Nigeria: Buhari administration moves to close loopholes that bred corruption in oil industry

Compared with previous Petroleum Industry Bill drafts, the law curtails ministerial powers as board appointments are made by the Nigerian president and confirmed by the Senate.

If passed, the law would also create a Nigeria Petroleum Regulatory Commission (NPRC) to oversee everything from oil licence bid rounds to fuel prices. Previously, regulation was split between many bodies with ill-defined roles, leading the NNPC to act in part as its own watchdog in a conflict of interest.

A Special Investigation Unit would also be set up under the NPRC with the powers to seize items and make arrests without a warrant.

Source: Reuters

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