Tobi Soniyi in Abuja
The Vice-President, Yemi Osinbajo, has warned that the Petroleum Industry Bill when passed into law will not cure all the ills afflicting the oil sector.
Osinbajo, who spoke on Wednesday night in Abuja at the opening ceremony/dinner of the 10th Annual Business Law Conference organised by the Section on Business Law of the Nigerian Bar Association, said there were more pressing problems in the oil and gas industry.
The vice president was responding to issues raised by the NBA’s President, Augustine Alegeh, SAN.
Allegeh had in his welcome address delivered before the vice president’s speech, noted that the non-passage of the PIB by the National Assembly in the last 14 years, had stalled developments in the sector.
Responding, Osinbajo said some of the problems with the oil industry were not necessarily legislative issues but the nature and structure of the nation’s joint ventures as well as the fairness or otherwise of the agreements between the joint venture partners.
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