NURPC unveils plan to tackle issues of oil theft, unauthorised financial flows

To address the issues of oil theft and unauthorised financial flows in the nation, the Nigerian Upstream Petroleum Regulatory Commission put up a regulatory framework.

The commission also observed that the new regulatory framework, officially titled as the Nigerian Upstream Petroleum Measurement Regulations, 2023 in accordance with the PIA, is a fresh initiative that will usher in a paradigm shift in the nation’s approach to generating money from its oil industry.

This information was revealed by the Chief Commission Officer of the NUPRC, Gbenga Komolafe, during a two-day National Anti-Corruption Conference in Abuja that was organised by the HEDA Resource Centre and the Centre for Fiscal Transparency and Integrity Watch.

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The conference’s focus was on “Nigeria and the Fight Against Corruption: Reviewing the Buhari Regime and Setting Agenda for the Tinubu Administration.”

He claimed that the programme would also address the problem of overloading and oil distribution from the source, which usually leads to earning money through illegal means.

Assuring that the commission was prepared to put an end to fraudulent practises in the industry, he emphasised that improper hydrocarbon accounting practises had been in place since Nigeria’s 1956 oil discovery.

The goal is to halt illegal financial flows at their source. The EFCC and ICPC will have very little job to do when that occurs, he said.

With this change, he observed, the time when operators and NUPRC employees would coordinate crude oil data was over.