Stakeholders have emphasised the need for independent regulatory bodies in Nigeria’s oil and gas sector to ensure accountability, transparency, and effective governance.
   
The stakeholders insist that strengthening regulatory oversight and enforcing compliance are critical to ensuring sustainable and responsible management of Nigeria’s oil and gas resources.
   
Speaking at a public presentation and media engagement event in Lagos, experts and civil society leaders called for stronger oversight of beneficial ownership in the sector, particularly concerning marginal field awards, regulatory independence, and environmental justice. 
   
The event, themed, “State of Beneficial Ownership in Nigeria and Public Presentation of Marginal Fields’ Awards, Regulators’ Independence, and Environmental Injustice,” was organised by the Human and Environmental Development Agenda (HEDA Resource Centre) in support of the Africa Centre for Energy Policy (ACEP).
    
HEDA Chairman, Olanrewaju Suraju, underscored the significance of the oil and gas sector to Nigeria’s economy while raising concerns over regulatory inefficiencies and environmental degradation, particularly in the Niger Delta region.

“Nigeria is reputed for having one of the most polluted environments in the world, especially in the Niger Delta where oil companies operate. Our report reviews the state of the extractive sector, highlighting the urgent need for transparency, accountability, and good governance,” Suraju said.

According to him, a recent review of the marginal field allocation process revealed alarming irregularities. Out of 38 awarded fields, 18 companies were not even registered, and many had failed to file yearly returns. He questioned how unregistered entities could be entrusted with managing critical national resources.
    
“This is not about the supply of goods and services; we are talking about the mainstay of Nigeria’s economy. How can companies with no proper registration be awarded contracts in this sector?” he asked.
  
Suraju highlighted concerns about the transition from the defunct Department of Petroleum Resources (DPR) to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) under the Petroleum Industry Act (PIA). He urged regulatory bodies, including the Corporate Affairs Commission (CAC), NUPRC, and the
Nigeria Extractive Industries Transparency Initiative (NEITI) to collaborate in identifying beneficial owners of oil companies and ensuring due diligence in future allocations.