Nigeria’s petroleum sector experienced fresh turbulence on Wednesday as the Chief Executives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed, and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, resigned following allegations and a petition by Dangote Group President Aliko Dangote.

Dangote had accused Ahmed of economic sabotage and petitioned the Independent Corrupt Practices Commission (ICPC) to investigate Ahmed’s alleged wealth, including $5 million reportedly spent on his children’s education in Switzerland. The controversy led to Ahmed being summoned to the Presidential Villa, culminating in his resignation. Komolafe, though not directly involved, also stepped down in a simultaneous leadership shakeup.

The Presidency has nominated Engr. Saidu Aliyu Mohammed as CEO of NMDPRA and Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC, requesting Senate approval. Both nominees are seasoned professionals with extensive experience in the oil and gas industry.

The resignations have heightened anxiety among downstream operators, especially following Dangote Refinery’s aggressive petrol price cuts. Marketers warned that the sector could see significant business failures, noting that many depots have lost over 90% of their clients due to the price drop to N699 per litre.

A marketer, speaking anonymously, described the situation as “shocking,” stating that the combination of Dangote’s pricing strategy and the regulatory shakeup has intensified tension and uncertainty across the downstream oil market.