Nigeria considers giving oil contract control to regulator

Nigeria is considering appointing the state regulator to take control of the country's existing oil contracts, rather than the state oil company, according to a draft legislative amendment seen by Reuters.

WHY IT'S IMPORTANT This could reshape how Africa’s top oil producer governs its petroleum sector, making the regulator both an umpire and a player, blurring the lines between regulation and participation and raising concern over potential conflicts of interest.

It also raises corporate governance concerns because it removes the power of state company NNPC's board to approve its budget and formulate strategy.

CONTEXT The law that would be amended is the 2021 Petroleum Industry Act (PIA), which empowered NNPC to represent Nigeria's interests in a variety of commercial oil contracts. The amendment would transfer that role to the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).

A letter from the Attorney General to the minister in charge of gas, seen by Reuters, said the amendment was necessary because "some provisions of the PIA have created structural and legal channels through which substantial revenues of the Federation are being diverted away from the Federation account".

KEY QUOTE

"The observed decline in net oil revenue inflows is largely attributable to statutory leakages and opaque deductions under the current PIA architecture," said Lateef Fagbemi, Nigeria's attorney general and minister of justice.

By Isaac Anyaogu, Reuters

Nigeria lifts emergency rule in Rivers State after 6 months of political crisis

Nigeria’s president lifted emergency rule and removed the suspension of a state governor and lawmakers in oil-rich Rivers State on Wednesday after six months of emergency rule in response to a protracted political crisis and oil pipeline vandalism, according to a statement on social media.

The choice to impose emergency rule was meant “to arrest the drift toward anarchy in Rivers State,” said President Bola Tinubu in a statement defending the choice.

“This is undoubtedly a welcome development for me and a remarkable achievement for us. I therefore do not see why the state of emergency should exist a day longer than the six months I had pronounced at the beginning of it,” he said.

The crisis in the southern oil-producing region of Rivers State began after a political confrontation between incumbent Gov. Siminalayi Fubara and state lawmakers. Some lawmakers attempted to impeach Fubara, accusing him of illegally presenting the state budget and altering the composition of the legislature. Fubara has denied these accusations.

The oil-producing region of Nigeria has seen militant attacks targeting oil pipelines for years.

During the period of emergency rule, Nigeria's retired former navy chief Vice Admiral Ibokette Ibas, ruled the state.

The Nigerian constitution allows emergency rule to maintain law and order in rare circumstances.

The last emergency in Nigeria was declared under President Goodluck Jonathan in 2013, in the northeastern states of Adamawa, Borno and Yobe during the height of the Boko Haram insurgency. However, the state governors were not suspended then.

By Dyepkazah Shibayan, AP

Video - Ambulance shortages, heavy traffic put lives at risk in Lagos

Ambulance shortages, heavy traffic put lives at risk in Lagos Authorities admit the problems and are working with the private sector to fix things.

CGTN Africa

Video - Nigeria crowns its first ever Albinism Advocacy Queen

Anita Chidiebube-Dike aims to give a voice to people who have historically been looked down upon. According to the UN, persons with albinism face multiple human rights challenges, including stigmatization and discrimination.

CGTN Africa

Video - Nigeria's minister of art, culture, tourism, and the creative economy speaks on creative exchanges

China's Chengdu rolled out the red carpet for the second Golden Panda Awards from September 12 to 13. The film event bodes well for cross-border cultural ties through direct creative exchanges in fashion, animation, film and music, said Hannatu Musa Musawa, Nigeria's minister of art, culture, tourism and the creative economy. CGTN's Tian Wei had a one-on-one conversation with her on the sidelines of the Golden Panda Cultural Forum. The minister added that creative exchanges enable countries to tell their own stories in ways that resonate across Global South nations.

CGTN Africa