Nigeria, March 23 -- In the corridors of power, the Petroleum Industry Act (PIA) was hailed as the panacea to Nigeria's oil sector woes - a landmark legislation promising transparency, accountability, and fair distribution of the nation's oil wealth. Yet, as the dust settles, it reveals a disconcerting reality of promises not meant to be fulfilled.

Running the NNPC Ltd Like a Fiefdom

Let's do a quick refresher, according to the latest data from both the US Energy Information Administration. Nigeria is ranked eleventh in the world and fourth in Africa in crude oil production as at September 2023, with an average of 1.14 million barrels per day. While its crude oil production quota approved by Organisation of Petroleum Exporting Countries...