President of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Taiwo Owokalade has commended the federal government for having the will power to sign the Petroleum Industry Bill into law after many years of neglect by successive governments.
Speaking on Thursday in Lagos, Owokalade said the PIA is a welcome development as it would help give direction to the country’s oil industry, giving room for accountability and sustainable growth.
“I want to thank President Muhammadu Buhari for signing the bill into law. We know there are also some other controversies, like the percentage for host communities and the rest. For once we are appreciating the fact that host communities have been recognized and resources put directly into their hands.
“We know there are grey areas, but the fact that it has eventually been signed into law is a plus for the country and the industry itself. We need to start creating narratives around sustainability and good corporate governance in the NNPC and the petroleum sector as a whole,” he added.