Prof. Wumi Iledare
In what looks like a perfect analogy stemming out of desirable synergy, for the first time since PIA came into force, a renown petroleum economist, Prof. Wumi Iledare has observed that the promise embedded in the collaboration between the NUPRC and NMDPRA is the gradual disappearance of a territorial, protectionist mindset.
Reacting to reports that the two regulatory bodies partner to boost sector efficiency, Prof. Iledare stated that “shedding the entrenched NNPC culture within the regulatory space remains critical if the Petroleum Industry Act (PIA) is to deliver on its original intent — namely, a clear separation of institutional roles in petroleum sector governance. Structurally, the guardrails are now largely in place to support the Quad-E metrics of efficiency, effectiveness, equity, and economic sustainability.”
Prof Iledare said “that is now decisive is leadership behavior, not structure. I remain cautiously hopeful that the Boards of NUPRC and NMDPRA — many members of which I know personally — will remain alert to classic Agency Theory risks: elite capture, regulatory capture, and management survival instincts.”
He further suggested that if these risks are deliberately and consistently managed, the emerging partnership presents a genuine opportunity to restore regulatory credibility, attract investment, and align governance practice with the spirit — not merely the letter — of the PIA.
The PEWI’s OGEP Forum, he enthused, extends its best wishes and will continue to pray, observe, and hope for positive outcomes from this evolving synergy.
Source: Valuechain
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