In a renewed push to attract foreign investment and enhance oil production, the Commission Chief Executive (CCE) of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Engineer Gbenga Komolafe, has held a strategic meeting with the Managing Director and Head of Investment Banking for Sub-Saharan Africa at the Bank of America, Mr. Chuba Ezenwa.
The meeting, which took place on Tuesday, October 28, 2025, at the NUPRC corporate headquarters in Abuja, centred on unlocking new financing opportunities for Nigeria’s upstream petroleum sector.
It forms part of the Commission’s ongoing engagement with key global financial institutions to mobilise capital and restore investor confidence in the industry.
Speaking during the high-level discussion, Engineer Komolafe underscored that the initiative aligns with the Petroleum Industry Act (PIA) 2021, particularly Section 6(h), which mandates the Commission to “promote an enabling environment for investments in upstream petroleum operations and development of Nigerian content in the petroleum industry.”
He explained that while Nigeria’s crude oil production has improved significantly over the past year, access to funding remains a persistent challenge for exploration and production companies seeking to scale operations.
“Nigeria is richly endowed with hydrocarbon resources, and we are committed to optimising production and ensuring that our petroleum resources deliver maximum value to Nigerians.
“However, funding is critical to our success. Therefore, we are looking for areas of alignment with the Bank of America to strengthen investment inflows into the upstream sector.”
Engineer Gbenga Komolafe, Commission Chief Executive of NUPRC
The NUPRC Chief Executive described the country’s upstream sector as a viable and high-potential investment frontier, emphasising that the Commission has implemented wide-ranging reforms to improve transparency, reduce bureaucratic bottlenecks, and make Nigeria more competitive in the global energy market.
Restoring Oil Production
Komolafe outlined that Nigeria’s oil and gas sector is undergoing a transformation aimed at restoring production to its pre-pandemic peak of over two million barrels per day, while simultaneously driving sustainability and local participation in line with the national energy transition agenda.
“Under the Petroleum Industry Act, we have created a transparent and predictable regulatory environment to ensure that investors can operate with confidence.
“Our target is to achieve sustainable growth, expand reserves, and develop new assets through strategic partnerships.”
Engineer Gbenga Komolafe, Commission Chief Executive of NUPRC
He further noted that the NUPRC is strengthening its collaboration with both domestic and international partners to attract technical and financial expertise that can accelerate oil field development, reduce production costs, and enhance efficiency across value chains.
Upstream Financial Support
In his remarks, Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking Sub-Saharan Africa at Bank of America, commended the NUPRC’s leadership and reforms, describing the Commission’s approach as visionary and results-driven.
“I am encouraged by the reforms under the leadership of Engineer Komolafe, as well as the tangible improvements in production levels, which have sparked renewed interest in Nigeria’s upstream oil sector.”
Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking Sub-Saharan Africa at Bank of America
Ezenwa added that the recent recovery in oil output reflects not only the resilience of Nigeria’s petroleum industry but also the regulatory clarity and efficiency introduced under the NUPRC’s stewardship.
He reaffirmed the Bank’s readiness to work closely with Nigerian authorities and industry stakeholders to identify areas of mutual benefit, particularly in financing upstream projects and developing innovative funding structures.
“Bank of America recognises Nigeria’s strategic importance in global energy markets, and we will continue to explore opportunities to provide the necessary financial support and advisory services to drive investment in the sector.”
Mr. Chuba Ezenwa, Managing Director and Head of Investment Banking Sub-Saharan Africa at Bank of America
The engagement underscored Nigeria’s commitment to aligning its petroleum sector with global best practices, ensuring that reforms under the PIA 2021 translate into real investment gains and sustainable production growth.
Komolafe reiterated the Commission’s readiness to create a level playing field for all investors and ensure that regulatory frameworks continue to foster competitiveness, transparency, and accountability in the upstream sector.
The NUPRC-Bank of America engagement marks yet another milestone in Nigeria’s broader effort to deepen financial partnerships and re-energise the upstream oil industry under the guiding framework of the Petroleum Industry Act.
