There are new twists to the recently signed Petroleum Industry Act, PIA, as President Muhammadu Buhari writes to the Senate, seeking an amendment of the act.
The letter was read by the President of the Senate, Senator Ahmad Lawan, on Tuesday during plenary.
Following the letter by the President to the Senate, there are indications that the development might create a further setback in the industry as stakeholders are already adjusting to the act.
However, in the letter, President Buhari wants an amendment to the new Act to allow for the removal of the Ministers of Petroleum and Finance from the board of the Nigerian National Petroleum Corporation, NNPC.
It stated that they can continue to perform their functions without necessarily being members of the board.
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President Buhari is also seeking the amendment to allow the Non-Executive Members to be increased from two to six in the interest of our national petroleum.
Also, President Buhari has written to the Senate, seeking the screening and subsequent confirmation of board members of the Economic and Financial Crimes Commission, EFCC.
More details to come
