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Why Regulatory Synergy is Key to Growth and Investor Confidence in Nigeria’s Petroleum Sector
By Akpandem James
The Nigerian oil and gas industry has frequently been in the news for various reasons. Decades before the Petroleum Industry Act (PIA) was enacted in August 2021, the country’s oil and gas exploration sector faced significant challenges due to unclear rules, changing policies and low investor confidence. This was in spite of its key role in the country’s economy. These issues reduced investment funds, delayed project execution and weakened its ability to compete in the rapidly changing global energy market. The PIA altered the narrative. It came with provisions to clarify rules, separate government roles and ensure fiscal stability. Presidential Orders followed, to make things easier for operators and clearer for investors.
The results are obvious today, but the impact could not have been so pronounced if not for the resolve of sector regulators to translate legislation into action. The increasing improvements recorded in investment disposition, operational transparency and sector stability highlight the significance of sustained policy implementation in repositioning the country’s petroleum industry for long-term growth. To reflect current realities, recently there was a transition in the boards and management of the two industry regulators: the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream/Downstream Regulatory Agency (NMDPRA).
The twin issues of regulatory stability and operational accountability have often been the nightmare of operators and investors. These weigh more heavily on the regulators, and more on NUPRC, given its unique interface with global players, including local and international partners and stakeholders, as well as its obligation to align with global best practices. Any seeming hiccup in the chain could trigger apprehension. It is against this backdrop that leadership continuity at the NUPRC assumed notable significance, informing the resolve of the new leadership of the regulatory institutions to deepen collaboration, sustain sectoral momentum, drive growth across the oil and gas value chain and strengthen investor confidence.
On Tuesday, December 23, 2025, Engineer Gbenga Komolafe, after four years of transformative leadership, formally handed over the reins at the NUPRC to Mrs Oritsemeyiwa Eyesan, a seasoned industry professional. The smooth transition signalled continuity in regulatory accountability and a renewed commitment to strengthening regulation and sustaining investor confidence, two critical enablers of a thriving petroleum sector. As the pioneer head of the Commission, Eng. Komolafe laid the foundation for a robust regulatory framework and strengthened accountability. Mrs. Eyesan is committed to building on this legacy by fully digitizing operations, increasing production and enhancing transparency to strengthen sectoral gains.
Mrs Eyesan brings more than three decades of industry experience to the role. She retired from the Nigerian National Petroleum Company Limited (NNPCL) in November 2024 as Executive Vice President, Upstream, where she oversaw Nigeria’s upstream petroleum operations. Often, leadership transitions in critical sectors raise concerns about policy direction and operational continuity. In this case, however, such fears do not arise, given the shared vision of repositioning Nigeria’s oil and gas sector as a global reference point in line with the PIA mandate. She made this clear when sharing her vision. It focuses on boosting oil and gas production, attracting investment and turning the Commission into a business enabler. She plans to drive this through digital tools, enhanced openness and staff capacity development. Her open-door policy emphasises regular engagement with staff, as well as internal and external stakeholders.
The new Commission Chief Executive, since assuming, has consistently articulated a clear mandate to advance Nigeria’s upstream sector in line with the PIA. She has reiterated her commitment to making the Commission a business enabler and reigniting upstream investments, while setting firm production targets to grow crude oil and gas output. “The goal is that we must enable the industry; we are regulators. We must enable the industry through our interactions with stakeholders and with everyone. My main objective is to ensure that we make a difference. I believe the NUPRC is at the centre of the industry,” she said. With stakeholder cooperation, she remains confident of achieving tangible results, telling staff: “If we work together, we can unleash opportunities. I don’t see impediments, only opportunities.”
Her familiarity with regulatory requirements and capacity to deliver have been attested to by the African Energy Chamber (AEC), which hailed her appointment. The AEC Chairman, N. J. Ayuk, in a statement, expressed confidence in her leadership, saying it would further strengthen private-sector confidence and position Nigeria as Africa’s leading investment destination for oil and gas.
Reinforcing the importance of regulatory stability and accountability, Ayuk noted that global investors are increasingly selective as competition for capital intensifies across both frontier and established markets. He observed that regulatory credibility, transparency and predictability have become decisive factors, adding that slow and unpredictable approval processes, marked by lengthy permitting timelines, unclear requirements and frequent changes, have historically deterred investment in Nigeria. These issues have already been carefully considered and are currently being addressed through the Presidential Orders of 2024 and 2025.
