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.

By Aduragbemi Omiyale

The former Director General of the Securities and Exchange Commission (SEC), Mr Lamido Yuguda, has been confirmed as a deputy governor of the Central Bank of Nigeria (CBN).

The nomination of the capital market expert was confirmed on Wednesday by the Senate after undergoing screening.

At the plenary today, presided over by the Senate President, Mr Godswill Akpabio, the chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mr Adetokunbo Abiru, submitted a report on Mr Yuguda’s screening to his colleagues, saying he is capable of occupying the position.

Also screened by the upper chamber of the National Assembly was another nominee of President Bola Tinubu, Mrs Peggy Ufanima Onwu, who is to serve as an independent director of the Nigerian Deposit Insurance Corporation (NDIC).

Mr Abiru, whose report was seconded by Mr Wasil Sani, told the parliament that during the screening exercise, the ex-SEC chief demonstrated strong knowledge of monetary policy, financial regulation, and institutional governance.

After deliberations on the matter, the Senate confirmed Mr Yuguda as a deputy governor of the central bank and Mrs Onwu as an independent director of the NDIC.

By Modupe Gbadeyanka

A Norwegian investment fund for developing countries, Norfund, has appointed Mr Erik Sandersen as its new chief executive, succeeding Mr Tellef Thorleifsson, who in January announced that he would step down after over seven years in the position.

The appointee, who assumes office on July 1, 2026, will be responsible for Norfund’s three mandates: the original development mandate from 1997, aimed at reducing poverty through job creation in developing countries; the Climate Investment Fund, which Norfund has managed since 2022; and the Ukraine Fund, established in December 2024.

A statement disclosed that Mr Sandersen is armed with 25 years of experience from the financial sector and has, for the past decade, headed Norfund’s Financial Inclusion department.

He joined Norfund in 2014 as Investment Director in the Financial Inclusion department, which invests in banks, microfinance and fintech, with a particular aim of contributing to job creation in small and medium-sized enterprises.

Since 2016, he has headed the department, and from 2024, he has also led the work on the Ukraine Fund. Over a number of years, he has represented Norfund on the boards of, among others, Arise, an investment company for banks in Africa, and Abler Nordic, which invests in microfinance in Africa and Asia.

The chairman of the Norfund board, Ms Olaug Svarva, said Mr Sandersen “has strong investment expertise, in-depth knowledge of Norfund’s work and a strong commitment to the fund’s mission.”

Reacting to his appointment, Mr Sandersen described Norfund’s profitable investments as “an effective tool for development – whether it is about creating jobs in low-income countries, avoiding emissions in emerging economies or contributing to reconstruction in Ukraine.”

“The strong results Norfund delivers are based on the efforts of a highly skilled and diverse staff of 152 employees from 33 nationalities, and I look forward to working closely with them to further develop Norfund as a leading purpose-driven investment company,” he added.

Mr Sandersen said he looks “forward to leading the organisation going forward at a time when access to the capital and expertise we can offer is becoming increasingly important.”