Peter Obi, the Labour Party’s presidential candidate for the 2023 elections, has raised important concerns about the National Nigerian Petroleum Company Limited (NNPCL) and the confusion surrounding its regulation.
He explained that NNPCL is now a limited liability company. It is regulated by two bodies: the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). However, Obi pointed out that many people are confused about the roles of NNPCL and these regulatory agencies.
Obi noted that both NNPCL and the regulatory bodies report to the Federal Ministry of Petroleum Resources. The President of Nigeria is also the Minister of Petroleum, which leads to questions about who is really in charge.
Additionally, Obi spoke about the struggles that many Nigerians are currently facing. He emphasized that the responsibility for explaining the situation, providing alternative solutions, and reversing recent price increases belongs to the Minister of Petroleum Resources, who is also the President.
According to AriseTv, Obi said, “We are told that the NNPCL is now a limited liability company, regulated by agencies such as the NUPRC (Nigerian Upstream Petroleum Regulatory Commission) and NMDPRA (Nigerian Midstream and Downstream Petroleum Regulatory Authority), yet there seems to be growing confusion about the roles and responsibilities of the NNPCL and these regulating bodies.”