Recognising that the sector cannot be effectively driven in silos, the NUPRC leadership has already taken steps to deepen collaboration with the NMDPRA to eliminate regulatory bottlenecks and boost investor confidence. Within two weeks of assuming office, Mrs. Eyesan met with the leadership of the sister agency and both agreed to strengthen cooperation. A joint team has since been assembled to identify and resolve regulatory issues, ensure seamless regulation across the value chain and promote the overall interests of the industry. She believes that collaboration between the two regulators is essential, as both institutions drive growth in the sector.
“Whether we are talking about upstream, midstream or downstream, we are enablers for the industry, and the industry is the heartbeat of the nation’s economy,” she said. “We cannot achieve sustainable growth if we do not work together. Sometimes there is no fine line between upstream, midstream and downstream, and lack of coordination can create problems. I believe this marks the beginning of many more engagements.”
Echoing this sentiment, the NMDPRA Chief Executive, Aliyu Mohammed, underscored the need for harmonious cooperation, noting the agencies’ shared heritage as offshoots of the defunct Department of Petroleum Resources (DPR). He craves stronger relationships and amicable resolution of differences, noting that closer collaboration would improve regulatory efficiency and attract investment, with long-term benefits for the national economy.
Recently, President Bola Ahmed Tinubu nominated a seasoned lawmaker and industry insider, Senator Magnus Abe, for Senate confirmation as Chairman of the NUPRC Board. A renowned lawyer from Rivers State, Senator Abe has been associated with the petroleum sector through legislative oversight and reforms, including contributing to the framework of the PIA 2021. He served as a member of the NNPC Board and is currently Chairman of the National Agency for the Great Green Walls. With a Commission Chief Executive boasting over three decades of industry experience and a Board Chairman of proven pedigree, operators and investors in Nigeria’s upstream oil and gas sector can draw renewed confidence.
- James, an Abuja-based communication consultant, is a Fellow of the Nigerian Guild of Editors and member of the International Press Institute (IPI).
Abubakar Rabe, retired Major General former spokesman of the Nigerian Army who was abducted by bandits in Katsina State exactly two weeks ago, has died in captivity, reports coming from the state, one of the hotbeds of terrorist activities in Nigeria, confirmed on Saturday.
The retired senior military officer was kidnapped alongside his wife around the Matazu area of Katsina State while traveling to attend a wedding ceremony, was said to have died of complications from diabetes and high blood pressure in the camp of his abductors.
Nasiru Mu’azu, Commissioner for Internal Security and Home Affairs, in the state, who confirmed the incident, in a statement, said the government received the news with heavy heart and deep sense of loss.
He wrote: “It is with profound sadness that we confirm the General’s death while in bandits captivity. Despite the relentless and concerted efforts of the State Government and various Security Agencies to secure his safe release, the situation ended in this tragedy.
“The deceased Retired General died a natural death from complications of diabetes and hypertension. His abduction and subsequent death are not only a loss to his family and Katsina State but a monumental loss to the entire country.
“His Excellency, the Executive Governor of Katsina State Malam Dikko Umaru Radda, PhD, CON, extends his deepest condolences to the family of the late General and the country at-large.
“The Governor has described this incident as a “dark moment” and a reminder of the urgent need for a collective and intensified front against the criminal elements threatening the peace of our communities.
“The Katsina State Government remains committed to working with the Federal Government and security forces to ensure that those responsible for this heinous act are brought to justice. We assure the citizens of Katsina State that our resolve to eliminate banditry and ensure the safety of all residents remains unshaken.
“Our thoughts and prayers are with the bereaved family during this difficult time. May the soul of the departed Retired Major General Rabe Abdulakdir rest in eternal peace.”
By Hon Eseme Eyiboh mnipr
When Senator Godswill Obot Akpabio assumed office as President of Nigeria’s 10th Senate in June 2023, expectations were understandably high. Nigeria was grappling with economic headwinds, persistent security challenges, and growing public demand for more responsive and effective democratic institutions. In such a climate, the National Assembly was expected not merely to make laws, but to provide leadership, strengthen oversight, and restore public confidence in governance.
