News Wings

Tag: Chief Executive Officer

  • MultiChoice Names Omotosho CEO as Ugbe Retires

    MultiChoice Names Omotosho CEO as Ugbe Retires

    MultiChoice Nigeria, a Canal + company, has announced a leadership transition, as Chief Executive Officer, John Ugbe, retires after a distinguished tenure. He will be succeeded by Kemi Omotosho, who will be appointed Chief Executive Officer, Nigeria, effective January 2026.

    Ugbe steps down after nearly fifteen years at the helm, during which he steered the business through significant industry and market shifts, strengthening operational foundations and long-term resilience.

    Omotosho brings over 20 years of leadership experience across media, telecommunications, and digital businesses in Nigeria and Sub-Saharan Africa. She has held several senior roles within the MultiChoice Group, including Executive Head of Customer Value Management in Nigeria and Group Executive Head of Customer Value Management for Rest of Africa, providing functional leadership across more than 50 markets. Most recently, she served as Regional Director for Southern Africa, with full P&L responsibility for a seven-country portfolio.

    With a proven record of leading complex organisations, driving disciplined growth and building high-performing teams, Omotosho will lead MultiChoice Nigeria’s strategy, operations and stakeholder engagement, building on the foundations laid by her predecessor.

    Speaking on her appointment, Omotosho said, “It is a privilege to be entrusted with the leadership of MultiChoice Nigeria at this important moment. Nigeria remains one of the Group’s most strategic and dynamic markets. I look forward to working with our teams and partners to deepen our relationship with consumers, champion local storytelling and the creative economy as well build a future-ready organisation that delivers sustainable value.”

    The company said Ugbe’s retirement and Omotosho’s appointment follow a structured and orderly transition, ensuring continuity and stability.

  • Seplat Energy Champions Responsible Operations, Net-Zero Pathways at NGX Climate Roundtable

    Seplat Energy Champions Responsible Operations, Net-Zero Pathways at NGX Climate Roundtable

    Seplat Energy Plc has reiterated that oil and gas will continue to play a critical role in Nigeria’s energy mix, while stressing the need for operators to conduct their activities responsibly, efficiently, and sustainably.

    This position was articulated by Mr. Okechukwu Mba, Director, Gas & New Energy, Seplat Energy Plc, who represented the Company’s Chief Executive Officer, Mr. Roger Brown, at a high-level climate roundtable organised by the Nigerian Exchange Group (NGX Group) in partnership with DEG, Germany’s development finance institution, and Africa Foresight Group (AFG) in Lagos.

    Speaking at the event, Mr. Mba noted that the real issue facing Nigeria’s energy sector is not whether oil and gas should exist, but how operators manage their responsibilities to the environment, society, and the economy.

    “Oil and gas will remain an important part of Nigeria’s energy mix for some time to come. The right conversation is not whether oil and gas should exist, but how operators conduct themselves responsibly,” he said.

    He emphasised that responsible operations must be driven by concrete actions, including improved efficiency, reduced emissions, and credible offsetting strategies.

    At Seplat Energy, Mr. Mba explained, this commitment is already being translated into measurable outcomes. He disclosed that the company had launched a comprehensive programme several years ago to end routine gas flaring across all its onshore operations, adding that by the end of last year, all the projects required to achieve this milestone had been delivered and were currently at the commissioning stage.

    “Very soon, we will be able to clearly state that routine flaring has ended in our onshore operations. This is an important milestone that speaks to our stewardship of the environment, while remaining focused on delivering energy to the nation,” he said.

    He further highlighted Seplat Energy’s deployment of technology to enhance operational efficiency, including real-time monitoring of emissions across pipelines, valves, plants, and other critical infrastructure, supported by a robust asset integrity programme designed to identify and eliminate emissions.

    Beyond operational measures, Mr. Mba said the company is also implementing nature-based solutions to offset emissions. In one of its host communities in Edo State, Seplat Energy has launched an afforestation programme committing to plant millions of trees over a five-year period, with the first phase already completed.

    He also pointed to the company’s investments in gas and LPG infrastructure as part of efforts to reduce emissions beyond its direct operations. According to him, expanding access to LPG helps reduce reliance on firewood, charcoal, and other biomass fuels, particularly in communities outside major cities.

    Following Seplat Energy’s offshore acquisition, he noted that LPG that was previously exported has now been redirected to the domestic market, significantly improving availability, affordability, and overall market quality.

    Mr. Mba also underscored the urgent need for financing to support Nigeria’s energy transition, particularly gas and gas-to-power projects, noting that while only about five gigawatts of electricity currently come from the national grid, a much larger share of power is self-generated through petrol and diesel generators that produce significantly higher emissions.

    “If we replace these inefficient power sources with gas-powered energy, we can achieve substantial decarbonisation. But without adequate financing, these projects cannot be implemented, and the benefits will not be realised,” he said.

    The event marked the launch of the NGX Net-Zero Programme (N-Zero), an initiative designed to support listed companies in defining net-zero pathways, improving climate-related disclosures, and aligning with global investor expectations. The programme is expected to unlock between $2.5 billion and $3.1 billion in climate-linked capital for Nigerian companies.

    Speaking at the launch, Dr. Umaru Kwairanga, Group Chairman of NGX Group, said Africa’s capital markets must take a leading role in driving climate action and sustainable growth, adding that the NGX Net-Zero Programme would help companies move from climate ambition to measurable action.

    Also presenting the investment case, Mr. Temi Popoola, Group Managing Director of NGX Group, noted that climate risk has become a critical factor in valuation and capital allocation globally, while Ms. Monika Beck, a member of the Management Board of DEG, said the partnership aligns with DEG’s strategy of mobilising private capital to accelerate climate action while delivering measurable development impact.

  • Kemi Omotosho: Taking Charge at MultiChoice Nigeria After a Defining Era

    Kemi Omotosho: Taking Charge at MultiChoice Nigeria After a Defining Era

     As the first female CEO of MultiChoice Nigeria, Omotosho inherits both a milestone and a demanding brief, writes…

    Earlier this week, MultiChoice Nigeria announced the retirement of its Chief Executive Officer, John Ugbe, and the appointment of Kemi Omotosho as his successor.

