Amidst some celebration in Nigeria, the Senate passed the PIGB as it is known on 25 May.But what exactly has happened? Firstly, this Bill has not been reviewed by the lower house of the National Assembly, and it still has to achieve Presidential assent. Secondly, it's not the all-encompassing PIB of old. This is just one part of it. The Bill will establish among other things a fully independent petroleum regulator, and a new NOC to be run independently and on a fully-commercial basis. So far so good, but is the National Assembly really willing to make its NOC – a cash cow for them and the government – fully transparent and independent? It turns out there are concerns on that score.