The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has debunked a viral online publication claiming illicit activities in the allocation of oil blocks during the 2024 oil licensing auction.
Mr. Bashiru Indabawa, Chairman of the 2024 Bid Round Committee, articulated this in a recent declaration, characterizing the accusations as unfounded and contrived, asserting that they are part of a calculated effort to incite controversy.
The announcement affirmed that the NUPRC unequivocally refuted any misconduct or clandestine agreements in the allocation of oil blocks, highlighting that its operations are governed by the Petroleum Industry Act of 2021 and established regulatory frameworks.
It reassured the public that the oil bid rounds adhere to a thorough and transparent process, denouncing the article as an attempt to undermine its leadership.
“For those knowledgeable about the operations of the oil sector under the Petroleum Industry Act of 2021, in conjunction with the regulatory frameworks established by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the evolving situation may appear almost fantastical. It seems too remarkable to be credible within the context of the current regulatory landscape and the detailed processes mandated for oil bid rounds.
“To clarify, the NUPRC has recently undertaken the initiation and conclusion of the 2024 Oil Bid Round. This process was characterized by a comprehensive and rigorous framework designed to ensure transparency and stakeholder engagement. Among the essential elements of this meticulous process were public hearings conducted at various stages, where all pertinent industry stakeholders were invited to participate and express their viewpoints. ”
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