FG Disagrees as Agbakoba Seeks Repeal of PIA

Renowned Senior Advocate of Nigeria and former Chairman of the Nigerian Bar Association, Olisa Agbakoba, has called for the repeal of the Petroleum Industry Act, citing serious flaws in its design.

However, the Federal Government, represented by the Nigerian Upstream Petroleum Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Commission, disagreed with Agbakoba's stance, asserting that the PIA is beneficial to the nation’s oil and gas industry.

Speaking to the press in Ikoyi, Lagos State, Agbakoba emphasized the need for Nigeria to revamp its oil and gas system, drawing inspiration from the structure of Saudi Aramco.

He expressed concerns over the excessive number of agencies and overlapping functions created by the Act, advocating for its immediate repeal to address the lack of clarity in regulatory processes.

Agbakoba also urged the government to facilitate full participation of local players in the industry, highlighting that the issue lies with local players rather than financial resources.

He emphasized the potential for significant wealth generation from the oil and gas sector if managed effectively, while also criticizing the President's dual role as Minister of Petroleum.