    It is a baton handover that closes one long chapter and opens another at a time when the operating environment has become more complex. Omotosho steps into the role as the first female CEO of MultiChoice Nigeria, bringing with her over two decades of experience across Sub-Saharan Africa. Her career has been shaped less by headline moments than by long exposure to scale, pressure and challenging markets.

    She takes charge of one of the Group’s second-largest, dynamic and volatile markets at a moment when the local business climate has tightened. Economic data arrives in gloomy bursts. Consumers are cautious. Costs are high. Competition is louder and global. This is not a season for comfort.

    Until her appointment, Omotosho was Regional Director for Southern Africa at MultiChoice Group, with full profit and loss responsibility for a portfolio across seven high-value markets, English and Portuguese-speaking. It was work carried out in the thick of currency volatility, inflationary pressure and changing viewing habits. Exactly the sort of conditions that tend to uncouple weak assumptions very quickly.

    That experience sits on a solid training base. Omotosho began with a Bachelor’s degree in Biochemistry from the University of Ilorin, later adding an Executive MBA from Lagos Business School. Over the years, she has passed through executive and leadership programmes at INSEAD, IESE Business School, Duke Corporate Education and Harvard Business School, alongside MultiChoice and Naspers leadership tracks designed for senior decision makers. More recently, she completed the MultiChoice Top Leaders Programme at the Gordon Institute of Business Science and served as an executive member of The Boardroom Africa, while also mentoring within the MultiChoice Africa Advancing Women Programme. The through line is clear. A steady investment in judgement, governance and performance rather than flash credentials.

    Professionally, she has moved comfortably across depth-wise from a professional perspective and breadth-wise from a general management and countries’ perspective. Known for achieving synergy across functional units, people who have worked with her often describe a style that values clarity, speed and judgement. Keep what works. Fix what bends. Drop what breaks.

    She will be building on the foundation laid by her predecessor, John Ugbe, whose relationship with MultiChoice Nigeria began in 1998 and took him through almost every layer of the organisation. When he returned in 2011 as Managing Director, Nigeria’s pay television market was opening up. That year saw the launch of GOtv, a move that widened access and reshaped the company’s mass market reach.

    Under his leadership, the business expanded steadily in size and presence. In 2013, the Africa Magic Viewers’ Choice Awards were created, giving African film and television a formal platform for recognition. That same year, the Abuja office was commissioned and DStv Explora launched in Nigeria. By 2014, initiatives such as GOtv Boxing Night, BoxOffice on DStv and Africa Magic Showcase reflected deeper local engagement and a broader content mix.

    Ugbe also oversaw a push into empowerment and digital transition. He launched a variety of economic empowerment initiatives, including the Canvassers and GOtv Sabimen schemes which launched in 2016, and these have since created work opportunities for over 15,000 Nigerians. In 2017, DStv Now, now DStv Stream, entered the Nigerian market alongside the return of Big Brother Naija after an eleven year break. His appointment as CEO in 2018 aligned with the launch of the MultiChoice Talent Factory, a fully funded skills programme for young professionals in film and television.

    That momentum continued. Showmax launched in Nigeria in 2019. A purpose-built Big Brother Naija house and studio rose in Lagos. In 2020, the company committed ₦1.2 billion to COVID 19 response efforts through sensitisation campaigns, cash support and PPE donations. Ugbe later became Chairman of the Broadcasting Organisations of Nigeria and, in 2023, launched The Nigerian Broadcasting Awards.

    By the time he retired, MultiChoice Nigeria had grown to 11 branches nationwide, expanded GOtv coverage to 52 cities, won over 50 local and international awards, and intensified initiatives in local creative development. Productions linked to Big Brother Naija, AMVCA and Nigerian Idol were credited with creating more than 25,000 jobs in five years.

    Demonstrating MultiChoice’s structured succession planning, Omotosho’s task now is to carry that legacy into a more dynamic phase of the market cycle. Her brief covers strategy, profit and loss, cash management, governance and regulatory relationships, with responsibility across DStv, GOtv and digital platforms. The emphasis will be affordability, simplicity, value for money and keeping customers at the heart of everything MultiChoice does.

    It is a change in tone as much as timing. Ugbe leaves behind a business defined by reach, visibility and institutional weight. Omotosho steps in shaped by markets where resilience mattered as much as growth. The footing is firm, but the road is narrower. How she balances that inheritance with the realities of today’s Nigerian media economy will shape the next chapter.

  • Etablissements Maurel & Prom S.A. Sells 20.07% Stake in Seplat Energy to Heirs Energies Limited

    Etablissements Maurel & Prom S.A. Sells 20.07% Stake in Seplat Energy to Heirs Energies Limited

    Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange and London Stock Exchange has announced that one of its founding investors, Etablissements Maurel & Prom S.A., has sold off its 20.07% equity interest in Seplat Energy to Heirs Energies Ltd.

    The sale is at a price of 305 pence per share, corresponding to a total consideration of $496 million, with an initial payment of $248 million and the balance payable within 30 days, secured by an irrevocable letter of credit. An additional contingent consideration of $10 million may become payable, subject to share price performance over the next six months.

    Olivier de Langavant, Chief Executive Officer of M&P, declared: “We are incredibly proud to have supported Seplat’s journey over the last fifteen years and its transformation into a leading energy company in Nigeria across both oil and gas. We would like to warmly congratulate and thank Seplat’s management team and successive boards of directors for their outstanding performance over the years and wish them every success for the future, as we are convinced that there is still much more to come. This investment has also proven to be a great success for M&P, delivering very strong returns since inception in 2010. We believe that now is the right time for M&P to monetise this position and further focus on direct investments in oil and gas assets, in line with a growth strategy that we plan to accelerate. We are also very pleased to transfer our stake to Heirs Energies, a subsidiary of the leading PanAfrican investment company Heirs Holdings, we are confident that Seplat will continue to thrive with the support of another strong, long-term shareholder.”

