal

While recalling the invasion, Igboho said one of his trusted friends betrayed him by leaking sensitive information about his cat to the operatives.

He disclosed that the so-called ‘trusted’ friend had told the agents not to let the cat escape, which led to the security operatives killing the animal.

“When I opened the door of my room for them, they saw my cat on the bed. One of my friends that I entrusted with secret had told them not to let the cat go. So they killed the cat and wrapped it with clothes like a corpse. They destroyed everywhere in the house and killed one of my brothers alongside one other person and they left,” he narrated.

Appeal to the Olowo

Speaking at the palace of the Olowo, Igboho said his absence from the country had lasted about five years and that he was eager to return to contribute to tackling insecurity in the South-West.

“But why I came to meet you Kabiesi is that till when will I be doing that. Nigeria is my motherland. This is about five years since I’ve been chased from here. Tinubu is your son, you can convince him to free me. If not for the wanted tag on me, I would have come to Nigeria to face the insecurity facing the South-West region. I would have entered the bush and faced them,” Igboho pleaded with the monarch.

Monarch’s response
In his response, Oba Ogunoye described Igboho as a beacon of hope for his generation and future ones, urging him not to be discouraged by the challenges he has faced.

The monarch enjoined Igboho and his supporters to remain law-abiding amid ongoing challenges.

He assured him of continued support and called for peace and cooperation across South-West communities, noting that no region can achieve sustainable development without security.
(TRIBUNE)