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FG: Nigeria’s N152tn Debt Rise Due to Transparency, FX Reforms — Not Fresh Borrowing

The Federal Government has said Nigeria’s N152 trillion public debt reflects improved fiscal transparency and foreign exchange revaluation, rather than a sharp increase in...
HomeNewsNMDPRA boss Farouk Ahmed resigns after meeting with Tinubu

NMDPRA boss Farouk Ahmed resigns after meeting with Tinubu

Farouk Ahmed, the chief executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), has resigned following a meeting with President Bola Tinubu.

The resignation comes after Tinubu on Wednesday summoned Ahmed to the Presidential Villa in Abuja over allegations of economic sabotage and corruption.

Gbenga Komolafe, chief executive officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), also resigned, according to a statement issued on Wednesday by Bayo Onanuga, special adviser to the president on information and strategy.

President Tinubu has since forwarded the names of their proposed replacements to the Senate for confirmation.

“President Tinubu has asked the Senate to approve the nominations of two new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Petroleum Regulatory Commission,” the statement said.

“The requests followed the resignation of Engineer Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC. Both officials were appointed in 2021 by former President Muhammadu Buhari to lead the two regulatory agencies established under the Petroleum Industry Act.”

According to the statement, Tinubu has nominated Oritsemeyiwa Amanorisewo Eyesan as chief executive officer of the NUPRC and Engineer Saidu Aliyu Mohammed as chief executive officer of the NMDPRA, subject to Senate approval.

Onanuga said both nominees are seasoned professionals with extensive experience in Nigeria’s oil and gas industry.