    Herbert Smith Freehills Kramer and Morgan Stanley acted respectively as legal and financial advisers to M&P.

    Seplat’s shares rose 11 per cent in London following the announcement, while M&P shares advanced 8 per cent in Paris.

  • Aradel acquired additional 40% stake in ND Western

    Aradel acquired additional 40% stake in ND Western

    Aradel Holdings Plc has completed the acquisition of an additional 40 per cent equity interest in ND Western Limited, strengthening its position in Nigeria’s upstream oil and gas sector.

    In a statement released on the Nigerian Exchange on Wednesday, the company said the transaction was executed through its wholly owned subsidiary, Aradel Energy Limited, following the fulfilment of all regulatory and contractual conditions precedent. The deal was initially announced on 24 October 2025.

    With the completion of the acquisition from Petrolin Trading Ltd, Aradel Energy Limited’s shareholding in ND Western increased from 41.67 per cent to 81.67 per cent, making ND Western a subsidiary of Aradel Energy Limited.

    The transaction also resulted in a material increase in Aradel’s indirect shareholding in Renaissance Africa Energy Company Limited. Aradel said its aggregate ownership in the company rose from 33.3 per cent to 53.3 per cent following the deal.

    ND Western holds a 45 per cent participating interest in Oil Mining Lease 34, a producing asset located in the Western Niger Delta.

    The company also owns 50 per cent of the share capital of Renaissance Africa Energy Holding Company Limited, the parent company of Renaissance Africa Energy Company Limited, which operates the Renaissance Joint Venture.

    Aradel said the acquisition aligns with its long-term strategy of disciplined portfolio consolidation, asset base expansion and sustainable value creation, while enhancing operational scale, efficiency and resilience across its asset portfolio.

    Commenting on the transaction, the Chief Executive Officer of Aradel Holdings Plc, Adegbite Falade, said the deal marked another milestone in the company’s growth plans.

    “The completion of this acquisition represents a further step in the execution of our growth and consolidation strategy. Increasing our equity interest in ND Western reinforces Aradel’s position as a leading indigenous integrated energy company and enhances our ability to drive long-term value for shareholders through scale, operational efficiency and portfolio optimisation,” he said.

    The company noted that the transaction was completed after obtaining all required regulatory approvals, including approvals from the Nigerian Upstream Petroleum Regulatory Commission and the Federal Competition and Consumer Protection Commission.

    Aradel Holdings Plc, formerly known as Niger Delta Exploration and Production Plc, is listed on the Main Board of the Nigerian Exchange under the ticker symbol ARADEL.

  • Savannah Announces Relationship Agreement with NIPCO Plc and Off-market Share Buyback Termination Agreement

    Savannah Announces Relationship Agreement with NIPCO Plc and Off-market Share Buyback Termination Agreement

    Savannah Energy PLC, the British independent energy company focused around the delivery of Projects that Matter in Africa, has announced the intended entry into a relationship agreement with its largest shareholder, NIPCO Plc, a diversified Nigerian energy conglomerate, in connection with NIPCO increasing its shareholding in Savannah.

    According to the statement, NIPCO proposes to acquire further existing Ordinary Shares in the Company through a series of secondary market transactions. In connection with these proposed acquisitions, the Company intends to terminate the off-market share buyback agreement announced on 22 October 2025 and approved by shareholders on 28 November 2025.

    Following termination of the Buyback Agreement, NIPCO proposes to acquire 118,083,927 of the 143,565,582 Ordinary Shares that were subject to the Buyback Agreement, which would increase NIPCO’s stake to approximately 25% of the Company’s current issued share capital.

    In addition, NIPCO has informed the Company of its intention to acquire up to approximately 1.5% of the Company’s current issued share capital through further secondary market transactions with identified existing shareholders. If completed in full, these additional acquisitions would increase NIPCO’s ownership interest in Savannah to approximately 26.5% of the Company’s current issued share capital. There can be no certainty that further acquisitions will occur, and to the extent that they do occur, the Company would expect to update its website to reflect the increased ownership holding.

    The proposed Relationship Agreement is expected to provide several important protections for the Company and its minority shareholders, ensuring that the Company can continue to operate independently of NIPCO.

    The Relationship Agreement is expected to include: (i) undertakings by NIPCO to exercise its voting rights in support of Board-recommended governance-related shareholder resolutions; (ii) confirmation that NIPCO has no right to board representation; (iii) an undertaking from NIPCO not to pursue any hostile takeover of the Company (subject to certain exceptions); and (iv) orderly market disposal obligations governing any future disposals of shares by NIPCO, covering both on market and off market trades, with the Company being afforded a certain period of time in the latter instance to attempt to identify an alternative purchaser (should it so choose).

    The Relationship Agreement is expected to remain in force for so long as NIPCO and its affiliates hold, in aggregate, 12.5% or more of the Company’s issued share capital. Entry into the Relationship Agreement is expected to occur shortly after regulatory consultation, and NIPCO is expected to agree to any amendments to the draft Relationship Agreement with the Company imminently.

    In reaching its decision to terminate the Buyback Agreement, the Board, having taken appropriate external professional advice, concluded that the proposed entry into the Relationship Agreement would be of significant strategic value to the Company and its minority shareholders. In particular, the Board considered that: (1) the Relationship Agreement would deliver meaningful minority shareholder protections and provide important assurances regarding the Company’s continued operational and decision-making independence from its largest shareholder; and (2) the proposed termination of the Buyback Agreement would preserve approximately £10.05 million of the Company’s cash resources (due to the Company not having to buyback the Ordinary Shares subject to the Buyback Agreement), enhancing financial flexibility while retaining the Company’s ability to return capital to shareholders through Board-approved on-market share buybacks under the authority granted by shareholders at the general meeting held on 28 November 2025.

