The non-passage of the Petroleum Industry Bill (PIB) is threatening the sovereignty and security of Nigeria, as the lifting of the country’s crude oil for export has remained in the hands of foreign companies, THISDAY’s investigation has revealed.

It was learnt that the domination of the country’s crude oil export business by foreign players has the potential to jeopardise the interest of the country and collapse her economy in the event of a diplomatic face-off with other countries.

According to investigation, the proposed PIB targets to ensure that at least 30 per cent of the country’s crude oil export is controlled by Nigerian indigenous companies, as part of the measures to ensure greater participation of Nigerians in the oil and gas sector.

However, due to the non-passage of the PIB by the sixth National Assembly, foreign companies have continued to exercise 100 per cent control of the crude oil export business, a development that could collapse the country as a sovereign nation, in the event of a diplomatic face-off, with the international community.

Confirming this fear at a recent conference in Lagos, the former Chairman of the Joint Committee of the National Assembly on the PIB, Senator Lee Maeba said it was not in the best interest of any country for 100 per cent of her crude oil export business to be controlled by foreign companies.

“What of if there is diplomatic problem and the multinationals stop work? The implication is that crude oil export will stop and the economy will collapse. But if export is in the hands of Nigerian people, no matter what happens, oil operation will continue, even if the country is fighting war; even if the country has diplomatic problem with any other country,” he said.

Maeba, who is also immediate past chairman of the Senate Committee on Petroleum (Upstream), stated that one of the critical focuses of the National Assembly Committee on PIB was to ensure that Nigerians were actively involved in lifting of crude oil for export.

According to him, the PIB has an ambitious target to ensure that within the first five years of its operation, at least 30 per cent of the crude oil export from Nigeria would be carried out by Nigerian indigenous companies.

“We believe that was the best way to go,” he added.
The PIB is an Executive Bill sent to both houses of the National Assembly in late 2008, by late President Umaru Musa Yar’Adua, with the aim of instituting reforms of the legal and regulatory framework of the Nigerian petroleum industry.

It seeks to provide for establishment of legal and regulatory framework, institutions and regulatory authorities for the country’s oil and gas industry, and to establish guidelines for the operation of the upstream and downstream sectors.

The mandate and approach of the National Assembly joint committee were to recommend a PIB that deregulates petroleum product prices; establishes a progressive fiscal framework that encourages investment in the sector, while increasing revenue accruing to the Federal Government; creates a commercially viable National Oil Company; enhances exploration and exploitation of petroleum resources for the benefit of all Nigerians and also creates strong institutions and efficient regulatory entities, among others.


THIS-DAY NEWSPAPER

Now am suspecting foreign hands i think is connected with the bombing in Nigeria

What does NNPC do then? Man, we are useless peeps,like children that washes only the stomach when bathing.

the problem is that foreigners new this all these while that's why they sponsor military coup in Nigeria to keep people blind with fear,so they can steal as much oil as they can,sometime i don't understand black mentality why always look up to oyibo like a child looking up to his mother 

Nigerians should ask why , with the PIB hanging, Jonathan prefers to chase a single tenure bill. He is pals with the Senate President and actually helped the current emergence of David Mark so GEJ apologist should steer clear of the usual "GEJ is hamstrung by the judiciary" excuse. Mark and GEJ should be able , if that is what they both want, to work together and see a robust and unchanged PIB , favouring Nigeria more than the IOCs (international oil companies) , passed .