– Emphasises NUPRC’s transparent framework & investor confidence
Oritsegbubemi Omatseyin
Lagos — The Commission Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, has emphasized that claims of a N32 billion revenue leakage from the commission are unfounded.
Speaking before the House of Representatives Public Accounts Committee, Komolafe clarified that NUPRC operates within strict guidelines set by the Petroleum Industry Act (PIA) of 2021 and adheres fully to the Federation Accounts framework, ensuring all funds are managed transparently.
He explained that NUPRC is not in a position to tamper with or lose federal revenue, as its role is limited to enforcing remittance procedures, not handling funds directly. He elaborated, stating that royalties from oil production flow into a specific account with JP Morgan, to which NUPRC is not a signatory, further reinforcing the commission’s limited involvement in fund management.
According to him, NUPRC’s transparency and professionalism have bolstered investor confidence, with TotalEnergies CEO Patrick Pouyanne pledging increased investment in Nigeria as a testament to the regulator’s effectiveness. This pledge comes as international confidence in Nigeria’s oil and gas sector grows, evidenced by active bids in the current oil block licensing round.
