The oil and gas sector was thrown into upheaval as NMDPRA CEO Engr. Farouk Ahmed and NUPRC CEO Engr. Gbenga Komolafe resigned. Both reported to President Bola Tinubu and were appointed in September 2021 following the Petroleum Industry Act (PIA).

The resignation of Ahmed follows a dispute with industrialist Aliko Dangote, who accused him of economic sabotage by frustrating local refining through issuance of import licenses. Dangote also questioned Ahmed’s personal finances, alleging extravagant spending on overseas education for his children. Ahmed denied wrongdoing, citing scholarships, family contributions, and savings to fund education.

President Tinubu has nominated Oritsemeyiwa Eyesan for NUPRC and Engr. Saidu Mohammed for NMDPRA, with Senate confirmation pending.

Experts like Dr. Olisa Agbakoba and Prof. Wumi Iledare stress that prioritizing local refining is crucial for economic sovereignty, employment, and national development, and does not constitute monopolization.

Key Phrase:
“Farouk Ahmed resigns amid Dangote dispute over petroleum import licenses, as Tinubu nominates successors.”