    The Company’s Chief Executive Officer, Andrew Knott, proposes to acquire the balance of 25,481,655 Ordinary Shares that were subject to the Buyback Agreement and are not being acquired by NIPCO, thereby increasing his total interest to 292,764,370 Ordinary Shares, equal to approximately 13.8% of the Company’s current issued share capital. The Company’s Board of Directors (the “Board”) considers this additional investment, which is to be undertaken via an investment vehicle wholly owned by the CEO, to be a further demonstration of senior management’s confidence in the Company’s strategy and prospects and to enhance the alignment of senior management’s interests with those of shareholders.

    The arrangements pursuant to which the Company has agreed to terminate the Buyback Agreement and to enter into the Relationship Agreement, in connection with the intended share purchases by NIPCO and Andrew Knott, constitute related party transactions for the purposes of the AIM Rules for Companies.

    The Company’s independent directors, being all of the directors other than Andrew Knott, consider, having consulted with Strand Hanson Limited, the Company’s nominated adviser, that the terms of these arrangements and the actions to be taken by the Company in connection therewith are fair and reasonable insofar as shareholders are concerned.

  • Domestic Refining, Energy Sovereignty and Production Growth Must Define Nigeria’s New Petroleum Regulatory Direction — CPPE

    Domestic Refining, Energy Sovereignty and Production Growth Must Define Nigeria’s New Petroleum Regulatory Direction — CPPE

    The Centre for the Promotion of Private Enterprise (CPPE) has commended President Bola Ahmed Tinubu for the recent reset of Nigeria’s petroleum regulatory architecture through the appointment of new Chief Executive Officers for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

    According to the CPPE statement signed by Dr Muda Yusuf, the Chief Executive Officer, these appointments present a timely and strategic opportunity to reposition Nigeria’s oil and gas regulatory environment in line with the administration’s commitment to energy sovereignty, energy security, self-reliance, and accelerated production growth.

    CPPE noted that the new leadership of the petroleum regulatory institutions must urgently recalibrate sector priorities toward reducing import dependence, expanding domestic capacity, and catalysing investments across the entire oil and gas value chain.

    Domestic Refining Must Be the Downstream Priority

    In the downstream segment, CPPE emphasised that strong and deliberate support for domestic refining must be an immediate and non-negotiable priority. Government policy, it said, should clearly favour locally refined petroleum products through targeted fiscal, regulatory, and infrastructural incentives for both public and private refineries, while actively encouraging fresh investments in refining capacity.

    The Centre cautioned against the current policy distortions that place imported petroleum products in direct competition with locally refined products under unequal fiscal and regulatory conditions.

    “This does not amount to fair competition,” CPPE stated. “Genuine competition can only exist when all operators function within the same policy, tax, and regulatory environment.”

    CPPE urged the NMDPRA to place domestic refining at the centre of its policy framework, in alignment with President Tinubu’s Nigeria-First policy orientation and broader industrialisation agenda.

    The organisation stressed that prioritising domestic refining goes beyond investor protection, noting that it is critical to safeguarding Nigeria’s long-term economic interests. A strong domestic refining base, CPPE argued, is fundamental to building a resilient, energy-secure, and sovereign economy, while also driving job creation, foreign exchange conservation, macroeconomic stability, and export-oriented growth.

    “Domestic refining remains a critical pathway to backward integration and resource-based industrialisation,” CPPE added. “Supporting refineries strengthens Nigeria’s petrochemical, fertiliser, and allied industries, thereby creating broader industrial value chains capable of driving inclusive and sustainable growth.”

    Production Growth Must Anchor the Upstream Agenda

    On the upstream side, CPPE underscored the urgent need to ramp up crude oil and gas production through policies that attract fresh investments across both onshore and offshore assets. This, the Centre noted, is particularly imperative as the global energy transition accelerates.

    “Nigeria must maximise the value of its hydrocarbon endowments while the opportunity still exists,” CPPE stated.

    The Centre called on the NUPRC to prioritise production growth, investment facilitation, and improved security across producing assets, with a clear national objective of raising crude oil output to a minimum of two million barrels per day. Expanded investment in gas production, CPPE added, must also remain a central focus, given its strategic role in energy security, industrial development, and export earnings.

    CPPE further stressed the importance of enforcing domestic crude supply obligations to local refineries, describing compliance as critical to the success of Nigeria’s refining renaissance.

    “These strategic imperatives must define the direction of Nigeria’s new petroleum regulatory leadership if the sector is to effectively drive sustainable growth, industrialisation, and long-term economic resilience,” the Centre concluded.

  • Seplat Energy Completes Petroleum Industry Act Conversion for Operated Onshore Assets

    Seplat Energy Completes Petroleum Industry Act Conversion for Operated Onshore Assets

    Seplat Energy Plc has announced that its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, have completed the conversion of their operated onshore assets to the Petroleum Industry Act (PIA) fiscal regime. The conversion replaces the legacy Petroleum Profit Tax (PPT) regime, aligning the affected assets with Nigeria’s current upstream fiscal framework. 

    The conversion relates to assets formerly held under OMLs 4, 38 & 41, and 53, which, in the first nine months of 2025, averaged working-interest production of 42,591 boepd, representing approximately 31% of the Company’s Total production. The PIA supports increased investment, production growth, and improved operational efficiency, all aligned with Seplat’s strategy. The anticipated impact of the conversion was incorporated into the company’s medium-term guidance presented at the Capital Markets Day in September 2025. Seplat continues to target converting its offshore assets to the PIA by 2027. 

    Following the execution of the Conversion Contracts in February 2023 in compliance with the PIA, Seplat and its Joint Venture (JV) partners have now completed all technical and regulatory requirements with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC). New Petroleum Mining Lease (PML) and Petroleum Prospecting License (“PPL”) numbers have now been issued, and, subject to regulatory guidance, operations under the PIA are expected to commence on 1 January 2026.

