The Secretary to the Government of the Federation, George Akume, has charged the new board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to maintain high standards of corporate governance, accountability and regulatory independence.
Akume issued the charge on Tuesday in Abuja during the board’s inauguration, describing the event as a huge milestone in the Federal Government’s drive to strengthen governance and deepen reforms.
He said the exercise indicated a critical step in implementing the Petroleum Industry Act (PIA), which was enacted to reposition the petroleum industry through regulatory clarity, institutional independence and adherence to global best practices.
“The establishment and inauguration of the board underscore the Federal Government’s commitment to ensuring that Nigeria’s upstream petroleum resources are managed transparently, efficiently, and in the best interest of the Nigerian people,” he said.
Akume added that the board, as the Commission’s apex governance body, was expected to provide strategic oversight and policy direction to enhance investor confidence, optimise revenue and promote sustainable development in the upstream sector.
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Following his inauguration by the SGF, new chairman Magnus Abe formally resumed duties.
The former Rivers State senator told management and staff that the board’s role went beyond ceremonial functions to providing leadership and strategic oversight.
He pledged to strengthen the Commission and improve infrastructure, noting that a suitable office environment was key to staff productivity.
“The purpose of the board is to provide leadership and oversight. We will work to strengthen the Commission and ensure that the environment our staff operate in supports productivity and efficiency,” Abe said.
NUPRC Chief Executive Oritsemeyiwa Eyesan welcomed the board, saying its guidance would be crucial amid global oil and gas price fluctuations.
“This inauguration comes at a very auspicious time. The Commission depends on the board for direction as we continue implementing the provisions of the Petroleum Industry Act,” she said.