A CRITICAL ANALYSIS OF THE REGULATORY REGIMES OF THE PETROLEUM INDUSTRY IN NIGERIA
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ABSTRACT
This research work titled “critical analysis of the regulatory regimes of the petroleum industry in Nigeria” is centred on the legal and institutional frameworks of the regulatory regimes of the petroleum industry in Nigeria. The work attempted to trace the development, growth and evolution of the regulatory regimes in the petroleum industry pre and post oil discovery in Nigeria and in the same vein traced the evolution of regulatory institution in the petroleum industry. The work also examined the legal frameworks of the petroleum industry and also analysed the roles of regulatory institutions of the petroleum industry in Nigeria. Doctrinal research methodology was adopted throughout the research period. In conclusion, the work identified the following problems as factors affecting the regulatory regime in the industry; obsolete legal framework in the industry, inadequate penalties for defaulting companies operating in the industry, excess executive powers granted to the minister by the petroleum Act, fusion of corporate governance in the industry, conflict of oversight functions among the regulators and nonjuristic personality of the DPR. At the end, we recommended that a speedy passage of the Petroleum Industry Bill is necessary if the obsolete nature of the existing petroleum laws must be addressed. Reduction of excesses administrative powers of the Minister of Petroleum should also be addressed by way of legislative amendment of the existing Acts, Decentralization of corporate governance in the industry should be a priority to our law makers, provision and enforcement of stiffer sanction regime should be enthroned in the industry, clear definition of functions and upgrading of DPR’s corporate personality should also be addressed by the relevant authority.
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