    Roger Brown, Chief Executive Officer of Seplat Energy, said: “Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, along with our respective JV partners, the conversion of our onshore operated assets to the PIA regime within the timeline outlined at our recent Capital Markets Day. “We recognise the enhanced value creation opportunities that we can benefit from, post conversion. PIA conversion was factored into our recent medium-term guidance and lays a path to improved profitability and cashflow margins in our onshore business.”

    This transition is expected to improve cost efficiency and support more predictable cash flow management for Seplat’s onshore operations.

  • CPPE Sounds Alarm on Nigeria’s Power Sector Crisis, Citing ₦4 Trillion Debt and Unsustainable Trajectory

    CPPE Sounds Alarm on Nigeria’s Power Sector Crisis, Citing ₦4 Trillion Debt and Unsustainable Trajectory

    Nigeria’s power sector continues to present one of the most complex and intractable challenges to the country’s economic reform agenda. Despite numerous efforts over the years, the sector is currently grappling with profound structural, financial, and governance issues, leading to a crippling liquidity crisis across the entire value chain.

    In a new policy brief, the Centre for the Promotion of Private Enterprise (CPPE), led by Chief Executive Officer, Dr. Muda Yusuf, warns that the sector’s current trajectory, characterized by a staggering debt burden of approximately ₦4 trillion, is fiscally unsustainable and demands immediate, credible structural corrections.

    The central issue, according to the CPPE, remains the difficulty in implementing a fully cost-reflective tariff regime. Electricity tariffs are capped largely due to social and political sensitivities, particularly following recent macroeconomic reforms like foreign exchange unification and fuel subsidy removal, which have heightened cost-of-living pressures. Without cost-reflective pricing, the sector cannot generate the necessary liquidity to sustain operations or attract crucial new investment. This failure has entrenched subsidy dependence, forcing repeated and unavoidable government financial intervention to prevent system collapse. However, Dr. Yusuf emphasizes that transferring the sector’s financial shortfalls onto the public balance sheet is merely a short-term fix that masks underlying inefficiencies.

    The analysis delves into the systemic failures beyond pricing, pointing to structural weaknesses that have persisted since privatization. Concerns highlighted include the inadequate technical and financial capacity of some private investors, gaps in transparency during the privatization process, and weak governance, particularly among distribution companies (Discos) and the fully government-owned Transmission Company of Nigeria (TCN). TCN’s continued public management is cited as a key bottleneck, impeding system reliability and constraining generation capacity utilization through operational inefficiencies and inadequate network investment. The interconnected nature of the value chain means financial distress—where Discos fail to pay Gencos and Gencos struggle to pay gas suppliers—rapidly transmits, severely undermining overall sector confidence.

    Given the urgency, government intervention, including bond issuances to settle outstanding obligations to gas suppliers and generators, has been deemed inevitable to maintain electricity supply. However, the CPPE advocates for this support to be strictly time-bound and tied to measurable reform milestones. Recognizing that a rapid, full removal of subsidies may be politically unrealistic, the brief calls for a phased and incremental reform approach, noting emerging positive developments like the introduction of differentiated tariff bands (such as Band A), increased decentralization allowing states greater roles, and rising adoption of independent power projects and renewable energy solutions.

    To transition the sector toward financial viability and sustainability, the CPPE puts forth a six-point policy roadmap. This includes: (1) Adopting a clear, phased roadmap to cost-reflective tariffs, coupled with targeted social protection for vulnerable consumers;

    (2) Strengthening governance and accountability through rigorous audit and transparent management of the vast sector debt;

    (3) Addressing distribution weaknesses by enforcing strict performance benchmarks and mandatory recapitalisation for Discos;

    (4) Reforming transmission management by exploring alternative management or concession models for the TCN;

    (5) Supporting decentralization and renewables to reduce pressure on the national grid; and

    (6) Limiting fiscal exposure by ensuring government financial support is clearly time-bound and linked to defined reform progress.

    Dr. Muda Yusuf concludes that power sector reform is fundamentally a long-term undertaking that requires a balanced strategy. “Without decisive action to address structural inefficiencies, improve governance, and ensure fiscal discipline, the current trajectory will remain unsustainable,” he asserts. The path forward requires combining short-term support with medium- to long-term structural changes essential for building a financially viable, reliable, and inclusive power sector capable of underpinning Nigeria’s economic growth and development.

  • The African Medical Centre of Excellence (AMCE) completes its first Open-Heart Surgery and delivers West Africa’s first Stereotactic Body Radiation Therapy (SBRT) for lung Cancer

    The African Medical Centre of Excellence (AMCE) completes its first Open-Heart Surgery and delivers West Africa’s first Stereotactic Body Radiation Therapy (SBRT) for lung Cancer

    …Landmark procedure strengthens Africa’s capacity for complex cardiac care, reducing reliance on overseas medical travel

    `

     Only six months since its opening in June this year, the African Medical Centre of Excellence (AMCE) in Abuja is redefining top-class medical care in West Africa, achieving two ground-breaking clinical milestones. The world-class tertiary medical facility developed by African Export-Import Bank (Afreximbank) in partnership with King’s College Hospital London, AMCE has successfully completed its first open-heart surgery – a complex Triple Coronary Artery Bypass Grafting (CABG) and delivered the region’s first Stereotactic Body Radiation Therapy (SBRT) for lung cancer. These achievements underscore AMCE’s commitment to providing complex, life-saving treatments in Africa, significantly reducing the critical need for medical travel abroad.

    Building on the quaternary hospital’s recent outpatient and inpatient landmark advancements, AMCE’s clinical teams have rapidly expanded the Centre’s capability to deliver high-acuity care across both cardiovascular medicine and oncology.

    On the oncology front, AMCE successfully delivered West Africa’s pioneer SBRT for lung cancer, a highly advanced radio surgical technique that achieves surgical-level precision without incision. The milestone case involved an octogenarian with a localised lung tumour who received treatment enabled by sophisticated imaging, real-time motion tracking, and highly personalised radiation planning.

