The Independent Petroleum Marketers Association of Nigeria (IPMAN) has commended President Bola Tinubu for his decision to readjust the leadership of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), describing the move as vital for strengthening regulation within the oil and gas sector.
IPMAN National President, Alhaji Abubakar Maigandi Shettima, made the remarks on Thursday in Abuja while responding to recent developments in the sector, including the expanding partnership between the association and the Dangote Petroleum Refinery.
The Nigerian petroleum sector experienced renewed uncertainty on Wednesday following the resignations of Farouk Ahmed, Chief Executive of NMDPRA, and Gbenga Komolafe, head of NUPRC. Their departures came amid controversy sparked by allegations and a petition submitted by Dangote Group President, Aliko Dangote.
The Presidency confirmed the resignations, widely viewed as a consequence of the intensifying dispute between the Dangote refinery and NMDPRA over fuel importation, pricing, and regulatory oversight in the downstream sector.
Reacting to the developments, Shettima said the leadership reset has helped restore confidence and clarity in the oil and gas industry.
He stated, “The focus of the Dangote & IPMAN partnership has always been geared towards making life better for Nigerians. And of course, this blooming partnership would never have been possible without the pragmatic leadership of President Bola Ahmed Tinubu, and his sound judgment in readjusting the leadership of the NMDPRA and the NUPRC.”
Shettima reiterated IPMAN’s long-standing stance that Nigeria must prioritize domestic refining to eliminate the importation of petroleum products, warning that fuel imports should not operate alongside local refineries.
He added that continued reliance on imported petroleum poses a serious threat to the Nigerian economy, insisting that domestic refining is the only sustainable path to energy security, job creation, and foreign exchange stability.
“Our position has always been to deepen domestic refining to eradicate imports of petroleum products. Continuous import is NOT an acceptable parallel business model because issuing import licenses recklessly distorts market dynamics, drains foreign exchange, enthrones poverty, destroys jobs, and scares potential investors away,” Shettima said.
He emphasized that the Dangote-IPMAN collaboration is guided by a shared goal of improving the welfare of Nigerians through affordable fuel supply, local value creation, and reduced dependency on imports.
Shettima reaffirmed IPMAN’s commitment to supporting local refineries, noting that independent marketers play a key role in ensuring nationwide fuel distribution and market stability.
He added that a functional domestic refining ecosystem would lower logistics costs, stabilize pump prices, reduce pressure on the naira, and generate thousands of direct and indirect jobs across the downstream sector.
According to Shettima, maintaining clarity and consistency in regulation is essential to sustaining investor confidence and preventing policy reversals that could undermine progress achieved so far.
More details soon..