Africa Business Radio

The Chief Executive Officer, Nigerian Upstream Petroleum Regulatory Commission, Mr Gbenga Komolafe, solicited the support of Nigeria’s armed forces to tackle the menace of crude oil theft in the country. The latest report from the Nigeria Extractive Industries Transparency Initiative recently stated that Nigeria lost 42.25 million barrels of crude oil valued at $2.77 billion to oil theft in 2019. Komolafe told the CDS that the new NUPRC was now responsible for the technical, operational and commercial regulation of the upstream sector, geared towards optimising the benefits of the nation’s hydrocarbon resources. He reiterated the critical role of the defence chief to the success of upstream investments in the oil and gas industry in Nigeria and appealed for stakeholders’ collaboration and partnership to deal with all security issues affecting the industry.