    In cardiovascular care, AMCE’s cardiac team continues to scale its interventional and surgical capabilities. In its first six months of operations, the hospital has performed over ten successful cardiac interventions, including coronary angiographies, permanent pacemaker insertions, and percutaneous coronary interventions (PCI). The successful completion of its first CABG now places AMCE among the few centres in Africa offering a fully integrated cardiac care pathway from advanced diagnostics and interventional cardiology to complex open-heart surgery within one facility.

    Together, these achievements underscore AMCE’s commitment to world-class, patient-centred cancer care in West Africa and accelerates its long-term goal of reversing outbound medical tourism and averting brain drain by providing the infrastructure, technology, and training environment needed to support the continent’s most skilled specialists.

    Brian Deaver, Chief Executive Officer of AMCE, commented: ” Delivering our first open-heart surgery and West Africa’s first SBRT treatment represents a defining moment for AMCE and for healthcare on the continent. These milestones reflect the exceptional skill and dedication of our multidisciplinary teams, who have worked tirelessly to ensure that patients can access the most advanced cancer and cardiac care right here in Africa. With our oncology systems, Cath labs, and theatres fully operational, we are closing long-standing gaps in access to high-quality treatment and enabling people to receive life-saving care close to home. Our commitment remains steadfast: to invest in our people, technology, and infrastructure so that Africans no longer need to travel abroad for the highest standards of care.”

    Commenting on these remarkable milestones, Oluranti Doherty, Managing Director of Export Development, Afreximbank said “AMCE’s successful delivery of its first open-heart surgery and West Africa’s first SBRT treatment demonstrates the transformative impact of Afreximbank’s investment in world-class medical infrastructure. These achievements show what is possible when we build capacity locally, reducing the continent’s dependence on outbound medical tourism, retaining vital clinical expertise, and strengthening Africa’s broader health ecosystem. AMCE is advancing a new era of health dignity for Africans, and we are proud to support its continued leadership in complex and innovative care.”

    AMCE is also in the process of preparing patients for further complex procedures, including valve repairs and replacements. By expanding its cardiovascular and specialised services, the hospital is reinforcing its commitment to curb medical tourism by reversing the estimated US$6–10 billion Africans spend annually seeking treatment abroad and stem the long-standing brain drain of medical professionals by creating high-quality career opportunities within Africa’s borders.

    AMCE’s key services include cardiovascular services, haematology, comprehensive oncology, and general medical services. The facility has a current capacity of 170 beds with a plan to expand to 500 beds. It features the largest stem cell laboratory in the region, fifteen post stem cell isolation rooms and three catheterisation laboratories. The facility also includes specialised imaging equipment including an 18 Mev cyclotron, 3 Tesla Magnetic Resonance Imaging, 256 slices computed tomography, brachytherapy machine with iridium source, 4 biosafety cabinets and 128 slices computed tomography machines.

  • 2025 State of RegTech in Sub-Saharan Africa Report Launched, Highlights Surge in Supervisory Technology and Financial Inclusion

    2025 State of RegTech in Sub-Saharan Africa Report Launched, Highlights Surge in Supervisory Technology and Financial Inclusion

    RegTech Africa today formally announces the publication of the 2024 State of RegTech in Sub-Saharan Africa Report, a comprehensive, data-driven industry report examining the rapid evolution of regulatory innovation across Africa’s financial ecosystem. The report provides strategic insights into the growth of RegTech and SupTech, regulatory innovation, financial inclusion, and the critical role of technology in strengthening consumer protection across emerging and complex markets.

    The report positions Sub-Saharan Africa as one of the most dynamic frontiers for regulatory technology, driven by the expansion of FinTech, mobile money, cross-border payments, and real-time digital supervision. It highlights how regulators and financial institutions are increasingly leveraging artificial intelligence, machine-readable regulation, and cloud-based architectures to manage risk while expanding access to formal financial services.


    Cyril Okoroigwe, Chief Executive Officer, RegTech Africa, said, “This report marks a defining moment for Africa’s regulatory and digital finance ecosystem. RegTech is no longer a back-office function, it is now core infrastructure for trust, stability, and inclusive growth. The report captures how African regulators and market participants are moving from reactive compliance to proactive, technology-driven supervision.”

    The publication also underscores the growing adoption of Supervisory Technology (SupTech) by central banks and financial authorities, signaling a structural shift towards real-time, data-driven oversight across the continent.


    Commenting on the broader implications of the report, Dr. Tunde Ibidapo-Obe, CEO, Regfyl, stated, “The findings of this report clearly demonstrate that Africa is shaping a uniquely innovative model of digital regulation. The convergence of RegTech and SupTech is enabling safer markets, stronger consumer protection, and scalable financial inclusion that other regions are increasingly studying and learning from.”

    
    The 2024 State of RegTech in Sub-Saharan Africa Report serves as a strategic benchmark for policymakers, regulators, financial institutions, FinTech leaders, investors, and development partners seeking to understand the next phase of digital financial infrastructure in Africa.

    
    Access the full report at:     https://regtechafrica.com/state-of-regtech-in-sub-saharan-africa/

    For Partnership & Research Collaboration: info@regtechafrica.com

  • UBA Group Dominates 2025, Banker Awards, Emerges Africa’s Bank of the Year, For Third Time in Five Years

    UBA Group Dominates 2025, Banker Awards, Emerges Africa’s Bank of the Year, For Third Time in Five Years

    ...Wins Best Bank in Nine out of 20 African Subsidiaries

    Africa’s Global Bank, United Bank for Africa (UBA) Plc, has once again, reaffirmed its leadership as one of the continent’s most innovative and resilient financial institutions, as the bank has, for the third time in five years, been named the African Bank of the year 2025 by the Banker.com.

    UBA also won the Best Bank of the Year awards in nine of its 20 African subsidiaries, bringing its total awards this year to ten as UBA Benin, UBA Chad, UBA Republic of Congo (Congo-Brazzaville), UBA Liberia, UBA Mali, UBA Mozambique, UBA Senegal, UBA Sierra Leone, and UBA Zambia, all came out tops as the best banks in their respective countries, underscoring the bank’s strength across West, Central and Southern Africa and highlighting the depth of its Pan-African franchise.

