Register with us today

and in less than 60 seconds continue your access to:Latest news headlinesAnalytical topics and featuresCommodities videos, podcast & blogsSample market prices & dataSpecial reportsSubscriber notes & daily commodity email alerts

Already have an account?

Log in to register

Forgot Password

Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center

Enter your Email ID below and we will send you an email with your password.

  • Email Address* Please enter email address.

If you are a premium subscriber, we are unable to send you your password for security reasons. Please contact the Client Services team.

If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password.

In this list

Nigerian central bank urges parliament to fasttrack oil reform bill

Energy | Thermal Coal | Electric Power | Emissions | Renewables | Oil | Crude Oil | Metals | Steel | Raw Materials

Market Movers Europe, Oct 21-25: Putin hosts heads of state at Russia-Africa Summit, as Brexit taints EU carbon market


Platts Market Data – Oil

NGL | Oil | Crude Oil | LPG | Oil Risk | Petrochemicals

Platts University New York


Structural issues, fires add to spate of North Sea outages

Nigerian central bank urges parliament to fasttrack oil reform bill


Nigeria's central bank Friday said the long-delayed Petroleum Industry Bill, or PIB, needed to be passed by parliament quickly so as to ensure complete reform of the country's oil sector and plug revenue leakages.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

The bank's spokesman Ugochukwu Okoroafor, said in a statement that the call was made following the bank's recent disclosure that state-owned Nigerian National Petroleum Corp. owed it nearly $50 billion in oil export revenues.

"It is natural for the CBN [central bank] to be concerned about the low level of accretion to [foreign] reserves and excess crude account, inspite of strong international oil prices, especially as Nigeria's performance is compared with other oil producing economies," said Okoroafor.

"This underscores the need to urgently pass a Petroleum Industry Bill that addresses fiscal terms and structure of the NNPC," the spokesman said.

Okoroafor said that the central bank was also seeking an urgent review of the fiscal terms in sharing of oil revenues between Nigeria and its foreign oil partners, as well as improving "governance and transparency in the official oil sector."

To this end, he said the bank backs moves to audit the revenues earned by the Nigerian National Petroleum Corp., and also the government decision to examine the sources of revenue leakages.

The central bank had written to both President Goodluck Jonathan and the parliament accusing NNPC of not remitting $49.8 billion of oil export revenues into the federation account, which represented 76% of Nigeria's total crude oil export revenue earned over January 2012-July 2013, Platts has reported.

According to the central bank, Nigeria's oil exports over January 2012-July 2013 totaled 594 million barrels and were valued at $65.3 billion.

NNPC had since denied the claim saying that the amount in question had been paid into accounts managed by other government agencies.

--Edited by Haripriya Banerjee,