Reps Downstream committee dismisses calls for sack of NMDPRA, NUPRC CEOs

The House of Representatives Commitee on Petroleum Resources Downstream has dismissed calls for sack of CEOs of Nigerian Midstream and Downstream Petroleum Regulatory Authority and Nigerian Upstream Petroleum Regulatory Commission, saying that it’s not inline with the Petroleum Industry Act, PIA. The House of Reps downstream committee incharge of oversight of Nmdpra and other downstream […]

The House of Representatives Commitee on Petroleum Resources Downstream has dismissed calls for sack of CEOs of Nigerian Midstream and Downstream Petroleum Regulatory Authority and Nigerian Upstream Petroleum Regulatory Commission, saying that it’s not inline with the Petroleum Industry Act, PIA.

The House of Reps downstream committee incharge of oversight of Nmdpra and other downstream critical stakeholders at the end of strategic meeting chaired by the chairman Ikenga Imo Ugochinyere with other members in attendance described the calls as been in violation of the provisions of the pia that have created tenure stability to aid consistency and stability in the sector.

He urged President Bola Tinubu to ignore the calls as interference with regulatory leadership will weaken investors confidence and create leadership instability that can alter consolidation of already policies and structures upon which the progress been made in the sector is based

He noted that those seeking for leadership change that is not based on the provision and intendment of the law should wait for nmdpra, nuprc bosses tenure to expire in line with pia before sack call, saying that any indicted person should be dealt with in line with the laws and not call for dissolution of a regulatory body that it’s leadership stability is key for driving investors confidence.

Ugochinyere stated that since the advent of the PIA, the two regulatory bodies, which is the NMDPRA and NUPRC have so much put in measures that have reformed and carried out the regulatory intention of the makers of the PIA in upstream and downstream sector as the investment inflow since the coming of the two regulatory bodies, the NMDPRA and the NUPRC, is almost over $20 billion.