A long-time critic of the Nigerian National Petroleum Company Limited (NNPCL) has expressed unexpected concern about the Federal Government’s newly introduced Executive Order 9, warning that the policy could create more problems for Nigeria’s oil and gas sector than it solves.
The writer, who has consistently criticized the state oil company for decades, said the NNPCL has historically operated as a system that benefits a small group of politically connected individuals rather than the Nigerian public. According to him, successive governments since the establishment of the NNPC in 1973 handed the organization to a select few who used it for personal enrichment.
Despite this record, he argues that the latest presidential intervention may not be the right solution. The controversial “Presidential Executive Order to Safeguard Federation Oil and Gas Reserves and Provide Regulatory Clarity, 2026,” known as Executive Order 9, was introduced to improve transparency and accountability in the oil sector.
The writer traced the origins of the current regulatory challenges to the drafting of the Petroleum Industry Act (PIA). He recalled that an earlier draft of the law, presented during the administration of the late President Umaru Musa Yar’Adua in 2009, was widely considered unfavorable to Nigeria’s national interests and heavily influenced by international oil companies.
Although the draft was eventually stalled, later administrations revived the legislation with various amendments. According to the columnist, when the law was eventually passed years later, several provisions still contained questionable clauses that could conflict with constitutional principles.
Executive Order 9, he said, appears to be an attempt to address some of those issues. However, he warned that the policy may come at the wrong time and in the wrong form. While the order aims to strengthen financial accountability and regulate oil revenue remittances, he believes it could unintentionally benefit state governments that may mismanage additional funds.
The commentator also suggested that political calculations may have influenced the timing of the policy. With Nigeria gradually entering another election cycle, he argued that governments sometimes introduce rushed measures aimed at gaining political advantage rather than pursuing long-term reforms.
He compared the situation to the abrupt removal of fuel subsidy in May 2023, which he described as a bold policy that was implemented without fully considering its economic consequences. According to him, the country is still dealing with the fallout from that decision.
Another concern raised is the potential impact on investor confidence. The writer revealed that an international oil and gas investor warned him that the announcement of Executive Order 9 could discourage new investments in Nigeria’s petroleum sector, at least in the short term.
While acknowledging that the government has already begun revising aspects of the policy, he cautioned that restoring investor confidence could take time. In his view, the government must carefully balance regulatory reforms with policies that maintain stability and attract investment to Nigeria’s oil and gas industry.