Tinubu may have undermined the influence and power of the two main oil and gas regulators by his decision to ‘force’ the heads of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to resign. Gbenga Komolafe, NUPRC CEO, and Farouk Ahmed, NMDPRA CEO, both resigned on 18 December. The reasons for their departures were not disclosed. 

In the statement announcing their departure, Tinubu nominated Oritsemeyiwa Eyesan to replace Komolafe and Saidu Aliyu to replace Ahmed. Lawmakers have already screened both nominees and will approve their appointments this week. 

The resignation of both men has raised questions about the independence of the oil sector regulators. Ahmed resigned amid allegations from Aliko Dangote, Africa’s richest person and owner of the Dangote Refinery, that he had allowed excessive imports of gasoline to destabilise Dangote’s refinery. Dangote has petitioned the Code of Conduct Bureau to investigate Ahmed. He claimed Ahmed was living above his means as a civil servant, citing allegations that he sent his four children to an expensive secondary school in Switzerland that cost US$5 million in tuition fees and living expenses. No allegations were made against Komolafe.

It is believed that Dangote may have put pressure on Tinubu to remove both men who were inherited from Buhari. Buhari had appointed them in 2021 when he passed the Petroleum Industry Act (PIA) which created both agencies, making them Nigeria’s most powerful regulators. Both men had protected tenures of five years under the PIA, which is why both have ‘resigned’ despite their terms not ending until next year. 

The incident has raised concerns over the independence of regulators. Regulators that appear weak, in thrall to big players and oil majors, and at the whim of the government could deter new investments in the sector just as confidence was returning.