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    Kapital FM 92.9 The Station that Rocks!

Oil Sector

4 Results / Page 1 of 1
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National

PIA Attracts Over $16b, Transforming Oil Sector – Deputy Speaker

Deputy Speaker of the House of Representatives, Benjamin Kalu, has praised the Petroleum Industry Act (PIA) 2021 for attracting over $16 billion in investment and significantly transforming the country's oil sector. Kalu made the remark during the opening of the 2025 General Counsel and Legal Advisers Forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. “The most compelling testament to the PIA’s success is its […]

todayJuly 16, 2025

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General

PIA Attracts Over $16b, Transforming Oil Sector – Deputy Speaker

  Deputy Speaker of the House of Representatives, Benjamin Kalu, has praised the Petroleum Industry Act (PIA) 2021 for attracting over $16 billion in investment and significantly transforming the country's oil sector. Kalu made the remark during the opening of the 2025 General Counsel and Legal Advisers Forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. “The most compelling testament to the PIA’s success is […]

todayJuly 16, 2025

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General

PIA Attracts Over $16b, Transforming Oil Sector – Deputy Speaker Deputy Speaker of the House of Representatives, Benjamin Kalu, has praised the Petroleum Industry Act (PIA) 2021 for attracting over $16 billion in investment and significantly transforming the country’s oil sector. Kalu made the remark during the opening of the 2025 General Counsel and Legal Advisers Forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. “The most compelling testament to the PIA’s success is its remarkable ability to attract substantial foreign and domestic investment,” the Deputy Speaker said. Represented by the Chairman of the House Committee on Petroleum (Downstream), Ikenga Ugochinyere, Kalu noted that investment commitments have soared by 28,991% since the PIA’s enactment in 2021, rising from just $55 million in 2020 to over $16 billion. “These are not just numbers; they represent jobs, infrastructure, and a renewed sense of purpose for our petroleum sector,” the statement read. Kalu credited the law with improved oil production, enhanced regulatory compliance, and stronger revenue generation. He noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) generated ₦4.34 trillion in 2023, a 14.89% increase from the previous year. He said that the Act streamlined oversight by replacing the former fragmented regulatory structure with two distinct bodies: the NUPRC and the NMDPRA. While acknowledging these gains, Kalu warned that there were still challenges and called for continued legislative attention, particularly in addressing oil theft, which costs Nigeria around $79.4 million daily. The Deputy Speaker also hailed the law’s provision for host communities, which allocates 30% of production sharing contracts to local development, and welcomed Executive Orders 40, 41, and 42 signed by President Bola Tinubu in 2024, aimed at further improving investor confidence. In his remarks, NMDPRA Chief Executive Farouk Ahmed, represented by Executive Director Ogbugo Ukoha, emphasized the need for a unified compliance culture. NMDPRA Secretary and Legal Adviser, Dr. Joseph Tolorunse urged legal professionals to fully understand the licensing structure under the PIA and adopt more proactive, compliance-driven legal strategies. Oduyemi Odumade, Edited By Grace Namiji

Deputy Speaker of the House of Representatives, Benjamin Kalu, has praised the Petroleum Industry Act (PIA) 2021 for attracting over $16 billion in investment and significantly transforming the country's oil sector. Kalu made the remark during the opening of the 2025 General Counsel and Legal Advisers Forum organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja. “The most compelling testament to the PIA’s success is its […]

todayJuly 16, 2025

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National

Reps Vow To Recover $20b Revenue From Oil Sector

  By Oduyemi Odumade The House of Representatives Committee on Petroleum Resources downstream has pledged to assist the Federal Government to recover over twenty billion US dollars revenue from the sector. The committee also said it will review implementation of the Petroleum Industry Act (PIA) to remove bottlenecks and allay fears of stakeholders in the petroleum sector. The chairman of the committee, Mr Ikeagwuonu Ugochinyere, who made the remark during […]

todayNovember 3, 2023