Three years into his tenure, the Senate under Akpabio has increasingly sought to position itself as a stable, proactive, and policy-driven legislative institution. Through a combination of legislative initiatives, institutional reforms, parliamentary diplomacy, and engagement with critical national issues, the Senate has played a visible role in shaping the country’s governance landscape. While critics have raised concerns on certain matters—an inevitable feature of democratic leadership—the overall record presents a legislature that has remained active, cohesive, and focused on its constitutional responsibilities during a period of significant national transition.
The foremost responsibility of any legislature is lawmaking, and in this regard, the 10th Senate has maintained an ambitious legislative agenda. Hundreds of bills have been introduced and processed, many of them directly targeting Nigeria’s pressing economic, fiscal, and governance challenges. According to Senate Leader Opeyemi Bamidele, in a midterm scorecard released in June 2025, the upper chamber introduced 983 bills and passed 108 into law between June 2023 and June 2025. This included 83 bills passed in the 2024/2025 legislative year alone, compared to 25 bills in the 9th Senate in the same period. Official legislative records also indicate a significant rise in legislative activity compared to previous assemblies, suggesting that the 10th Senate has been notably active by legislative output metrics.
More significant than the volume of legislation, however, has been the Senate’s focus on measures with far-reaching national implications. The emphasis has not been on legislative activity for its own sake, but on advancing reforms designed to address some of Nigeria’s most pressing economic and governance challenges. The Senate has prioritised reforms aimed at stimulating economic growth, improving public finance management, strengthening institutions, and expanding social protection.
One of the defining legislative undertakings of the 10th Senate has been its commitment to tax reform and fiscal modernization. Nigeria’s tax system has long been criticised for fragmentation, multiple taxation, weak compliance, and excessive dependence on oil revenue. Under Akpabio’s leadership, the Senate pursued reforms aimed at simplifying tax administration, broadening the tax base, promoting digital compliance, and providing greater relief for small businesses and low-income earners. In May 2025, the Senate passed four major tax reform bills which, according to the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms and now Minister of Finance, Taiwo Oyedele, could increase Nigeria’s tax-to-GDP ratio from about 10 per cent in 2023 to approximately 18 per cent by the end of 2027.
These reforms are significant because Nigeria’s tax-to-GDP ratio remains among the lowest in Africa, limiting government revenue and public investment capacity. By supporting measures aimed at modernising tax collection and reducing leakages, the Senate sought to create a more sustainable fiscal framework capable of supporting infrastructure, education, healthcare, and social services.
Beyond fiscal reforms, the Senate has devoted significant legislative attention to education, regional development, agriculture, energy, and the digital economy. Bills relating to tertiary education, regional development etc commissions, agricultural growth, and public sector modernization have featured prominently on its agenda. Notable examples include the Student Loan (Access to Higher Education) Act, 2024, which reportedly facilitated over one million applications through the Nigerian Education Loan Fund, and the Electricity Act (Amendment) 2023, which expanded the role of states and private investors in electricity generation and distribution.
To strengthen the country’s electoral process, the Senate also pursued amendments to the Electoral Act aimed at improving internal party democracy and clarifying procedures around party primaries and consensus candidacies. Supporters of the reforms argue that clearer legal definitions and procedural safeguards could help reduce arbitrary candidate selection and strengthen transparency within political parties. Senate Leader Bamidele has also indicated that additional reforms, including possible provisions for diaspora voting and early voting for security personnel, remain priorities for the remaining legislative period.
Beyond lawmaking, one of the less visible but significant developments of the 10th Senate has been institutional stability. Historically, Nigeria’s upper legislative chamber has often been characterised by prolonged leadership disputes, partisan confrontations, and disruptions capable of slowing governance processes. Under Akpabio’s leadership, however, the Senate has largely maintained operational cohesion and stability.
Plenary debates have generally remained issue-focused rather than personality-driven, while contentious national matters have often been managed through consultation and negotiation. This atmosphere of relative stability has reduced legislative deadlocks and allowed committees to function with greater consistency.
The Senate President’s leadership style has leaned heavily toward consultation and consensus-building. In a politically diverse chamber comprising members of the APC, PDP, Labour Party, NNPP, SDP, and other minority parties, Akpabio has consistently emphasized bipartisan cooperation over rigid partisanship. Committee appointments, major motions, and sensitive legislative debates have reflected efforts to accommodate competing interests while preserving institutional cohesion.
