President Buhari signs into law the Petroleum Industry Bill…


President Buhari signs into law the Petroleum Industry Bill…

Nigeria Monthly Briefing Summary: President Muhammadu Buhari (2015-present) signs into law the Petroleum Industry Bill (PIB). Niger Delta region stakeholders criticise presidential approval of the PIB, citing failures that will impact regional development and inflame separatist sentiments. Justice Binta Nyako adjourns until October the trial of Indigenous People of Biafra (IPOB) leader Nnamdi Kanu after he fails to appear in court on 26 July. Unidentified gunmen attack a convoy transporting contractors to a Shell Petroleum Development Company (SPDC) site in Imo state, killing one police officer and six employees. The Abuja Court of Appeal overturns a 2019 ruling confiscating the Oil Mineral Lease 11 (OML11) field licence from SPDC and transferring it to the state-owned Nigeria National Petroleum Corporation (NPPC). United Kingdom (UK)-national and former London Stock Exchange (LSE)-listed Glencore oil trader Antony Stimler pleads guilty to charges of money laundering and violating the United States (US) Foreign Corrupt Practices Act (FCPA) by bribing NPPC officials. The Central Bank of Nigeria (CBN) (central bank) Monetary Policy Committee (MPC) maintains the Monetary Policy Rate (MPR) at 11.5% citing a fall in headline and food inflation. CBN governor Godwin Emefiele bans the sale of foreign exchange to Bureaux de Change (BDCs) due to fraud concerns. Information and culture minister Lai Mohammed returns from a trip to the US, strongly denying that Nigeria is a failed state.

Download the full August briefing here.

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