There is a growing phalanx of pseudo-intellectuals parading the social media space with faux and fictitious knowledge of the indigenous oil and gas industry, and it is scary because of the grave danger they portend and present for the average Nigerian.
From X (formerly known as Twitter) to Facebook and even the photos and videos-sharing site, Instagram, they abound, in their inglorious number, lending their platforms to deliberately distort facts and spread misinformation especially to favour the narratives propounded by popular Nigerian businessman Aliko Dangote, owner of the Dangote Petroleum Refinery.
Since the refinery began operations earlier in the year, it has been one week, one controversy allegedly orchestrated by Dangote in a brazen attempt to arm-twist the Nigerian National Petroleum Corporation Limited, NNPCL, into playing by his rules.
Those conversant with the modus operandi of Dangote and his refinery say the long-drawn warfare with every institution and individual in the oil and gas value chain is nothing but a self-seeking and mindless profit maximisation tactic.
Whilst nobody begrudges Dangote’s drive for profit as a businessman, perhaps he needs to be reminded that the NNPC has a mandate to ensure and provide energy security in a way that is affordable and sustainable for the generality of Nigerians. And, the NNPCL management has declared in very unambiguous terms that it would not pander to the din of the market whether orchestrated by Dangote, his rampaging minions or anyone else.
The truth, however, is that there is an increasing army of vacuous, vicious, and vile individuals strutting the social media space defending and propagating outright and outlandish falsehoods. Of particular concern is one Kelvin Emmanuel who has become the unofficial mouthpiece of the Dangote Refinery. Going from one media house to the other, he pulls figures out of the air and projects obnoxious untruths on hapless Nigerians. With the backing of his paymaster’s billions, it is no surprise that this otherwise irrelevant and fatuous character now commands appearances on major television stations.
But it is on X that he has made lying glibly and gratuitously the Holy Grail. He once premised Dangote’s inability to secure feedstock for his refinery on the government and the NNPCL. While peddling this untruth, he conveniently forgets that the refinery had a seven-year window, during its construction phase, to lock in feedstock supplies that could last a minimum of five years. Dangote did none of that. As it would later unfold, his game plan, which Emmanuel glossed over, was to monopolise equity oil and production quotas to serve his business interests.
Another deliberate misinformation from the Dangote camp was the allegation that International Oil Companies (IOCs) and other industry players were trying to sabotage his interests. Apart from being an investor in the Dangote Refinery, the NNPC still supplies gas to various Dangote companies across Nigeria. How can anyone or any institution jeopardise their investment? What further proof of faith does Dangote and his minions need to know that the NNPC is their cheerleader, and is here to make operating in the industry seamless and a win-win for all?
Echoing Dangote’s baseless stance, Emmanuel also called for the sack of Mr. Farouk Ahmed, Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), regulators of Nigeria’s midstream and downstream value chain. By Emmanuel’s warped reckoning, Ahmed had no locus to speak against Dangote or his enterprise because the latter questioned the quality of the product from Dangote Refinery and other local refineries in comparison with imported ones. Of course, Emmanuel’s was a lone voice in the wilderness because those who understand the invaluable role that the NMDPRA plays in the industry did not as much as dignify his tirade with a glance.
In a robust response to Emmanuel’s groundswell of egregious lies, Ibrahim Y. Kabo, a petroleum engineer based in Abuja, described him as “Someone who has not seen the inside of a refinery before Dangote built one, let alone understood the mechanism of the energy industry, …(yet) assuming the role of an authority in oil and gas matters.”
He went further to lampoon Emmanuel for stating that only Dangote Refinery’s products meet specifications while others are all sub-standard. “The obvious question is: whose specifications? For a refinery that has barely made four of seven pre-inauguration certifications, it sounds somehow laughable to suddenly assume the role of regulator in an industry you’ve barely entered,” Kabo said.
In the article, entitled, “The Hand of Aliko, the Voice of Kelvin: Inside Dangote Refinery’s Media Stunt Lab”, Kabo declared that from all Emmanuel’s interviews and pretensions to be an industry expert, one thing is obvious: “He lacks an understanding of both the mandate and the reach of NNPC as a national oil company.”
Kabo adds that, “Downstream is the least of NNPC’s business interests. The mandate, as per PIA (Petroleum Industry Act), is to facilitate both the extraction and commercialization of Nigeria’s oil and gas resources. 20 billion dollars may be a lot, but NNPC and industry regulators routinely handle projects of that magnitude. At best, Dangote and (Emmanuel’s) ranting are an irritation. I believe that’s why NNPC openly declared it was not interested in being Dangote’s off-taker.”
Like the Yoruba saying goes, derision does not stop the sweetness of the honey. The meddlesome minions and messengers of misinformation can continue dancing naked in the marketplace, but what is most important is that the NNPCL has assured that it will not cease doing everything in its capacity “to harness the possibilities of oil and gas, address energy demand and drive the national economy, and become the number one oil producer and supplier in Africa.”

–Tayo Williams is a Lagos-based media executive

Wema Bank, Nigeria’s innovative leader in banking and pioneer of Africa’s first fully digital bank, ALAT, is pleased to announce the appointment of a new Deputy Managing Director and an Executive Director. These strategic appointments, approved by the Board, come as part of the bank’s commitment to ensuring strong leadership succession. The new roles will take effect on December 1, 2024, following the retirement of Mr. Oluwole Akinleye, the current Deputy Managing Director.

Mr. Akinleye, whose retirement will be effective November 30, 2024, has been a vital pillar of Wema Bank’s growth and transformation. Over the past decade, he has demonstrated exemplary leadership across various capacities, including overseeing the Southwest Business, Corporate Banking Division, Customer Experience Management, and Corporate Sustainability. His tenure has been marked by significant contributions to the bank’s strategic objectives and market positioning.

