The Senate on Wednesday confirmed the appointment of board members of the Nigerian Upstream Regulatory Commission.
The confirmation of the nominees followed the consideration of a report by the Senate Committee on Petroleum Resources.
The new agency has automatically replaced the Department of Petroleum Resources because the commission would take over its responsibilities.
The nominees confirmed include Isa Modibbo – Chairman; Gbenga Komolafe – Chief Executive; Hassan Gambo – Executive Commissioner, Finance and Accounts; and Rose Ndong – Executive Commissioner, Exploration and Acreage Management.
Chairman of the Committee on Petroleum Resources (Upstream), Senator Albert Akpan, in his presentation, said that the nominees demonstrated sufficient knowledge of the workings of the petroleum industry, especially the upstream petroleum sector, as well as the economics of petroleum exploration and production.
He added that the appointments of the nominees satisfy the requirements of Sections 11 and 18 (1-5) of the Petroleum Industry Act, 2021.
According to the lawmaker, “there are no adverse reports against the nominees as record checks and other forms of investigations by security agencies did not reveal any negative trace against them.”
He also said the confirmation of the NURC board has automatically led to the scrapping of the Department of Petroleum Resources as the new commission will take over its responsibilities.
He said, “The Regulatory Commission has the enormous and huge responsibility of setting and establishing the Commission as provided in the Petroleum Industry Act.
“They have the unenviable responsibility of ensuring that they commit themselves and work hard to provide the solid and stable foundation for that matter, that they don’t waste any time because time is of essence.
“The implication of the approval of board members for the commission is that the Department of Petroleum Resources has ceased to exist.”
“The Petroleum Industry will go through a reform process and the process has already started.