Calls for Regulatory Stability, Focus on Reforms to Drive Energy Growth
The African Energy Council (AEC) has raised concerns over the adverse effects of frequent media trials, probes, and public investigations on Nigeria’s oil and gas industry, warning that such actions are stifling growth, undermining investor confidence, and derailing sector reforms.
In a statement obtained by Sources, the Council urged the government to prioritize stability and strategic execution over sensational investigations, especially in light of recent allegations involving the Nigerian National Petroleum Company Limited (NNPCL).
“This is a pivotal moment for Nigeria’s oil and gas sector,” the statement read. “What’s needed now is laser-focused execution and long-term vision—not distractions that risk pushing the sector further off course.”
Citing past high-profile cases such as those involving former Petroleum Minister Diezani Alison-Madueke and ex-NNPC GMD Andrew Yakubu, the Council noted that despite years of public scrutiny, the sector has seen minimal improvements in performance, governance, or investor sentiment.
Needless Distractions Amid Fragile Output
According to the AEC, Nigeria’s current oil production remains unstable, ranging between 1.4 and 1.6 million barrels per day (bpd)—well below the 2 million bpd budget benchmark and its OPEC quota.
The Council also pointed to the poor state of Nigeria’s four state-owned refineries, which continue to underperform despite over ₦4 trillion spent on rehabilitation over the years.
“The problem isn’t just accountability—it’s institutional delivery,” the AEC said. “With global capital becoming increasingly selective, Nigeria cannot afford to be distracted by media cycles and politically driven probes.”
Reform, Not Reaction
The Council emphasized the need for consistent regulatory frameworks and continuity in leadership to successfully implement the Petroleum Industry Act (PIA). It called for urgent steps to:
- Restore oil production to above 2 million bpd to strengthen revenue and forex stability.
- Complete refinery rehabilitation to reduce fuel import dependence.
- Build investor confidence through clear, stable policies.
- Improve governance and transparency without undermining operational efficiency.
“Reform must be measured by outcomes,” the AEC stated. “A sustainable energy future will not be built in courtrooms—but in control rooms, boardrooms, and oilfields.”
Kyari Protest Fallout Highlights Dangers of Misinformation
The AEC’s statement comes amid fallout from a recent protest by a coalition of civil society groups calling for the probe of former NNPCL Group CEO, Mallam Mele Kyari. The same coalition, Concerned Citizens Against Corruption (CCAC), later withdrew its accusations, admitting the protest was based on misinformation and lacked factual backing.
The group’s convener, Comrade Kabir Matazu, revealed that the April 23 protest was hasty and driven by flawed information—allegedly influenced by House of Representatives member Philip Agbese.
“We acted prematurely, without full understanding of NNPCL’s role as a limited liability company,” Matazu said. “In hindsight, our call for Kyari’s probe was misguided.”
The CCAC also praised Kyari’s leadership, citing the transformation of NNPCL, its return to profitability, and efforts to revive the nation’s refineries as key achievements during his tenure.
Kyari Denies EFCC Custody Rumours
In response to allegations that he was under EFCC detention, Kyari refuted the claims via his official X (formerly Twitter) account, describing the reports as malicious falsehoods.
“I am currently taking a well-deserved rest,” he wrote. “Having served the NNPC and NNPCL for 34 years, including nearly six years as GCEO, I am proud of my service and willing to account for my stewardship.”
Kyari warned that false reports and disinformation could damage investor confidence and harm the country’s global reputation.
“I urge the media to exercise restraint and verify information before publication. Disinformation does no one any good—not NNPCL, not Nigeria.”
Call to Refocus National Energy Priorities
The AEC concluded by calling for a collective shift in focus—from reactive investigations to forward-looking reforms and partnerships that will unlock Nigeria’s full energy potential.
“Nigeria’s economic stability and energy future hinge not just on holding individuals accountable but on building institutions that deliver consistent results. The time to act is now.”