In expressing gratitude for his service, the Board of Directors and management of the Bank disclosed that Mr. Akinleye’s dedication and strategic foresight have been instrumental to Wema Bank’s transformation journey. He is deeply appreciated for his invaluable contributions and they wish him the very best in his future endeavors.

As part of its robust succession planning, Wema Bank has appointed Mr. Oluwole Ajimisinmi as Deputy Managing Director. Mr. Ajimisinmi, who joined Wema Bank in 2009 as Company Secretary/Legal Adviser, was appointed as an Executive Director in 2020. With years of experience in corporate governance, strategic leadership, and banking, he is well-positioned to steer the bank towards its next phase of growth and innovation.

The bank has also named Mr. Olukayode Bakare as Executive Director, effective the same date. A seasoned finance and treasury expert with years of industry experience, Mr. Bakare has been a key driver of Wema Bank’s Treasury, Wholesale Funding, and Global Trade Business. His extensive expertise and leadership will further bolster the bank’s commitment to delivering innovative financial solutions.

Commenting on these appointments, the Board of Directors and management of the Bank said these appointments underscore Wema Bank’s commitment to building a future-ready leadership team. According to the Bank, Mr. Ajimisinmi and Mr. Bakare bring a wealth of expertise, passion, and a clear vision to their new roles. The Bank is confident that their leadership will propel Wema Bank to new heights, ensuring sustained innovation and value creation for its stakeholders.

Wema Bank remains committed to its mission of delivering cutting-edge banking solutions through technology and innovation. With these leadership changes, the Bank is poised to maintain its position as a trailblazer in Nigeria’s financial services sector.

-Story by Joy Agamah

Oando Plc, Africa’s leading energy solutions provider listed on the Nigerian Stock Exchange (NGX) and Johannesburg Stock Exchange (JSE) is pleased to announce that the Company has emerged winner of the ‘Deal of the Year’ award at Africa Energy Week (AEW) 2024.

The Africa Energy Chamber (AEC), the organisers of the annual week-long oil and gas conference, hosted and recognised different stakeholders at a Gala and Award night held at the Cape Town International Conference Centre (CITCC), on Tuesday, 5 November, 2024.

In a category comprising other high-profile deals in the sector and across Africa, Oando won the award in recognition of the Company’s recently completed landmark $783 million acquisition of the Nigerian Agip Oil Company (NAOC) from the Italian Energy firm Eni on 22 August, 2024.

This acquisition, 10 years in the making since Oando’s initial entry into the ConocoPhillips/NAOC/NNPC Joint Venture (JV) in 2014 when the Company acquired ConocoPhillips Nigeria business, doubled the company’s stake in the JV to 40% and operator of the assets.

In receiving the award, the Company’s Group Chief Executive, Wale Tinubu, remarked “We are delighted and honoured to receive the ‘Deal of the Year’ award from Africa Energy Week. It’s been a remarkable year on many fronts. First, we marked our 30th anniversary as a business, then concluded our strategic plan to acquire our second IOC in a decade, Nigerian Agip Oil Company (NAOC) and step up to the role of operator.

“This award is more than just an accolade for a successful deal closure; it represents a public acknowledgement of the culmination of 30 years of grit, hard work, resilience, and sheer belief in our vision. It is a testament to my belief that with the #HumansOfOando, impossible is nothing. I’d like to thank the dream team, the #HumansOfOando, our financiers, and partners for their belief and role in making this award a reality.”

The acquisition is the culmination of a decade of preparation, strategic planning, and unwavering commitment to a vision of becoming Africa’s first indigenous International Oil Company.

It is a testament to the organisation’s 30-year journey spanning the entire energy value chain, with consistent and deliberate actions at each stage that have led to the advancement of indigenous participation in the industry.

The Deal of the Year award “recognises the most transformative and impactful deal in the energy sector – honouring excellence in negotiation, strategic alignment, innovation and collaboration – and celebrates deals that drive advancements in energy and economic growth.”

With this year’s AEW theme of “Invest in Africa Energies: Energy Growth Through an Enabling Environment”, the AEC, through the AEW Awards 2024, recognised other persons, International (IOCs) and National Oil Companies (NOCs) across the continent through awards in 10 categories.

Tinubu at the event also delivered a key note address with the topic, Transforming Africa’s Oil and Gas landscape through strategic Merger and Acqusition.

During the address he  noted that indigenous companies contribute approximately 30% of the country’s crude oil production and hold around 40% of the total oil reserves. Additionally, they account for 60% of the country’s gas production and approximately 32% of gas reserves. This data underscores the growing significance of local players in the African oil and gas sector.

He also highlighted improvements in the business environment, citing the improved Ease of Doing Business driven by recent reforms that have attracted increased investments in energy. Tinubu pointed to the successful Implementation of the Petroleum Industry Act (PIA), which has established a regulatory framework that enhances transparency and boosts investor confidence.

Tinubu’s remarks included a call for enhanced collaboration among policymakers, investors, and oil and gas companies to foster the growth of indigenous firms through supportive regulations, financing access, and technology transfer. He urged stakeholders to focus on leveraging M&As to diversify and expand capabilities within the sector while emphasizing the need to strengthen Africa’s institutional and financing capacity for local firms.

As Oando continues on its growth trajectory, Tinubu’s insights served as a powerful reminder of the strategic importance of indigenous companies in Africa’s energy transformation and the collective effort required to drive sustainable development across the continent.