The Senate is closing in on making an elusive legislative in driving the possible passage of the intractable Petroleum Industry Bill (PIB) as it yesterday passed second reading in readiness to hit the Committee stage.
But according to Senator Enyinnaya Abaribe in an interview yesterday, “The current Senate has discovered the challenges frustrating the passage for long and decided to segment the bill instead of lumping it in one big document”.
“As it is now, there are chances that we will conclude the legislative work seamlessly in all the segments of the bill and pass them before the end of the seventh Senate.
Part of the first segment is the issue concerning the unbundling of the Nigerian National Petroleum Corporation (NNPC).
Under the unbundling plan, the NNPC will be broken into two commercial entities limited by shares and to be known as the National Petroleum Company and the National Assets Management Company.
The bill proposes that both companies to be created from the NNPC will be incorporated within six months of its passage into law, while the Minister of Petroleum Resources will be required within 12 months of the incorporation of the companies to transfer the assets and liabilities of the NNPC to the two companies.
According to the bill, “If considered necessary, the minister may additionally transfer some of the liabilities of the NNPC to a separate company to be created specifically to hold some of the liabilities of the NNPC. The bill provides that the NNPC Act will stand repealed upon the vesting of all the assets and liabilities of the NNPC in the successor entities”.
