$5bn Africa Energy Bank Gains Momentum with Contributions from Nigeria, Angola, Ghana Lokpobiri to IOCs: Nigeria has created right conditions, it’s time to invest Insists on withdrawal of licences from unproductive oilfield owners Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
In a significant development for Africa’s energy sector, Nigeria, Angola and Ghana have fulfilled
their capital commitments toward establishing the Africa Energy Bank (AEB), a critical financial institution
aimed at bridging the funding gap in the continent’s oil and gas industry. The milestone represents 44 per
cent of the minimum required funding from African Petroleum Producers Organisation (APPO) members to
initiate the bank’s operations. Continued on page 9
Obi: There’s No Democracy in Nigeria, FG Still Hounding Me... Page 10 Wednesday 2 April, 2025 Vol 30. No 10951. Price: N400
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Tinubu Sacks Kyari, Akinyelure, Appoints Bayo Ojulari as New GCEO of NNPCL
Reconstitutes 11-man board with Ahmadu Kida as non-executive chairman
Deji Elumoye in Abuja
President Bola Tinubu has approved a sweeping reconstitution of the Nigerian National Petroleum
Company (NNPC) Limited board, removing the Chairman, Chief Pius Akinyelure and the Group Chief Executive Officer, Mallam Mele Kolo Kyari.
According to a release issued in the early hours of this morning by presidential spokesperson, Bayo Onanuga, the President also removed all other board members
appointed with Akinyelure and Kyari in November 2023. The new 11-man board has Engineer Bashir Bayo Ojulari as the Group CEO and Ahmadu Musa
Kida as non-executive chairman. Adedapo Segun, who replaced Umaru Isa Ajiya as the chief financial Continued on page 9
Bayo Ojulari, new Group CEO
Cardoso Jubilant as Net FX Reserves Hit 3-year High, Swells to $23.1bn Reveals position enough to withstand external shocks $500m W’Bank Loan: LCCI advises FG to focus on addressing poor power supply, high energy cost Says loan will provide short-term stimulus with unsavory long-term macroeconomic implications Story on page 9
HONOURING WOMEN OF IMPACT...
L-R: Founder, Doyin Group of Companies, Prince Samuel Adedoyin; Industrialist and Chairman, Eleganza Group of Companies, Chief Rasaki Okoya; and Honouree/Managing Director, Eleganza Industrial City Limited, Mrs. Shade Okoya, who named one of the women of impact, at the ARISE Gala: Honouring Women of Impact, held at Eko Hotel, Lagos on Monday