OpeOluwani Akintayo
Lagos — The Minister of State for Petroleum Resources, Chief Timipre Sylva, has announced the official transition of the Department of Petroleum Resources, DPR; Petroleum Equalisation Fund (Management Board), PEF’; and the Petroleum Product Pricing Regulatory Agency, PPPRA, to new agencies.
He revealed this on the side-lines of the inauguration of the boards of the new-created Nigerian Midstream and Downstream Petroleum Regulatory Authority, NPRA, and the Nigerian Upstream Regulatory Commission, NURC, in Abuja on Monday.
According to him, the coming of the newly introduced agencies and their chief executives is in line with the provisions of the Petroleum Industry Act, PIA.
With the coming of the new agencies and the inauguration of their boards, the DPR, PPPRA and PEF are now scrapped.
The minister explained that with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.
Engr. Gbenga Komolafe is the Chief Executive Officer of the Nigerian Upstream Regulatory Commission, while Engr. Farouk A. Ahmed is the Chief Executive Officer of the Nigerian Midstream and Downstream Regulatory Authority.
Sylva charged the new Chief Executives to be up and doing in their agencies in order to ensure that there is a smoother, fuller actualisation of the Petroleum Industry Act.
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