Coalition lauds NUPRC for restoring confidence in Nigeria

The Energy Governance Alliance (EGA), a coalition advocating transparency and reforms in Nigeria’s oil and gas industry, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its Chief Executive, Engr. Gbenga Komolafe, for restoring investor confidence in the country’s petroleum sector. In a statement, EGA’s Executive Director, Dr. Kelvin Sotonye William, said the reforms […]

The Energy Governance Alliance (EGA), a coalition advocating transparency and reforms in Nigeria’s oil and gas industry, has commended the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and its Chief Executive, Engr. Gbenga Komolafe, for restoring investor confidence in the country’s petroleum sector.

In a statement, EGA’s Executive Director, Dr. Kelvin Sotonye William, said the reforms being implemented under the Petroleum Industry Act (PIA) and the administration of President Bola Tinubu are yielding positive results.

According to the group, Komolafe’s leadership at NUPRC has provided regulatory clarity, predictability, and investor assurance in the sector.

It cited recent milestones, including the Production Sharing Contract (PSC) between the Nigerian National Petroleum Company (NNPC) Limited and TotalEnergies, and renewed participation of International Oil Companies (IOCs) in bid rounds, as indicators of progress.

EGA also noted the recent visit of Barclays Bank Plc executives to the NUPRC headquarters in Abuja, describing it as a sign of growing international financial interest in Nigeria’s oil and gas projects.

“The presence of Barclays Bank executives at the Commission signals renewed confidence in Nigeria’s petroleum reforms and a willingness by international financiers to support investments in the sector,” the statement read.

The group reaffirmed its support for the Commission and the Tinubu administration, describing the recent milestones as evidence that consistent reforms can transform the oil and gas industry and position Nigeria as a global investment destination.