    The Banker.com, a leading global finance news publication published by the Financial Times of London, organises the annual Bank of the Year Awards, and this year’s edition was held at a grand ceremony at the Peninsula, London, on Wednesday.

    The Chief Executive Officer, UBA UK, Deji Adeyelure, received the awards on behalf of the bank, representing the Group Managing Director/CEO, Oliver Alawuba, and was accompanied by the bank’s Head Business Development, Mark Ifashe, and Head, Financial Institutions, Shilpam Jha.

    The Banker’s awards are widely regarded as the most respected and rigorous in the global banking industry, celebrating institutions that demonstrate outstanding performance, innovation and strategic execution.

    In its remarks on UBA’s winnings, the banker.com said, “For the third time in five years, UBA Group has won the coveted Bank of the Year award for Africa. UBA Group time after time punches above its weight against its larger African rivals. The bank this year also takes home nine separate country awards (one more than it gained for its last continental win in 2024), equivalent to around a quarter of the awards for the continent, and more than any of its continent-wide rivals.”

    Continuing, it said, “Perhaps even more impressive is the fact that the awards were won across a broad geographic spread, going to lenders based in the Economic Community of West African States (Benin, Liberia, Senegal, Sierra Leone, and former member Mali), the Central African Economic and Monetary Community (Chad, Republic of Congo) and the Southern African Development Community (Mozambique, Zambia). Its award wins were particularly notable in the highly competitive categories for Benin and Mozambique.”

    The Banker also highlighted UBA’s strong financial performance and commitment to future growth. In 2024, the Group recorded a 46.8 per cent increase in assets and a 6.1 per cent rise in pre-tax profits in local currency terms, while continuing to invest significantly in talent and technology. West Africa remains UBA’s heartland, with operating revenue and profit increasing by 87 per cent and 89 per cent respectively in H1 2025.

    The bank’s digital and innovation leadership was equally recognised. During the year under review, and launched its Advance Top-Up buy-now-pay-later feature on the *919# USSD platform, expanding financial access for customers, while the bank’s chatbot Leo continued its strong growth trajectory, with transaction volumes rising by 29 per cent year-on-year in H1 2025. Notably, in August, Leo became the first African banking chatbot to enable cross-border payments via the Pan-African Payment and Settlement System (PAPSS).

    UBA’s Group Managing Director/Chief Executive Officer, Oliver Alawuba, while reacting to the achievement, said the recognition affirms the bank’s long-term strategy and customer-first philosophy.

    “This honour reflects the strength of our Pan-African network, the trust of our customers, and the dedication of our people. Winning Africa’s Bank of the Year for the third time in five years is not by chance; it is a testament to disciplined execution, innovation, and a deep understanding of the markets we serve,” Alawuba said.

    “Our nine country awards across diverse regions of Africa show that UBA is not just growing, but growing with impact. We remain committed to driving financial inclusion, supporting economic development, and deploying technology that makes banking simpler, faster, and more accessible to Africans everywhere,” he added.

    United Bank for Africa is one of the largest employers in the financial sector on the African continent, with 25,000 employees group-wide and serving over 45 million customers globally. Operating in twenty African countries, the United Kingdom, the United States of America, France and the United Arab Emirates, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting-edge technology.

  • Seplat Energy Earns Market Excellence, Education Intervention, Upstream Deal Awards in Lagos and London

    Seplat Energy Earns Market Excellence, Education Intervention, Upstream Deal Awards in Lagos and London

    Seplat Energy Plc, foremost Nigerian independent energy company, has received three (3) awards for market excellence (2025 Highest Net Asset Ratio) at the PEARL Awards 30th Anniversary and Awards Nite in Lagos; Upstream Deal of the Year at the World Energy Capital Assembly (WECA) Awards in London; and Education Intervention of the Year recognition at the SERAS Africa Sustainability Awards in Lagos.

    The PEARL Awards (Performance, Earnings, and Returns Leadership Awards), established in 1995, are designed to honour companies listed on the Nigerian Exchange (NGX) for exceptional operational and stock market performance. The Awards aim to promote the vibrancy, growth, and development of Nigeria’s capital market. The highest return on net assets (RONA) ratio for which Seplat Energy was recognised, compares a firm’s net income with its assets and helps investors to determine how well the company is generating profit from its assets. The higher a firm’s earnings relative to its assets, the more effectively the company is deploying those assets.

    Speaking on the awards, the President/CEO of Pearl Awards, Mr. Tayo Orekoya, said each of the competitive award categories, ranging from the sectoral leadership awards to market excellence awards and the most prestigious overall highest award, is the result of an objective and data-driven ranking process.

    The NGX Chief Executive Officer, Jude Chiemeka, commended the foresight of the founders of the Pearl Awards, acknowledging their role in motivating performance excellence over the years. According to him, by recognising companies via quantifiable and verifiable metrics, the awards have strengthened discipline and transparency across the market.

    The WECA Awards of Excellence represents a global benchmark of excellence for those working across the upstream industry. The awards recognise and honour the individuals and companies who have been at the forefront of first-class deals, value creation, innovation, or exceptional financial and operating performance. It also celebrates the executives who continue to change the face of the oil and gas industry, demonstrating outstanding leadership and performance.

    The SERAS Awards promote excellence and best practice in CSR and Sustainability, provide a yardstick for measuring excellence and drive adoption of CSR and Sustainability in Africa. The awards also celebrate the continent’s most influential organisations and leaders driving transformative sustainable development.

    In his address, Ken Egbas, Founder of The SERAS, explained that the 2025 theme -“Sustainability 2.0: Innovating for Impact and Inclusive Growth”—signals a decisive shift toward bold, future-focused action.

    “Africa cannot afford business as usual. We must innovate—relentlessly, boldly, audaciously. We must connect growth to inclusion, profit to purpose, ambition to equity. This year’s organizations have shown that this future is attainable,” he said. 

