NNPCbacks EO9 for energy sector transparency, PENGASSAN opposes
NNPC CEO Bayo Ojulari supports Executive Order 9 to improve revenue transparency in Nigeria's energy sector, stating it aligns with the government's intent to enhance financial accountability. The order aims to restore constitutional revenue entitlements to federal/state/local governments removed by the 2021 Petroleum Industry Act (PIA). However, PENGASSAN argues EO9 violates PIA Sections 8, 9, and 64, calling it an unconstitutional executive decree that undermines legal stability and investor confidence. Ojulari confirmed NNPC is collaborating with implementation teams to provide technical data for smooth execution. The order grants government ownership of all mineral resources, conflicting with PIA's 30% management fee structure for NNPC on Profit Oil/Gas. Stakeholders warn this sets a precedent that laws can be bypassed by executive action.