Oando Plc, Nigeria’s top integrated energy company listed on the Nigerian Exchange and Johannesburg Stock Exchange, joined industry leaders at the Nigerian Upstream Regulatory Commission’s (NUPRC) third anniversary. The company praised NUPRC’s efforts to revitalize the Nigerian energy sector. The event, attended by high-profile figures including President Bola Tinubu (represented by Senator George Akume) and top officials from NNPC, celebrated the regulator’s impactful decisions. Oando’s Managing Director, Dr. Ainojie ‘Alex’ Irune, acknowledged the transformative actions taken by NUPRC, which have moved beyond regulation enforcement to actively promoting business transformation.
Dr. Irune emphasized the importance of the NNPC’s personnel and decision-making reforms, which are critical for long-term success in the sector. He also highlighted the challenges posed by pipeline security issues and vandalism, calling on key stakeholders, particularly the government, to prioritize these issues. He warned that unless security and safety measures are placed above short-term gains, the sector’s goals to significantly boost oil production would remain unachievable.
Engr. Gbenga Komolafe, NUPRC’s Commission Chief Executive, outlined the commission’s regulatory achievements since the enactment of the Petroleum Industry Act in 2021. He highlighted the development of 25 key regulations, of which 17 have been implemented, contributing to investor confidence. He also noted Nigeria’s substantial oil and gas reserves, representing 30% and 33% of Africa’s reserves, respectively. Engr. Komolafe called for continued collaboration between the government and industry stakeholders to ensure the sector’s competitiveness and productivity.
