NUPRC and Komolafe Lauded for Successful Implementation of Petroleum Industry Act
- The Nigeria Oil and Gas Integrity Forum commended NUPRC and Engr. Gbenga Komolafe for their pivotal role in the successful implementation of the Petroleum Industry Act (PIA)
- NUPRC’s transparent leadership has restored investor confidence in Nigeria’s upstream sector, fostering growth through clearer regulations and competitive fiscal terms
- The forum also praised the Commission's efforts to promote Nigerian content, empower indigenous companies, and leverage technology to reduce corruption in the oil sector
The Nigeria Oil and Gas Integrity Forum has praised the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for its crucial role in the successful implementation of the Petroleum Industry Act (PIA), a reform now seen as a cornerstone of Nigeria's oil and gas future.
The forum commended the leadership of Engr. Gbenga Komolafe, who heads the commission, for navigating the complexities of the PIA and transforming it into a driver of growth and transparency in the sector.
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Komolafe hailed for good leadership
Vivian Okorafor, President of the forum, issued a statement on Saturday, acknowledging the significant impact of the PIA on the nation's oil and gas landscape.
She pointed out that while the passage of the PIA was a major milestone, the real success lies in the effective enforcement of the law, made possible by NUPRC's leadership.
"Without the solid and transparent enforcement of the law by NUPRC, we would still be grappling with regulatory uncertainties, capital flight, and investor distrust," Okorafor stated.
The forum lauded Komolafe for creating a regulatory environment that has become an enabler for growth rather than an obstacle.
Key indicators of investment in Nigeria's upstream sector have shifted positively since NUPRC took charge of PIA enforcement, signaling renewed confidence among both local and international investors.
"Transparent bid rounds, clear licensing processes, and streamlined procedures have restored faith in Nigeria’s petroleum sector," Okorafor added.
NUPRC's efforts to promote Nigerian content and empower indigenous companies were also highlighted.
Digitalisation of operations commended
The forum recognized the significant increase in the participation of Nigerian companies in upstream operations, which has been facilitated by policies prioritizing transparency, merit, and local expertise.
Technology's role in transforming the regulatory environment was another point of praise. Okorafor noted that the NUPRC had introduced digital platforms that simplified regulatory compliance, enhanced efficiency, and reduced corruption.
“Licensing, reporting, and monitoring are now largely digital, making it difficult for underhand dealings to thrive,” she explained.
Okorafor further discussed the impact of the PIA’s new fiscal regime, which has made Nigeria a more competitive destination for upstream investments.
"Before the PIA and the new fiscal frameworks enforced by NUPRC, Nigeria was losing out to other African nations like Angola and Ghana," she explained.
"Today, our fiscal terms are competitive again, and the regulatory environment is much more investment-friendly."
The forum called on President Bola Tinubu to continue supporting independent regulatory bodies like the NUPRC, urging stakeholders to collaborate with the Commission to sustain the progress achieved.
"We urge Mr. President to shield institutions like the NUPRC from political interference," Okorafor concluded.
"Komolafe and his team have shown what can happen when professionalism leads."
While challenges persist in Nigeria's oil and gas sector, the forum believes that under NUPRC's leadership, the country is on the path to a more transparent and prosperous future.
Pro-Tinubu group praises NUPRC’s success
In a similar development, the Renewed Hope Ambassadors Network (RHAN), a group aligned with President Bola Tinubu, has commended the leadership of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its Chief Executive, Engr. Gbenga Komolafe, for their dedication to implementing reforms in the oil and gas sector.
In an assessment report released by the group, RHAN praised the strides made by the NUPRC in enforcing the provisions of the Petroleum Industry Act (PIA).
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Source: Legit.ng
