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GCR Ratings Appoints Saul Sassoon Interim CEO as Marc Joffe Steps Down

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By Aduragbemi Omiyale

One of the most reputable rating agencies in Africa, GCR Ratings, has appointed Mr Saul Sassoon as its interim group chief executive.

In a statement on Friday, it was disclosed that Mr Sassoon will be in charge of the organisation after the exit of Mr Marc Joffe at the end of this month.

Mr Joffe is stepping down from the role after 25 years with the company, having joined GCR in 2001.

Over the past two decades, he has overseen the firm’s transformation into Africa’s leading credit rating agency, recognised for its deep market expertise and commitment to strengthening financial markets across the continent.

His tenure included landmark achievements such as the sale of GCR to Moody’s Corporation, positioning the company for sustainable long-term growth across Africa.

“Leading GCR Ratings has been a privilege. I am incredibly proud of what we have achieved as a truly pan-African rating agency.

“I step down with profound gratitude, respect, and lasting appreciation for the trust, support, and collaboration of colleagues and stakeholders throughout this journey, and am confident in GCR’s future,” he stated.

The board thanked him for his exceptional leadership and vision, noting his role in building GCR’s reputation as the undisputed leader in African credit ratings.

It also welcomed the interim CEO into his new role, expressing confidence in his ability to guide the organisation through this transition period.

Mr Sassoon, who before his appointment served as Chief Financial Officer (CFO) of the organisation, is expected to drive GCR’s growth, extensive capital markets expertise, and deep relationships with its customers and investors during this transition period.

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Tinubu Picks Joseph Tegbe to Replace Adelabu as Power Minister

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Joseph Tegbe

By Modupe Gbadeyanka

Following the resignation of Mr Adebayo Adelabu as the Minister of Power a few days ago, President Bola Tinubu has nominated Mr Joseph Tegbe as his replacement.

A statement by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed on Thursday that Mr Tegbe’s name has been forwarded to the Senate for confirmation.

His nomination is expected to strengthen further ongoing efforts to reform the power sector, enhance grid stability, and attract sustainable investment in line with the Renewed Hope Agenda.

Upon confirmation, he is expected to bring his extensive expertise to bear to advance critical reforms and deliver improved outcomes for Nigerians in the power sector.

Mr Adelabu, a former Deputy Governor of the Central Bank of Nigeria (CBN), resigned last week to pursue his dream of becoming the Governor of Oyo State.

His replacement is also from Oyo State. He is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors, according to the statement today.

He is a former Senior Partner and Head of Advisory Services at KPMG Africa, where he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance. He has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.

He is at present the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), where he is responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.

The NCSP also coordinates engagements with public sector stakeholders to advance economic and social development in line with FOCAC objectives.

Mr Tegbe’s experience includes significant engagements within the power sector, particularly in regulatory and institutional reform involving agencies such as the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Bulk Electricity Trading Company (NBET).

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Tinubu Elevates Bianca Ojukwu to Foreign Affairs Minister

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Bianca Ojukwu

By Adedapo Adesanya

President Bola Tinubu has named Mrs Bianca Odumegwu-Ojukwu as Nigeria’s new Minister of Foreign Affairs, the latest in the cabinet reshufflement.

Mrs Odumegwu-Ojukwu replaces Mr Yusuf Tuggar, who recently resigned to pursue the Bauchi governorship election ambition in 2027 under the All Progressives Congress (APC).

Mr Sola Enikanolaiye has been appointed as the new Minister of State for Foreign Affairs, the position previously occupied by Mrs Odumegwu-Ojukwu.

In a statement on Wednesday night, the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that until his nomination, Mr Enikanolaiye, from Kogi State, served as senior Special Assistant to the President on Foreign Affairs and International Relations.

He is a career diplomat with over three decades of service in Nigeria’s foreign service.

He has previously served as permanent secretary in the Ministry of Foreign Affairs and held diplomatic postings in Addis Ababa, Ethiopia, Belgrade, Ottawa, London and New Delhi.

President Tinubu said the appointments are part of efforts to strengthen Nigeria’s foreign policy architecture, improve efficiency and deepen global engagement.

He urged the appointees to promote Nigeria’s national interest, advance economic diplomacy, strengthen regional stability and ensure the welfare of Nigerians abroad.

“The President noted that these appointments are part of ongoing efforts to reposition Nigeria’s foreign policy architecture for greater efficiency, strategic engagement, and stronger global partnerships,” the statement read.

Recent ministerial changes under President Tinubu reflect a cautious but deliberate attempt to recalibrate governance and strengthen economic management. In a minor cabinet reshuffle approved in April 2026, key portfolios were affected, most notably the removal of Finance Minister, Mr Wale Edun; and the Housing Minister, Mr Ahmed Musa Dangiwa.

Their exits paved the way for new appointments, including the elevation of Mr Taiwo Oyedele to oversee the critical finance ministry, a move widely interpreted as an effort to inject fresh direction into the country’s economic policy framework.

Beyond the cabinet reshuffle, the administration has also undertaken broader leadership adjustments across strategic sectors, particularly in energy and regulation, signalling a pattern of continuous review within government ranks, including the replacement of Mr Saidu Mohammed with Mr Rabiu Umar as the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

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Tinubu Sacks Saidu Mohammed, Appoints Dangote Cement’s Rabiu Umar as NMDPRA CEO

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NMDPRA fee regulations

By Adedapo Adesanya

President Bola Tinubu has nominated Mr Rabiu Abdullahi Umar as the new chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), replacing Mr Saidu Mohammed.

This decision follows ongoing efforts to restructure the regulatory framework of Nigeria’s midstream and downstream oil sector.

The appointment was announced by Mr Bayo Onanuga, Special Adviser to the President on Information and Strategy, with the nomination subject to Senate confirmation.

The NMDPRA is responsible for the technical and commercial regulation of petroleum operations, including gas processing, transportation, and retail.

Mr Abdullahi, until his appointment, was the Group Sales and Marketing Director at Dangote Cement, part of the Dangote Group, which has interests in food, cement, energy, and other ventures.

He started his career in Oando Plc and rapidly rose to hold different management roles within the marketing business, and led the Sales and Marketing Transformation plan successfully.

In 2014, he moved to Lafarge Africa as the Energy and Power Director and subsequently managed the Strategy and Business Development portfolio for West Africa, where he led the development and execution of critical projects within Nigeria, Ghana and Cameroon. In 2016, he became the Managing Director/Chief Executive Officer of Ashaka Cement Plc and spearheaded the turnaround of the business until his departure in 2019 to join Dangote Industries Ltd as Group Chief Commercial Officer.

A graduate of Accounting from Bayero University, Kano and an Alumnus of Harvard Business School. He is also a member of the Institute of Directors.

According to the Presidency, Mr Abdullahi’s appointment was made pursuant to the Petroleum Industry Act 2021, aimed at strengthening regulatory effectiveness in the midstream and downstream petroleum sector, in line with the Renewed Hope Agenda.

Pending Senate confirmation of the new nominee, the most senior official of the NMDPRA will oversee operations in an acting capacity.

“President Tinubu thanks the outgoing Authority Chief Executive for his service and wishes him well in his future endeavours.

“The President remains committed to ensuring capable leadership in key regulatory institutions to advance energy security, sector reform, and sustainable economic growth,” the statement added.

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