Upstream Regulatory Commission Will Stabilize Nigeria’s Petroleum Industry- Lawan

President of the Senate, Ahmad Lawan, has said that the establishment of the Nigerian Upstream Regulatory Commission would provide a foundation for the stabilization of the petroleum industry in Nigeria.

He said this during the confirmation of  the appointment of board members of the Nigerian Upstream Regulatory Commission by the upper chamber of the National Assembly.

The confirmation of the nominees was sequel the consideration of a report by the Senate Committee on Petroleum Resources.

The nominees confirmed include Isa Ibrahim Modibbo – Chairman; Engr. Gbenga Komolafe – Chief Executive; Hassan Gambo – Executive Commissioner, Finance and Accounts; and Ms Rose Ndong – Executive Commissioner, Exploration and Acreage Management.

In his remarks,chairman of the Committee on Petroleum Resources (Upstream), Senator Albert Bassey Akpan, in his presentation,  said that the nominees demonstrated sufficient knowledge of the workings of the petroleum industry, especially the upstream petroleum sector, as well as the economics of petroleum exploration and production.

According to him, the appointments of the nominees satisfy the requirements of Sections 11 and 18 (1-5) of the Petroleum Industry Act, 2021.

He added: “There are no adverse reports against the nominees as record checks and other forms of investigations by security agencies did not reveal any negative trace against them.”

Akpan stated that the Committee was satisfied about the qualifications, experience, suitability, competence and integrity of the nominees to assume the position of Chairman, Chief Executive and Executive Commissioners of the Nigerian Upstream Regulatory Commission.

Lawan who presided over the plenary said the Regulatory Commission has the enormous and huge responsibility of setting and establishing the Commission as provided in the Petroleum Industry Act.

“They have the unenviable responsibility of ensuring that they commit themselves and work hard to provide the solid and stable foundation for that matter, that they don’t waste any time because time is of essence.

“The Petroleum Industry will go through a reform process and the process has already started.This Commission is one of the huge arms of those reforms that will stabilize the petroleum industry in Nigeria.

“While the Senate confirms them, we expect nothing less than commitment and patriotism on their side. We expect that the other regulatory authority for downstream and midstream will also be confirmed as soon as possible, so they also start their work immediately.”