As a result, the 10th Senate has witnessed substantial cross-party cooperation on key national issues, even though disagreements naturally remain part of democratic governance.
Another area in which the Senate has demonstrated effectiveness is budgetary coordination. For three consecutive fiscal years, the National Assembly passed the national budget before the start of the new financial year. The 2024 budget of N27.5 trillion, for instance, was approved on December 30, 2023, ahead of the fiscal cycle. The Senate also passed the 2024 and 2025 appropriations totalling N43.5 trillion, although implementation timelines for some projects were subsequently extended to facilitate completion.
This marked a departure from previous cycles characterised by delayed budget approvals and implementation uncertainty. Timely budget passage improves predictability for Ministries, Departments, and Agencies, enhances investor confidence, allows contractors to plan more effectively, and supports smoother execution of government projects. In a developing economy like Nigeria, where public expenditure plays a major role in economic activity, budget stability remains important to growth and development.
At the same time, the Senate has continued to discharge its constitutional oversight responsibilities through investigative hearings, committee reviews, and ministerial screenings. During periods of persistent fuel scarcity, the Senate leadership engaged key stakeholders in the petroleum sector, including an oversight visit to the Dangote Petroleum Refinery. Supporters contend that the intervention helped keep national attention focused on domestic refining capacity and crude supply arrangements.
Subsequent Federal Government measures, including support for naira-denominated crude transactions, were widely viewed as part of a broader effort to ease supply constraints and calm the downstream market. Today, the long fuel queues that once defined daily life have receded considerably, although deeper challenges in the energy sector remain.
On the international stage, the Senate under Akpabio has strengthened parliamentary diplomacy, carrying Nigeria’s voice into global conversations on democracy, development, security, and international cooperation. Nigeria has assumed a more visible role within the Inter-Parliamentary Union (IPU), contributing to debates on democratic governance, collective security, climate resilience, and legislative best practices. Through these engagements, the Senate has sought not only to advance Nigeria’s interests but also to position the country as a constructive participant in addressing shared global challenges.
A notable diplomatic milestone was Nigeria’s election into the IPU Executive Committee for the first time in decades, a development widely interpreted as recognition of the country’s renewed parliamentary engagement within international legislative circles. Akpabio was also designated to serve on the Preparatory Committee for the 6th World Conference of Speakers of Parliament in 2024.
Domestically, one of the Senate’s most consequential constitutional moments came in August 2023 during the crisis in the Niger Republic following the military coup. When President Bola Ahmed Tinubu, acting as Chairman of ECOWAS, sought legislative backing for possible regional intervention, the Senate urged restraint and prioritized diplomatic engagement over immediate military action. Widely viewed as a demonstration of legislative independence and respect for the principle of separation of powers, the decision reaffirmed the Senate’s constitutional role in matters of security and foreign policy while underscoring a preference for dialogue, diplomacy, and regional stability at a moment of heightened tension across West Africa.
No balanced assessment of the 10th Senate can entirely overlook concerns raised by critics and observers. Questions have occasionally been raised regarding the depth of scrutiny applied during the confirmation of some executive nominees, while certain oversight investigations produced outcomes that critics considered less robust than expected.
In broader terms, the 10th Senate has combined increased legislative activity with relative political stability while attempting to align its priorities with Nigeria’s economic and governance realities. Supporters point to the passage of the National Minimum Wage Amendment Act, the Investments and Securities Act, and multiple regional development commission bills as examples of substantive legislation with potentially long-term national impact.
With one legislative year remaining before the next election cycle begins to dominate political discourse, the principal test facing the 10th Senate may ultimately be one of implementation and public confidence. If the tax reforms strengthen revenue generation, if the student loan programme continues to expand educational access without major controversy, and if the Senate further enhances oversight transparency, the chamber may secure a more enduring institutional legacy. Conversely, if concerns about public perception and executive accommodation persist, critics may continue to question whether legislative productivity has translated into sufficient institutional independence. It is worth noting, however, that history suggests the most successful periods of national development have often occurred not during eras of executive-legislative confrontation, but when both arms of government cooperated effectively while remaining faithful to their distinct constitutional responsibilities.
