The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has dismissed claims of irregularities in the 2024 oil block licensing round, insisting that the process strictly followed the Petroleum Industry Act (PIA) 2021 and established guidelines.
In a statement issued in Abuja on Thursday, NUPRC Chief Executive Gbenga Komolafe said the bidding process was transparent, competitive, and technology-driven, with no violations of licensing rules.
“Eligibility was determined by a rigorous assessment of technical expertise, financial strength, and legal compliance,” Komolafe stated.
He addressed allegations that a company registered shortly before the bidding was unfairly awarded oil blocks, clarifying that the age of incorporation was not a disqualifying factor.
“The technical and financial capacity of a bidder was assessed not merely by the date of incorporation of the bidding entity, but by the track records of its promoters, affiliated companies, or parent organisations,” he explained.
Komolafe noted that the process allowed new Special Purpose Vehicles (SPVs) backed by credible industry players to compete on equal footing.
The 2024 round involved multiple phases: pre-qualification, technical evaluation, and commercial bidding. All applications were screened through encrypted digital systems to ensure integrity and confidentiality, and the results were announced during live televised sessions, observed by independent bodies including the Nigeria Extractive Industries Transparency Initiative (NEITI).
“The commercial bid evaluation was conducted using a transparent, digital, and point-based assessment system… with no discrimination or corrupt practices involved,” he added.
Komolafe highlighted the strong participation of indigenous oil firms, some of whom outbid international competitors, showing renewed investor confidence in Nigeria’s upstream sector.
“The NUPRC remains committed to transparent regulation aimed at optimising Nigeria’s hydrocarbon resources and attracting investment under President Bola Tinubu’s administration,” he said.
He also urged the media and public to ensure reports on the commission’s activities are contextual, accurate, and aligned with the law.
The NUPRC reaffirmed its dedication to upholding a transparent regulatory regime that benefits all Nigerians.
