EXAMINATION OF THE LEGAL AND INSTITUTIONAL REGULATORY REGIMES OF THE PETROLEUM INDUSTRY IN NIGERIA

The topic “Examination of the Legal and Institutional Regulatory Regimes of the Petroleum Industry in Nigeria ” as research titled centered on the legal and institutional frameworks of the petroleum industry in Nigeria. The work traced 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 in conducting the research. The work observed the problems affecting the regulatory regime in the industry to include; 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 non juristic personality of the Directorate of Petroleum Resources (DPR ). The work recommended that a speedy passage of the Petroleum Industry Bill is necessary if the obsolete nature of the existing petroleum laws must be addressed and the reduction of excessive administrative powers of the Minister of Petroleum by way of legislative amendment of the existing Acts. The work concluded that decentralization of corporate governance in the industry should be a priority to our law makers, provision and enforcement of stiffer sanction regime in the industry, clear definition of functions and upgrading of DPR’s corporate personality.