By Emeka ChiakweluThe much debated and contentious Petroleum Industry Bill 2012 (PIB) is a quantum leap in the remaking of Nigeria’s oil and gas industry, if and when it becomes the law of the land. Some Nigerians deemed the bill controversial because many of them have not read the bill but rather depend on the opposition of the bill to propagate their incoherence and distortions. The PIB must be adjusted, refined and consolidated to become the perfect bill for a constructive reform is needed in the oil and gas industry. Since the discovery of oil in Nigeria by Shell- British Petroleum in 1950, Nigeria has made billions of dollars, yet the country accrued one of the worst indexes of misery. Act CAP 11 Laws of the Federation of Nigeria, 2004*Petroleum (Special) Trust Fund Act, CAP 14 Laws of the Federation of Nigeria, 2004; and*Petroleum Technology Development Fund Act CAP P15 Laws of the Federation of Nigeria, 2004;*Petroleum Act CAP 10, Laws of the Federation of Nigeria, 2004;(‘Petroleum Act’)