The Minister of State for Petroleum Resources, Timipre Sylva on Monday inaugurated the Nigerian Upstream Regulatory Commission; and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The inauguration of the two regulatory agencies followed the operationalization of the Petroleum Industry which was passed by the National Assembly and assented to by President Muhammadu Buhari in August.
The inauguration, which was held at the headquarters of the Nigerian National Petroleum Corporation, signals the end of the Department of Petroleum Resources (DPR), the Petroleum Products Pricing Regulatory Agency (PPPRA), and the Petroleum Equalisation Fund (PEF).
The inauguration was attended by the Group Managing Director of the NNPC, Mele Kyari; the Permanent Secretary, Ministry of Petroleum Resources Dr Nasir Sani-Gwarzo; the Chief Executive Officer of the Nigerian Upstream Regulatory Commission, Mr Gbenga Komolafe; and the CEO of the Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed.
The move heralds the start of new regulatory reforms as encapsulated in the Petroluem Industry Act.
The Act also signals the transformation of the roles of the Department of Petroluem Resources, the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund into that of the two newly created agencies.
As part of measures to implement the new oil and gas legislation, the Secretary to the Government of the Federation, Boss Mustapha, had issued letters of appointments to the management team of Nigerian Upstream Regulatory Commission; and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
The appointment letters, issued by Mustapha, is coming barely a week after the Senate had approved their nomination by President Muhammadu Buhari.
Buhari had in his letter to the Senate asked the Senate to confirm for the Midstream and Downstream Petroleum Regulatory Authority Idaere Ogan (Chairman); Farouk Ahmed (Chief Executive); Abiodun Adeniji (Executive Director, Finance and Accounts); and Ogbugo Ukoha (Executive Director, Distributions Systems, Storage and Retail Infrastructure).