Alakija Lists Benefits of PIB
The founder, FAMFA Oil, Mrs. Folorunsho Alakija, has expressed optimism about the passage of the Petroleum Industry Bill (PIB) by both chambers of the National assembly, saying it will help investors tremendously if passed into law.
She also said the future of oil wasn’t looking bright considering ongoing discussions around eliminating fossil fuels, and transitioning to renewable energy.
She made these comments over the weekend during an exclusive interview with THISDAY, as she prepares to mark her 70 years birthday on July 15, 2021.
According to her, the bill if signed into law, will paint a clearer picture to investors during decision-making processes, even though it has taken not less than 12 years before arriving at its current stage.
“I mean, look at too many other administrations that have come and gone and it never got to this stage. So we thank God that it’s here.
“We are studying it as a company, I don’t want to make any comment at this stage, but it’s going to help investors tremendously. It gives a clearer picture. We’ve needed this bill for so long, and it’s keeping us back, so I’d rather wait and see,” she added.
While expressing optimism that President Muhammadu Buhari would sign the bill into law, she equally expressed concerns that the legislation may still have to be worked on as it doesn’t cover some key areas, such as more representation for women in the oil and gas industry which was also being clamoured for.
Speaking on the future of oil in Nigeria, stressed the need for the country to begin to diversify into other areas.
“I would say that it’s not looking bright. We as a company are definitely looking into diversifying before it’s too late. We can’t turn back the hands of the clock, because the world is moving on and it’s moving fast, we have to move with it, and the earlier the better to diversify into other areas,” she added.
She equally noted that there was an urgent need to keep the earth safe and replenish it.
According to her, we have been killing the earth all along, which is why we found ourselves in this terrible situation. “But things have to change, so the people too have to change with it.