If the reforms advanced by the Senate continue to produce measurable national impact, and if the institution successfully addresses concerns relating to oversight and accountability, history may ultimately remember the 10th Senate not merely as a productive legislature, but as one that contributed to stabilising governance and repositioning democratic institutions during a consequential period in Nigeria’s development.
* Rt Hon Eseme Eyiboh mnipr is a former member and Spokesperson in the House of Representatives and currently, the Special Adviser on Media/ Publicity and Official Spokesperson to the President of the 10th Senate.
For those believing that President Bola Tinubu’s exclusion of Humphrey Nwosu, the late Chairman of the defunct National Electoral Commission (NEC), was an error that would be corrected subsequently, their expectation came to naught on Friday, with his non-recognition once again.
In a surprise outing, the President failed once again to name the late Professor of Political Science as one of the Nigerians honoured, on the day Nigerians would be celebrating this year’s anniversary of June 12, designed to mark the historic 1993 presidential election, which has now been designated as Nigeria’s Democracy Day.
It was a day Moshood Kashimawo Olawale Abiola (MKO), the candidate of the defunct Social Democratic Party (SDP), was elected President in a transition programme undertaken by the military government of then President Ibrahim Badamasi Babangida (IBB).
Expectations are that because the Option A4 model used in achieving the outcome of the election, acknowledged as the freest and fairest election in Nigerian history, the late electoral commission’s boss, would feature prominently in the list of those to be honoured by the government.
But another list contained in the national broadcast by the President, suggested that the position of the treatment meted to the former NEC Chairman, reflected the thinking in the All Progressives Congress (APC), as the late President Muhammadu Buhari, Tinubu’s predecessor, under whom June 12 was given national recognition.
The list, populated mainly by names from the South West, which included both civilians and military personnel, did not capture the category of national honours to be bestowed on the recipients, as the government said further information would be released in due course.
Prominent among those recognized, was Shehu Musa Yar’Adua, a General and former Chief of Army Staff, Supreme Headquarters between 1976 and 1979, under the military regime of Olusegun Obasanjo, who died in Abakaliki Prison in 1997, where he was detained for allegedly participation in carrying out a coup against Sani Abacha, then Head of State.
Tinubu, said the completed Institute of Petroleum Studies, Kaduna, would now be known as General Shehu Musa Yar’Adua University of Geological Sciences and Engineering Technology, to honour the General, who later became a prominent figure in Nigerian politics, “for his vision of national partnership.”
Listing the other names, Tinubu said: “I am also pleased to announce national awards to the following Nigerians, who suffered persecution, endured indignities, exile, incarceration, and, at times, solitary confinement, so that we have democracy today.”
The recipients included: Ayoka Lawani, Tunde Fagbenle, Oladele Alake, Olatunji Bello, Louis Odion, Segun Babatope, Sam Omatseye, Ademola Osinubi, Bola Bolawole and the duo of Lade Bonuola, former Managing Director of The Guardian and Femi Kusa, former Editor of the Nigerian foremost newspaper.
Others, were: Debo Adeniran, Ayo Opadokun, Chief Ralph Obiora, Ose Osayande, Osa Director, Sylvester Odion-Akhaine, Arthur Nwankwo (Posthumous) and Osagie Obayuwana, all pro-democracy activists.
The list also included Joe Okei-Odumakin , Titus Mann, Joe Igbokwe, Richard Akinnola, Ben Charles-Obi (Posthumous), George Mbah Niran Malaolu, Ishola Williams, a retired Major-General, Femi Aborisade, Jenkins Alumona, Gbemiga Ogunleye, Muyiwa Adekeye, Babajide Kolade-Otitoju and Ike Okonta.
“We also recognise the soldier-democrats of the June 12 struggle: Major General MA Garba, Brigadier General Lawal Jaafaru Isa, Col Umar Farouk Ahmed; Col Sambo Dasuki;
Col Lawan Gwadabe; Brigadier Jonathan Ndam Temlong, Col Musa Shehu; Major General Chris Eze; Major General Harris Dzarma; Col Isa Jibrin; Maj. General Joseph Oshanupin; Col Olusegun Oloruntoba, Olugbede of Gbede Kingdom), Lieutenant Colonel Happy Kefas Bulus, Col J Okai;
Col Emmanuel Ndubueze; Lt Col Yakubu Muazu and Brigadier Yahaya Abubakar, the Current Etsu Nupe, who is already the holder of the CFR title.”
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