NUPRC CEO, Gbenga Komolafe, Aisha Achimugu alleged $5m oil block deal trends

Gbenga Komolafe, the chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has been accused of facilitating a $5 million oil block deal with fugitive businesswoman Aisha Achimugu – a scandal that further exposes the entrenched rot in Nigeria’s oil industry.

Achimugu, who has been declared wanted by the Economic and Financial Crimes Commission (EFCC) for money laundering and investment fraud, allegedly received privileged access to a lucrative oil block shortly after the $5 million transaction, insiders say.

According to a report by Point Blank News (Jackson Ude), the allegation cuts deep into Nigeria’s most strategic economic sector, where oil remains the largest source of national revenue. Regulatory corruption not only benefits a powerful few but deprives the nation of funds critical for infrastructure, education, and healthcare.

The newspaper reported that Komolafe allegedly facilitated the deal under the pretense of “strategic partnership encouragement” — a euphemism reportedly used to cloak suspect financial dealings.

Insiders allege the transaction was carefully structured through intermediaries to obscure any direct links.

Despite these efforts, concern over the integrity of oil block allocations has intensified within industry and political circles.

“This was not a one-off. Komolafe has turned oil block awards into a cash-and-carry affair,” said a senior NUPRC official who spoke on condition of anonymity.

Amid ongoing shakeups in the oil ministry, Komolafe is said to have boasted about being untouchable, crediting his perceived immunity to direct cash deliveries to the Presidential Villa.

“They can’t remove me,” Komolafe was quoted as saying. “I deliver money directly to the Villa.”

According to insiders, Komolafe has cultivated strong ties within the Presidency, allegedly sustained by regular monetary handovers, serving as a buffer against accountability.

Industry players describe a growing pattern in which access to high-value oil assets is driven less by merit and more by political or financial leverage. One executive at a Nigerian oil firm that lost out on a major bid described the process as “calculated to benefit those who pay.” Achimugu, through her dealings with Komolafe, reportedly capitalized on this environment where payments trumped process.

The broader implications are alarming. Analysts warn that such behavior undermines the Petroleum Industry Act (PIA) 2021, which was enacted to ensure transparency and equity in the oil and gas sector.

“When regulators become merchants, the system collapses,” said a policy analyst focused on extractive industries. “Komolafe’s actions, if proven, erode the very foundations the PIA was meant to reinforce.”

Sources also suggest Komolafe’s activities go well beyond the Achimugu affair. Other politically connected companies have allegedly received oil blocks or favorable regulatory decisions following illicit financial settlements. In one case, a consortium of indigenous companies reportedly lost a license that was reassigned to an entity tied to a former governor after secret negotiations.

Komolafe and his associates reportedly rely on a trusted network of intermediaries to broker these deals and shield him from direct exposure, though he remains a principal beneficiary.

Such practices, if unchecked, are driving away reputable investors. Many are becoming increasingly hesitant to engage with Nigeria’s oil sector due to its lack of transparency and predictability.

The fallout is already tangible: billions lost annually from delayed projects, legal disputes, and investor exit.

Komolafe’s current predicament echoes his controversial past.

As General Manager of Operations at the Petroleum Products Pricing Regulatory Agency (PPPRA), he was prominently featured in a Premium Times exposé on the fuel subsidy fraud scandal under former Minister of Petroleum, Diezani Alison-Madueke.

Investigations revealed that he helped criminals exploit the subsidy system by facilitating the entry of empty vessels, which were falsely documented as delivering fuel, enabling fraudulent subsidy claims. Komolafe reportedly received a standard 30% cut from such transactions.

Following Muhammadu Buhari’s rise to the presidency, Komolafe — then Group General Manager for Crude Oil Marketing — fled the country but later returned.

A Federal High Court in Lagos eventually ordered the forfeiture of ₦7.6 billion linked to Diezani, a sum suspected to have been laundered through Komolafe.

In court testimony, Komolafe admitted he delivered 12 padlocked bags containing $70 million to an Abuja banker on Diezani’s instruction.

“As I can remember, shortly before the 2015 elections, it was the norm for heads of subsidiaries (of the NNPC) to be invited for undisclosed briefing of activities of their departments to the minister,” Komolafe said.

“At the end of such briefings, the then Minister of Petroleum Resources, Alison-Madueke, gave me a GSM number in respect of one Charles, whom I had never met, with a clear instruction that I should convey 12 padlocked bags to the said Charles.

“The source, the content and the purpose of the bags were not disclosed to me. Thereafter, I called the said Charles, who equally confirmed to me that he had been briefed about the message. I delivered the bags to Charles.

“Much later, the EFCC invited me for interrogation on the issue and I made a statement to that effect. Charles equally confirmed at the EFCC that he received the 12 padlocked bags and the bags contained the sum of $70 million.”

Pressed on the nature of his relationship with Diezani, Komolafe replied: “We had a command-and-obey relationship and also took an oath of office to obey directives and authority.”

Civil society groups and segments of the press are now demanding a full-scale investigation into Komolafe’s tenure at NUPRC.

Activists warn that failure to investigate him will send a dangerous signal.

Observers argue that how the current administration handles the Komolafe affair may ultimately determine whether Nigeria’s fight against corruption is serious — or simply performative.