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The Federal Government has scrapped the Department of Petroleum Resources (DPR), Petroleum Equalisation Fund Management Board (PEF[M]B), and Petroleum Product Pricing Regulatory Agency (PPPRA).
As a result, the government announced the transition of the now-defunct DPR, PEF(M)B, PPPRA to the newly introduced agencies and their chief executives with respect to the Petroleum Industry Act (PIA).
The scrapping of the three agencies was announced by the Minister of State for Petroleum Resources, Timipre Sylva, in a statement on Tuesday.
The statement reads, “The new agencies are the Nigerian Upstream Regulatory Commission, as well as the Nigerian Midstream and Downstream Authority,” said the statement posted on the ministry’s Facebook page on Monday.
“The management team comprises Engineer Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Regulatory Commission, while Engineer Farouk Ahmed is the Chief Executive Officer of the Nigerian Midstream and Downstream Regulatory Authority.
“H.E. Timipre Sylva charged the new chief executives to be up and doing in their respective areas, in order to ensure that there is a smoother, fuller actualisation of the PIA.”