The Federal Government has announced the official scrapping and sacking of the Chief Executive Officers of the Department of Petroleum Resources, Petroleum Products Pricing Regulatory Agency and Petroleum Equalisation Fund.
The Minister of State for Petroleum Resources, Timipre Sylva, announced the development on Monday in Abuja.
Sylva spoke at the inauguration of the boards of the Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Nigerian Upstream Regulatory Commission at the Nigerian National Petroleum Corporation Towers in Abuja.
He said with the passage of the Petroleum Industry Act, the NPRA and NURC had taken over the functions of the DPR, PPPRA and PEF.
Responding to a question on what would happen to DPR following the inauguration of the board of the NURC, Sylva said: “It is now a matter of law.
“The law states that all the assets and even the staff of the DPR are to be invested on the commission and also in the authority.
“So that means the DPR doesn’t exist anymore.
“And, of course, the law specifically repeals the DPR Act, the Petroleum Inspectorate Act, the Petroleum Equalisation Fund Act and the PPPRA Act.
“The law specifically repeals them.
“It is very clear that those agencies do not exist anymore.”
On what would happen to the chief executives and employees of DPR, PEF and PPPRA, Sylva said: “The law also provides for the staff and the jobs in those agencies to be protected.
“But I’m sure that that doesn’t cover, unfortunately, the chief executives, who were on political appointments.”
The Minister said the process for aligning the workers of the defunct agencies with the new regulatory bodies had already commenced as they had to be rationalised.
He said: “The authority has its staff coming from the defunct PEF, PPPRA and DPR.
“The commission has staff coming over from DPR and the process is going on for the next few weeks.”
Sylva stated that the inauguration of the boards on Monday marked the beginning of the successor agencies.
He said: “The PIA provides for the upstream regulatory commission and the establishment of the midstream and downstream authority.
“So far, the chief executives of these agencies have not been in place, but of course, Mr. President in his wisdom made the appointment a few weeks ago and they went through a rigorous process of confirmation at the National Assembly.
“The agencies have now taken off because they now have clear leadership and today’s event marks that beginning for the new agencies.”
Sylva further stated that with the passage of the PIA into law, after spending over 20 years in the process, the coast was now clear for investors to fully invest in Nigeria’s oil sector.
He said: “Today, the PIA has clarified the legal framework around the sector and the agencies are now in place.
“So I don’t see anything now stopping investors from coming.”
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