The federal government has inaugurated the board of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), charging members to uphold transparency, accountability and regulatory independence in the nation’s petroleum sector.

The Secretary to the Government of the Federation (SGF), George Akume, gave the charge on Tuesday in Abuja during the inauguration of the board.

Mr Akume said the inauguration underscored the government’s commitment to strengthening governance in the petroleum sector and ensuring efficient regulation of upstream petroleum resources in the interest of Nigerians.

He described the event as a major milestone in the implementation of the Petroleum Industry Act (PIA), enacted to reform the sector through clearly defined roles, regulatory independence, accountability and global best practices.

According to him, as the apex governance body of the commission, the board is expected to provide strategic oversight, policy direction and institutional stability to boost investor confidence and promote sustainable development in the upstream sector.

The SGF said the development aligned with President Bola Tinubu’s Renewed Hope Agenda, which prioritised strong institutions, rule of law and integrity in public service.

He added that effective regulation of the upstream petroleum sector remained central to Nigeria’s economic growth, energy security and revenue optimisation.

Mr Akume commended members of the board, noting that their appointments reflected careful selection of individuals with proven competence and integrity.

He expressed confidence that their collective experience and professionalism would strengthen the commission and advance the objectives of the PIA.

He urged the board members to uphold high standards of corporate governance, collaborate with management and stakeholders, and ensure accountability in the discharge of their responsibilities.

He said, “As I formally inaugurate the board of the Nigerian Upstream Petroleum Regulatory Commission, I urge you to approach your duties with a strong sense of service and commitment to excellence.”

Responding on behalf of the board, its chairman, Magnus Abe, thanked Mr Tinubu for the opportunity to serve the country.

Mr Abe assured Nigerians that the board would work diligently to achieve the commission’s objectives and justify the confidence placed in its members.

He also appreciated the SGF for his support throughout the selection and confirmation process.

The chairman said board members fully understood the charge given to them and would work closely with management to meet public expectations.

He pledged that the board would work closely with management to ensure the full realisation of the benefits envisaged under the Petroleum Industry Act. 

(NAN)