Abstract
The main objective of this Chapter is to examine the Nigerian National Petroleum Corporation (NNPC), and the role of the Department of Petroleum Resources (DPR) as the major regulator of the petroleum industry in Nigeria, its challenges and the way forward. The Chapter shall evaluate the relationship between NNPC and the DPR to determine whether such relationship would foster petroleum sector development in energy constrained world and the impacts of this relationship in promoting development and creating a vibrant petroleum industry. The paper shall be descriptive as well as analytical of all issues regarding the effective regulatory frameworks for the NNPC which will reposition this vital department- DPR. Many questions had been asked with much persistent concerning the role of regulators in the affairs of corporations and one of these concerns is whether the Corporation is overregulated or under-regulated. This question has not been given any proper answer by Government and researchers as regards the DPR. This chapter founds that both overregulation and under-regulation do not yield any positive dividend to a corporation hence the answer lies in examining which is the best regulatory approach for the Corporation to deliver in its mandate as encapsulated in the statute establishing it. It is the authors argument that whether deregulation or overregulation prevails in the sector, the DPR requires an urgent overhaul or repositioning for effective performance.
Prof. Samuel C. Dike, Celine Ukachuku Okeahialam & Ibanichuka Gabrial PhD, pp 202 – 218
