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Petralon Energy CEO takes over as Chairman of the Nigerian Exchange Ltd (NGX)

Ahonsi Unuigbe was appointed Chairman of the NGX effective 27 September 2023. Ahonsi has previously served on the NGX Board as an Independent Non-Executive Director.

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The Nigerian Exchange Group Plc (NGX Group) has announced changes to the board of its subsidiaries, and appointed the Founder & CEO of Petralon Energy, Mr. Ahonsi Unuigbe as the new Board Chairman of the Nigerian Exchange Limited (NGX).

The appointment is effective 27 September 2023, following the retirement of Mr. Abubakar Mahmoud, SAN, OON. Ahonsi has previously served on the NGX Board as an Independent Non-Executive Director since April 2021.

Ahonsi’s appointment is a demonstration of his leadership and entrepreneurial ingenuity, validated by its vast expertise. Over the past twenty years, he has established himself as a business leader and seasoned professional, whose experience spans across sectors such as banking, finance, energy, telecoms, manufacturing and the public sector.

He began his career as an investment banker, working with banks such as Citibank in the UK and Nigeria and later Standard bank / Stanbic IBTC, with stints in the public sector, during which time he successfully executed complex project finance transactions, thereby helping to raise over $2bn as capital for private and public sector projects in Nigeria, notable amongst which were the $150 million concessional World Bank funding for Edo state during his tenure as pioneer Commissioner for Budget, Planning, and Economic Development. 

Ahonsi also served as a founding executive at First Hydrocarbon Nigeria (FHN). As a Chief Finance Officer and Executive Director, he raised over $450m in debt and equity finance within 3 years and instituted best-in-class risk management frameworks and financial management processes respectively.

Since founding Petralon Energy in 2014, Ahonsi managed to raise over $60m over 2021 and 2022 to consolidate the company’s oil assets portfolio. Under his leadership, Petralon Energy has sealed multilateral partnerships and investments in Europe, the Middle East and Africa managed to build a diverse portfolio of onshore and offshore producing assets.

Commenting on his appointment, Ahonsi stated “I am pleasantly honoured by this appointment and fully understand the enormous responsibility that this new role places on my shoulders. Chairing this important Board at this specific time in the Exchange’s evolution is both an opportunity and call to service in building our market, economy, and nation. With the strong foundation laid by my predecessor, bringing about reforms and deepening policy frameworks that would help to strengthen the market for further growth and development are easily achievable. I therefore seek the support and cooperation of all stakeholders towards placing this very important institution on an even stronger pedestal.”

A Lifetime member of the Institute of Directors (IoD), Ahonsi holds a B.A degree in Economics from the University of Sussex, UK, and an MSc in International Securities and Investment Banking from the ISMA Centre, University of Reading, UK, and is also a recipient of the prestigious Archbishop Desmond Tutu Leadership Fellowship Award.

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RusselSmith to deploy Nigeria’s first industrial 3D manufacturing solution for the oil and gas industry

RusselSmith, one of Nigeria’s leading oil and gas maintenance and inspection solutions companies, has gained approval to deploy its industrial non-metallic additive manufacturing solution in the Nigerian oil and gas industry. The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) gave the approval for the country’s first industrial 3D manufacturing solution for the oil and gas industry. RusselSmith’s additive manufacturing solution utilizes advanced 3D printing technology to locally produce fully functional and corrosion-resistant industrial components, saving time and cost for oil and gas companies ordering such parts through traditional supply chain methods. It also reduces companies’ carbon footprints, while improving efficiency in their operations. “This is a new milestone in the Nigerian energy sector, and we are excited to be leading the charge in industrial 3D manufacturing,” RusselSmith’s CEO, Kayode Adeleke, said in an official statement. “We are also proud that the NUPRC has once again exhibited its role in the industry as not just a regulator, but a facilitator of business in Nigeria. We are building the foundation for a digital supply chain across Africa, and this is just the beginning. With this approval, our non-metallic additive manufacturing solution is now operational and available to service the needs of the Nigerian market”. RusselSmith says its additive manufacturing solution utilizes high-performance materials such as super polymers and composites to produce finished parts that are less susceptible to material degradation and corrosion. Super polymers, ideal for diverse applications, are known to endure extreme conditions without compromising their functionality and desirable properties. Delivered in partnership with Roboze, a renowned provider of Industrial 3D Printing systems, RusselSmith is betting on its extensive technical capabilities to digitize supply chains, optimize production processes and advance manufacturing in the Nigerian oil and gas industry. In January, the Nigerian services company joined Roboze 3D Parts Network, becoming part of a network of specialized additive manufacturing centres that use Roboze ARGO Production technology and are able to deliver on complex designs and difficult engineering challenges. “We at Roboze are proud to be associated with this innovative development,” CEO of Roboze Alessio Lorusso said, referring to RusselSmith’s latest landmark approval in Nigeria. “The approval by the NUPRC for the use of this additive manufacturing technology is a significant step forward for Nigeria’s energy sector in embracing digitalization, and we are fully committed to supporting our partner, RusselSmith, with our expertise and global network to ensure the success of this solution.”

Nigeria: new FSO ELI Akaso has started storage operations offshore Bonny

Century Energy Services Ltd (CESL), part of Nigeria’s Century Group, has announced the completion of spread mooring installation at the floating, storage and offloading (FSO) unit ELI Akaso offshore Bonny in Nigeria. The double hull terminal has a storage capacity of 2 million barrels and will provide hydrocarbons evacuation, storage, and offtake solutions for producers within the area. It has been classed by Bureau Veritas for oil storage services. The commissioning of the FSO is welcomed news for producers around Bonny who have struggled to evacuate their oil over the past few years due to the unavailability of the Nembe Creek Trunk Line (NCTL) and the Trans-Niger Pipeline (TNP). Both lines are the main options for operators to send their oil to Shell’s Bonny Oil Terminal for exports to global markets. The FSO ELI Akaso will be providing an alternative options to store and export oil and is expected to support production recovery around Bonny. “The FSO ELI Akaso, which offers hydrocarbon storage and export solutions, exemplifies our strategic approach to addressing both current and future demands of the oil and gas industry,” said EnergyLink Managing Director Adekolapo Ademola. The terminal is owned by Energy Link Infrastructure Limited (EnergyLink) and operated/managed by CESL. “With the FSO ELI Akaso Terminal, we have significantly advanced our collaboration in oil and gas infrastructure, positively impacting EnergyLink's business approach and bottom line. The terminal is a remarkable accomplishment and a further testament to CESL's energy infrastructure project delivery capacity and experience,” added Ken Etete, Group CEO at the Century Group. CESL has imposed itself as Africa’s foremost owner and operator of FPSOs and FSOs. Its fleet includes the FPSO Tamara Nanaye, previously deployed on OML 113, the FPSO Tamara Tokoni on OML 120, and the recently acquired FPSO Tamara Elmina (former Sendje Berge).