Abuja, Nigeria — Following the sudden exit of top regulators, oil and gas expert Olabode Sowunmi has assured stakeholders that the Oil Industry Stability remains intact. He maintains that the sector is “greater than individuals,” ensuring a continuum despite the resignations of the chief executives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
On Wednesday, December 17, 2025, President Bola Tinubu transmitted a letter to the Senate seeking the expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA. Consequently, the Senate confirmed both appointments on Friday, December 19. This swift transition highlights the government’s commitment to maintaining Oil Industry Stability during a period of intense public scrutiny.
The Senate confirmed Saidu Mohammed and Oritsemeyiwa Eyesan to ensure Oil Industry Stability.
The resignations of Engineer Farouk Ahmed (NMDPRA) and Gbenga Komolafe (NUPRC) followed heavy allegations of corruption. Notably, Alhaji Aliko Dangote, President of the Dangote Refinery, recently accused Farouk of “economic sabotage.”
In a petition to the ICPC, Dangote alleged that the former NMDPRA chief was living far beyond his legitimate means. The petition claimed Farouk spent approximately $7 million on his children’s education in Switzerland and at Harvard. Furthermore, Dangote accused the regulator of colluding with international traders to undermine local refining capacity. These tensions made the leadership change a necessity to restore public trust and protect Oil Industry Stability.
Speaking to Arise News, Olabode Sowunmi argued that while new leaders bring fresh perspectives, operational risks are minimal. Indeed, he believes the departing officials built robust systems that can function independently.
“Risk can only apply when a system is not working. The whole concept is that a system is greater than an individual,” Sowunmi stated. “I want to believe that the two gentlemen that left built a system. So in other words, the system that exists will be such that there will be a continuum.”
Key Takeaways for Investors:
- Operational Continuity: The transition does not threaten basic oil and gas activities.
- New Leadership Strengths: Both Eyesan and Mohammed are NNPCL veterans with decades of experience.
- Regulatory Focus: The new CEOs have pledged to prioritize local refining and enforce the Petroleum Industry Act (PIA) 2021.
The new regulators bring significant expertise to their roles. Oritsemeyiwa Eyesan, a petroleum economist, recently served as Executive Vice President, Upstream at NNPCL. Meanwhile, Engineer Saidu Aliyu Mohammed is a chemical engineer who previously managed the Kaduna Refinery.
Ultimately, their appointments aim to solve the “hostile operating environment” cited by local refiners. As the Senate confirms these new oil regulators, the focus shifts to how they will manage the ongoing row between the government and private refinery owners to guarantee long-term Oil Industry Stability.
