Criminals using anonymous companies are the major obstacle in the fight against money laundering and corruption in Nigeria, the Federal Government said on Tuesday. The Minister of Finance, Budget and National Planning, Zainab Ahmed, said this at the Nigerian inauguration of Opening Extractives in Abuja, which focused on revealing the beneficial owners of companies in the extractive in...

The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) has announced that it will work with Nigeria Extractive Industries Transparency (NEITI) to deepen Nigeria’s implementation of contract transparency and beneficial ownership disclosures in Nigeria. Chief Executive Officer of NUPRC, Gbenga Komolafe disclosed this on Tuesday in Abuja at the National launch of the Opening Extrac...

•NEITI, Upstream commission move to enforce compliance in the oil sector The Federal Government, through the recently established Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday, said it would become compulsory for oil and gas companies operating in the country to disclose their owners under the Beneficial Ownership (BO) Reporting system. The Minister of Finance...

The Nigerian Upstream Petroleum Regulatory Commission, one of the two new regulators in the nation’s oil and gas industry, has told oil and companies operating in the country to pay their royalties as and when due. The Commission Chief Executive, NUPRC, Mr Gbenga Komolafe, while addressing a group of indigenous producers on Friday, stressed the need to optimise oil and gas production ...

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos In continuation of his ongoing engagements with critical stakeholders in the Nigerian oil and gas industry, the Chief Executive Officer of the Nigerian Upstream Regulatory Commission (NURC), Mr. Gbenga Komolafe, yesterday met with oil majors operating in the country on the aegis of Oil Producers Trade Section (OPTS). At the meeting h...

The Independent Petroleum Producers Group (IPPG) says its members have invested about 10 billion dollars in oil and gas production in Nigeria from 2003 till date. The group, made up of 24 indigenous oil and gas companies, also pledged to support the smooth implementation of the Petroleum Industry Act (PIA) to attract more investment to the sector. Mr Abdulrazaq Isa, Chairman, IPPG,...

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Oil Producers Trade Section (OPTS) of the Lagos Chambers of Commerce and Industries have both agreed to collaborate to ensure the smooth implementation of the Petroleum Industry Act (PIA). While Gbenga Komolafe, chief executive officer, NUPRC, at his maiden meeting with top OPTS members on Wednesday in Lagos asked for t...

THE Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engr. Gbenga Komolafe has ordered the immediate promotion 195 staff of the commission. The Commission in Abuja also unveiled its new logo as it begins operation as the new upstream sector regulator. The elevations which are part of the 2021 promotion exercise, came barely two weeks after t...