JUST IN: Southern govs reject 3% equity shares for host communities in PIB, insist on 5%

Southern governors on Monday rejected the proposed 3 percent equity shares proposed for oil- bearing communities in the Petroleum Industry Bill (PIB) recently passed by the National Assembly, but insisted on 5 percent, as proposed by the House of Representatives.

The governors disclosed this in a communiqué issued at the end of their meeting in Lagos and signed by Chairman of the South-West Governors’ Forum, Oluwarotimi Akeredolu.

They also rejected the proposed 30 percent share of profit for the exploration of oil and gas in the basins and the ownership structure of the proposed Nigeria National Petroleum Company Limited (NNPC).

The governor argued that the oil company should not be vested in the Federal Ministry of Finance but held in trust by Nigeria Sovereign Investment Authority (NSIA).

The communiqué read: “However, the forum rejects the ownership structure of the proposed Nigeria National Petroleum Company Limited (NNPC).

“The Forum disagrees that the company be vested in the Federal Ministry of Finance but should be held in trust by Nigeria Sovereign Investment Authority (NSIA) since all tiers of government have stakes in that vehicle.

“In order to consolidate our democracy and strengthen the electoral process, the Southern Governors’ Forum rejects the removal of the electronic transmission of the election results from the electoral act; and also rejects the confirmation of exclusive jurisdiction in pre-election matters on the Federal High Court.

“The Forum unanimously chose Lagos State as its permanent secretariat and appreciated the Governor of Lagos State for the wonderful hosting of this meeting while commending him for his good work in the state.”