Nigeria’s oil sector was jolted this week as President Bola Tinubu announced sweeping changes at the helm of the country’s key petroleum regulators. The move comes just days after billionaire industrialist Aliko Dangote accused Farouk Ahmed, chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), of corruption and of undermining operations at his Lekki refinery.
In a statement issued Wednesday by Presidential Adviser on Information and Strategy, Bayo Onanuga, the presidency confirmed that both Ahmed and Gbenga Komolafe, head of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), had resigned. President Tinubu has since forwarded nominations to the Senate for expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.
“The two nominees are seasoned professionals in the oil and gas industry,” the statement noted, underscoring Tinubu’s intent to restore confidence in the regulatory system.
Ahmed and Komolafe were originally appointed in 2021 by former President Muhammadu Buhari to lead the two agencies created under the landmark Petroleum Industry Act (PIA).
Dangote’s allegations
Since his refinery came on stream, Dangote has repeatedly clashed with the downstream regulator. He has accused Ahmed of corruption and economic sabotage, with his lawyers petitioning the Independent Corrupt Practices Commission (ICPC), which has pledged to investigate.
About a year ago, Dangote sued the NMDPRA over its continued issuance of import licenses, claiming the practice discouraged patronage of his refinery’s products. He demanded $66 million in damages before later withdrawing the suit without explanation.
More recently, Dangote alleged that Ahmed spent about $5m on overseas secondary education for his four children, a figure he argued was inconsistent with the income of a public official.
The immediate trigger for the latest dispute was a controversial factsheet released by the NMDPRA, which suggested the Lekki refinery was producing far lower volumes than its management had claimed. Dangote insists the regulator’s report distorts the reality of his refinery’s operations.
While the presidency has not directly commented on Dangote’s latest allegations, the resignation of both regulators is expected to clear the way for anti‑graft agencies to conduct a proper investigation.
With new leadership pending Senate approval, Tinubu’s shake‑up brings an element of uncertainty to Nigeria’s oil regulatory environment at a time when investor confidence in the industry is running high.