FG inaugurates board of new petroleum regulators

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The Federal Government announced the inauguration of a new governing board for the Nigerian Upstream Regulatory Commission (NURC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which would oversee the regulatory implementation of the PIA and Nigeria’s oil industry.

The inauguration was done by Chief Timipre Sylva, Minister of State for Petroleum Resources on Wednesday.

The Minister stated that it was a regular transition due to the new passage of the PIA as he inaugurated the new Chief Executive Officers (CEOs) and members of the Governing Boards of the Commission and Authority.

While narrating the divorce between the Nigerian economy and Oil, he said, “The law stipulates that certain actions must be taken, which include winding down of the DPR and inauguration of the two successor agencies,” he said, assuring that staff will have their emoluments and entitlements, which were fully protected by law, while anything concerning their welfare would not be compromised.

“No job or remuneration will be lost in the process, the transition is by law and the law protects you completely,’’ Sylva said. He also said that for DPR staff, their ongoing yearly promotion issues would be resolved and tasked the newly appointed CEOs to ensure that the process was concluded expeditiously before the end of 2021.

In a remark, the acting Executive Secretary, PPPRA, Mr Olasupo Agbaje, said the inauguration was in fulfilment of the requirements of the law as it related to the implementation of the PIA.

“It is based on this optimism that we wholeheartedly salute the doggedness, determination and commitment of the Minister in ensuring a seamless and timely implementation,” he said.

It was earlier reported that the Senate confirmed the appointment of 4 nominees as board members of the new Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The nominees that were confirmed include Mr Idaere Ogan, as Chairman, Farouk Ahmed (Chief Executive Officer), Abiodun Adeniji (Executive Director Finance and Accounts) and Ogbugo Ukoha (Executive Director, Distributions System, Storage and Retail Infrastructure).

The Federal Government had earlier announced the setting up of the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to take over the responsibilities of DPR following the signing of the Petroleum Industry Act by President Muhammadu Buhari.