Nigeria’s President, Muhamamdu Buhari is expected to send a revised version of the Petroleum Industry Bill to the Senate for consideration and approval next week. The much-awaited 20-year-old bill is expected to revamp Nigeria’s oil and gas sector, improve local content and drive both local and domestic investments. Adeoye Adefulu, Partner at Odujinrin and Adefulu joins CNBC Africa for more.
The Nigerian Oil and Gas Industry Content Development Bill 2020 has passed its second reading at the Nigerian Senate. The bill aims to amend 38 sections of the extant Act while introducing six new sections. Joining CNBC Africa for this discussion is Femi Oladehim, Partner, Investment Banking at Argentil Capital Partners and Adeoye Adefulu, Partner at Odujinrin & Adefulu.
As global coronavirus-related lock-downs continue to impact oil demand, the International Energy Agency says it expects the COVID-19 pandemic to erase almost a decade of oil demand growth this year. Adeoye Adefulu, Partner at Odujinrin and Adefulu joins CNBC Africa for more.
As five more COVID-19 cases were confirmed in Nigeria on Wednesday, the government swung into action and made some swift reforms which include the reduction of petrol pump price – a N1.5 trillion cut in the 2020 budget and a travel ban on 13 countries with high COVID-19 infection rates. The Central Bank of Nigeria also announced a N1.1 trillion intervention fund to boost the economy. Adeoye Adefulu, Partner at Odujinrin and Adefulu and Kola Masha, Managing Director of Babban Gona both join CNBC Africa to discuss how these moves would impact some key sectors of the Nigerian economy.
The Nigerian government is seeking about $62billion from international oil companies as arrears from the Production Sharing Contract on petroleum sales if crude prices exceed $20. To discuss more on this story Adeoye Adefulu, Partner at Odujinrin and Adefulu joins CNBC Africa.
The United Kingdom's Business and Property Court granted the enforcement request of Process and Industrial Development Limited, to the tune of $9 billion. And the firm says it plans to enforce this judgement by seizing Nigerian assets. Adeoye Adefulu, Partner at Odujinrin and Adefulu joins CNBC Africa to weigh the options available for Nigeria.
As the 13th annual conference of the Nigerian Bar Association's Section on Business Law winds to a close, the Chairman of the conference planning committee, Adeoye Adefulu, says a communique containing recommendations from the conference will be issued to the Nigerian government and its economic management team.
Nigeria’s President Muhammadu Buhari says he is ready to assent to the highly anticipated Petroleum Industry Governance Bill, as soon as the National Assembly presents it to him. This comes after he cited constitutional and legal breaches as the fundamental reason for withholding his assent in 2018. Adeoye Adefulu, Partner at Odujinrin and Adefulu joins CNBC Africa to assess the likely impact of this bill and discuss other reforms needed in Nigeria’s oil and gas industry
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