“Komolafe Denies N32bn Revenue Leakage, Highlights NUPRC’s Transparency and Investor Confidence”

Engr. Gbenga Komolafe, the Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has firmly refuted allegations of a N32 billion revenue leakage within the commission.

Testifying before the House of Representatives Public Accounts Committee, Komolafe clarified that NUPRC strictly operates under the guidelines established by the Petroleum Industry Act (PIA) of 2021 and fully adheres to the Federation Accounts framework, ensuring transparent fund management.

Komolafe explained that NUPRC’s role does not involve direct handling of federal revenue. Instead, the commission enforces remittance procedures, with oil production royalties directed to a dedicated account at JP Morgan, to which NUPRC has no access. This setup underscores NUPRC’s limited involvement in managing funds, further reducing the risk of financial mismanagement.

He highlighted that NUPRC’s commitment to transparency and professionalism has strengthened investor confidence. As a result, TotalEnergies CEO Patrick Pouyanne recently pledged increased investment in Nigeria, reflecting the regulator’s positive impact. This investment pledge aligns with growing international confidence in Nigeria’s oil and gas sector, illustrated by active bids in the ongoing oil block licensing round.