  • Seplat Energy Completes Inlet Gas Exchanger Replacement Project

    Seplat Energy Completes Inlet Gas Exchanger Replacement Project

    Seplat Energy Plc, a leading Nigerian independent energy company listed on both the Nigerian Exchange Limited and London Stock Exchange, is pleased to announce that it has completed the replacement of the new Inlet Gas Exchanger (IGE) module on the East Area Project (EAP) platform, located in OML 67, offshore Nigeria.

    The IGE module is an integral part of the Natural Gas Liquid (NGL) extraction process and was the main capital project on our offshore operations in 2025; the project was completed on budget. 

    Since the EAP complex was restarted, the facility has been performing in-line with expectations. Gross NGL sales volumes in late November at EAP have increased by more than 100% to approximately 6,850 bopd (~3,500 bopd net working interest), up from of 3,360 bopd (~1,720 bopd net working interest) recorded in the nine months to 30 September 2025. Further improvements in NGL sales volumes, up to approximately 11,000 bopd (~5,700 bopd net working interest), are expected over the coming months as the facility reaches target efficiency levels.

    The project work included load-out, lifting, installation, tie-in, commissioning and start-up activities which were carried out over a six-week period and completed during November 2025. Overall, work totalling over 2.2million-man hours was completed safely, without incident and to the highest industry standards.

    Roger Brown, Chief Executive Officer of Seplat Energy, said, “We are pleased to have completed the first major capital project on our offshore operations on budget. Replacement of the IGE unit on our EAP platform builds on the success of our idle well recovery program as part of near-term production growth catalysts on the offshore assets that we acquired in December 2024. 

    “The new IGE unit is critical to efficient NGL processing operations. NGLs, particularly pentane, represent some of the highest margin barrels produced in our portfolio. The butane we produce is being sold directly into the domestic market, improving energy access and supporting a drive towards clean cooking solutions for Nigeria.

    “The successful completion of this project demonstrates the quality of our project and operations teams, the strong collaboration with our partners, the continued support of the local communities and Seplat Energy’s commitment to drive growth offshore that will deliver value for Nigeria and our stakeholders.” 

    Note: Total working interest NGL production of 3,719 bopd reported in 9M 2025 includes contribution from both EAP (~1,720 bopd) and Oso (~2,000 bopd).

  • Dangote Refinery to Supply 1.5 Billion Litres of Petrol Monthly

    Dangote Refinery to Supply 1.5 Billion Litres of Petrol Monthly

    …writes NMDPRA, Engages Marketers to Stabilise Fuel Market

    Dangote Petroleum Refinery has announced plans to supply 1.5 billion litres of Premium Motor Spirit (PMS) monthly to the Nigerian market in December 2025 and January 2026, a move aimed at ensuring uninterrupted nationwide fuel availability through the festive season and into the New Year.

    President and Chief Executive of Dangote Industries Limited, Aliko Dangote, disclosed the plans at the weekend, noting that the refinery will make available 50 million litres of PMS daily beginning December 1.

    “In line with our commitment to national well-being, and consistent with our track record of ensuring a holiday season free of fuel scarcity, the Dangote Petroleum Refinery will supply 1.5 billion litres of PMS to the Nigerian market this month. This represents 50 million litres per day. We are formally notifying the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of this commitment. We will supply another 1.5 billion litres in January and increase to 1.75 billion litres in February, which translates to over 60 million litres per day,” Dangote said.

    Speaking during a visit by the South-South Development Commission (SSDC) to the refinery and the Dangote Fertiliser complex, he stated that the facility currently has adequate stock and is producing between 40 and 45 million litres of PMS daily. He added that the daily supply of 50 million litres should dispel long-standing claims that domestic refineries lack the capacity to meet national demand.

    Dangote also revealed ongoing engagement with petroleum marketers to strengthen distribution systems, including expanding the use of CNG-powered haulage.

    “Our priority is to ensure Nigeria receives the products it needs. This is not driven by profit motives; it is about guaranteeing the availability of essential energy products. It is similar to the transformation we delivered in the cement sector,” he added.

    In a letter signed by David Bird, Chief Executive Officer of Dangote Refinery, and addressed to the Authority Chief Executive of NMDPRA, the company invited the regulator to independently verify its actual daily production capacity, countering prevailing speculations.
    “We request your support to host NMDPRA officials onsite at our refinery starting December 1, to validate and publicly confirm our daily supply volumes. In the interest of full transparency, we are prepared to publish our daily production and stock figures across both online and print media.”

    Dangote further noted that the refinery is progressing with its expansion plan to reach a capacity of 1.4 million barrels per day. More than 100,000 workers are expected to be involved in the expansion of both the refinery and the fertiliser complex. Dangote emphasised that the Group remains committed to its vision, driven by the strong public support for the company’s role in shaping Nigeria’s economic development.

    During the visit, the Managing Director of SSDC, Usoro Offiong Akpabio, commended Dangote’s leadership and his continued contribution to strengthening Nigeria’s industrial capability, national energy security and long-term economic competitiveness.

    She described the South-South region as Nigeria’s natural energy corridor, with vast crude oil reserves, gas infrastructure, maritime assets, agro-industrial activity and emerging industrial clusters. She noted that deeper collaboration between the region and the Dangote Group could unlock opportunities in product distribution, CNG infrastructure, petrochemicals, agriculture, and employment creation.
    Akpabio added that such partnerships would advance the Federal Government’s energy stability agenda and position the South-South as a strategic growth hub for the Dangote Group.

    “As the statutory development body for the South-South, SSDC is mandated to drive regional economic development, infrastructure integration, human capital advancement, and private-sector–led growth. In this regard, we stand prepared to support State-level policy and regulatory efforts for Ease of Doing Business across our six states. Enabling environments for Dangote Group’s expansion into strategic sectors such as gas processing, agro-industrial value chains, renewable energy, logistics, and export-oriented manufacturing,” she said.