Attributing the failure to a lack of clarity in the hydrocarbon process, which has led to the exclusion of Nigerian players and the dominance of International Oil Companies (IOCs), Agbakoba argued that the president’s role as minister of petroleum resources is a historical mistake that has led to confusion and inefficiency.
He also criticised the Nigerian National Petroleum Corporation (NNPC) for wearing two hats as both regulator and operator, which has led to a conflict of interest.