House of Reps recommends government should float 30% of NNPC on the Nigerian Stock Exchange

The House of Representatives committee has finalised a key portion of the Petroleum Industry bill, in part recommending that the president’s power to grant oil licences be removed. Another key item the House of Reps recommended was that the government should float 30% of NNPC, on the Nigerian stock exchange.

In other recommendations, the lower House also said government should start monitoring oil output by measuring at flow stations, rather than at the point of export, in a bid to bring clarity to production figures and crack down on corruption.

It also said the new bill should not affect the “sanctity” of existing petroleum licences, allaying industry concerns that it might be applied retroactively.

The Senate will still need to complete its own part of the Bill following which both parliaments will harmonise the bill before forwarding to the President for assent.