NUPRC’s Efficiency Crucial to Nigeria’s Economic Resilience, Says CFTNR
Regulatory Commission’s Transparency Efforts Under PIA Highlighted
As Nigeria implements reforms in its oil and gas sector through the Petroleum Industry Act (PIA), the Centre for Fiscal Transparency in Natural Resources (CFTNR) has emphasized the pivotal role of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) in ensuring transparency and long-term economic stability.
House of Representatives Directs OML18 Resources to Pay $4.02 Million
The CFTNR’s statement comes after the House of Representatives ordered OML18 Resources Limited to remit $4.02 million to the Federation Account. This directive follows NUPRC’s investigations revealing that the company, formerly known as Sahara Field Production Ltd, owes $17.37 million in crude oil royalties, $2.86 million in gas flare penalties, and N173.7 million in gas sales revenue.
OML18 Resources is among 45 oil and gas companies identified in NUPRC’s audit report as collectively owing $1.7 billion in unpaid royalties and penalties to the Nigerian government.
CFTNR Praises NUPRC’s Regulatory Approach
Dr. Halima Isa Lawal, Executive Director of CFTNR, commended NUPRC’s actions as evidence of successful PIA implementation. “NUPRC has shown that it is possible to uphold the rule of law in Nigeria’s most critical revenue-generating industry,” Lawal stated, highlighting the commission’s data-driven approach to regulation.
She emphasized that these efforts go beyond financial recovery, serving to restore institutional credibility and demonstrate that “transparency is not negotiable” in Nigeria’s oil and gas sector.
Call for Stronger Collaboration and Compliance
Lawal urged other oil and gas companies to review their records and engage proactively with regulators, noting that Nigeria’s current fiscal situation requires strict accountability in a sector responsible for over 70% of government revenue.
The CFTNR director called for enhanced collaboration between regulatory bodies, parliament, and civil society to ensure sustained oversight, praising the House Committee on Public Accounts for its role in scrutinizing industry debts.
“This is a turning point,” Lawal concluded. “Companies should see this not as punishment, but as an opportunity to align with new standards. Transparency is no longer optional; it is the future of Nigeria’s extractive sector.”
Credit: Daily Post