The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, is at the center of a growing scandal following allegations that he facilitated a $5 million oil block deal for Aisha Achimugu, a businesswoman currently declared wanted by the Economic and Financial Crimes Commission (EFCC).
The report, first published by Point Blank News, alleges that Achimugu secured privileged access to a high-value oil block shortly after a $5 million payment was made through intermediaries, raising fresh concerns over corruption and lack of transparency in Nigeria’s oil sector.
Achimugu is facing EFCC charges over allegations of money laundering and fraudulent investment schemes. Despite her legal troubles, sources claim she was granted access to a lucrative oil asset through what was described as a “strategic partnership” — a term allegedly used to obscure questionable transactions.
Oil Block Award Sparks Concern
Insiders within NUPRC say the transaction was carefully structured to avoid detection, with multiple intermediaries used to mask the source and beneficiaries. The deal has triggered renewed fears over regulatory compromise within Nigeria’s most critical revenue-generating industry.
“This was not an isolated incident,” a senior NUPRC official told reporters on the condition of anonymity. “Oil block awards are now allegedly being traded for cash.”
The report also claims that Komolafe has developed close political ties within the Presidency, allegedly using financial inducements to gain protection from oversight or removal.
“They can’t remove me. I deliver money directly to the Villa,” Komolafe was quoted as saying by sources familiar with the matter.
Erosion of Investor Confidence
The scandal is the latest in a series of allegations that continue to erode confidence in Nigeria’s upstream oil sector, despite the passage of the Petroleum Industry Act (PIA) 2021, which was designed to promote transparency, equity, and investor confidence.
Industry analysts have warned that such incidents could discourage foreign and local investment, delay key projects, and damage Nigeria’s global image as a viable energy destination.
“When regulators become merchants, the system collapses,” said a Lagos-based extractive industry policy analyst. “If these claims are proven, they represent a serious breach of public trust and a violation of the spirit of the PIA.”
The scandal has reportedly impacted several industry players, with some indigenous companies alleging they were edged out of oil block bids in favor of politically connected individuals.
Calls for Investigation Intensify
While the NUPRC and Mr. Komolafe have yet to respond to the allegations, pressure is mounting for an independent investigation into the deal, and others suspected to have been facilitated under similar circumstances.
There are growing calls from civil society groups and transparency advocates for President Bola Tinubu’s administration to take decisive action in order to restore credibility to oil sector governance.
As the controversy unfolds, stakeholders say failure to address the issue swiftly could worsen Nigeria’s investment climate, particularly in the energy sector where regulatory certainty is key to long-term capital inflows.
