By Adedapo Adesanya

Clea, a blockchain-powered platform that allows African importers to pay international suppliers in USD while settling locally, has officially launched.

During its pilot phase, Clea processed more than $4 million in cross-border transactions, demonstrating strong early demand from businesses navigating the complexities of global trade.

Clea addresses persistent challenges that African importers have long struggled with, including limited FX access, unpredictable exchange rates, high bank charges, fraudulent intermediaries, and payment delays that slow or halt shipments. The continent also faces a trade-finance gap estimated at over $120 billion annually, limiting importers’ ability to access the FX and financial infrastructure needed for timely international payments by offering fast, transparent, and direct USD settlements, completed without intermediaries or banking bottlenecks.

Founded by Mr Sheriff Adedokun, Mr Iyiola Osuagwu, and Mr Sidney Egwuatu, Clea was created from the team’s own experiences dealing with unreliable international payments. The platform currently serves Nigerian importers trading with suppliers in the United States, China, and the UAE, with plans to expand into additional trade corridors.

The platform will allow local payments in Naira with instant access to Dollars as well as instant, same-day, or next-day settlement options and transparent, traceable transactions that reduce fraud risk.

Speaking on the launch, Mr Adedokun said, “Importers face unnecessary stress when payments are delayed or rejected. Clea eliminates that uncertainty by offering reliable, secure, and traceable payments completed in the importer’s own name, strengthening supplier confidence from day one.”

Mr Osuagwu, co-founder & CTO, added, “Our goal is to make global trade feel as seamless as a local transfer. By connecting local currencies to global transactions through blockchain technology, we are removing long-standing barriers that have limited African importers for years.”

According to a statement shared with Business Post, Clea is already working with shipping operators who refer merchants to the platform and is also engaging trade associations and logistics networks in key import hubs. The company remains fully bootstrapped but is open to strategic investors aligned with its mission to build a trusted global payment network for African businesses.

By Adedapo Adesanya

Seplat Energy Plc has completed the conversion of its operated onshore oil and gas assets to the fiscal regime of Nigeria’s Petroleum Industry Act (PIA), marking a major regulatory milestone for the company.

In a statement issued on Tuesday, the dual-listed Nigerian energy firm said its subsidiaries, Seplat West Limited and Seplat East Onshore Limited, finalised the conversion from the former Petroleum Profits Tax framework to the PIA regime following the fulfilment of all technical and regulatory requirements.

The PIA, signed into law in August 2021, was introduced to modernise governance, improve transparency, attract investment, and make Nigeria’s petroleum fiscal framework more competitive globally.

The conversion covers assets previously held under Oil Mining Leases (OMLs) 4, 38, 41 and 53. During the first nine months of 2025, these assets recorded an average working interest production of 42,591 barrels of oil equivalent per day, accounting for approximately 31 per cent of Seplat’s total output.

According to the company listed on both the Nigerian Exchange Limited and the London Stock Exchange, the PIA framework is expected to support increased investment, production growth and improved operational efficiency. The anticipated impact of the conversion had already been factored into Seplat’s medium-term guidance presented at its Capital Markets Day in September 2025.

Seplat noted that it executed Conversion Contracts with its joint venture partners in February 2023 and has since worked closely with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to complete the process. New Petroleum Mining Lease (PML) and Petroleum Prospecting Licence (PPL) numbers have now been issued, with PIA-based operations expected to commence from January 1, 2026, subject to regulatory guidance.

Commenting on the development, Chief Executive Officer Roger Brown said the successful conversion reflects the company’s commitment to regulatory compliance and value creation.

“Conversion to the PIA fiscal regime has been an important focus for Seplat, and we are delighted to have delivered, alongside our respective joint venture partners, the conversion of our onshore operated assets within the timeline outlined at our recent Capital Markets Day,” Mr Brown said.

He added that the transition positions the company for improved profitability and stronger cash flow margins in its onshore business.

Seplat also disclosed that it is continuing efforts to convert its offshore assets to the PIA regime, with a target completion date of 2027.

By Adedapo Adesanya

African Export-Import Bank (Afreximbank) and Heirs Energies Limited have signed a $750 million financing agreement to strengthen the energy firm’s capital structure and fund its field development programme in Nigeria.

According to a joint statement on Monday, the dual-tranche senior secured reserve-based lending facility, arranged by Afreximbank, will provide liquidity to support Heirs Energies’ growth strategy as it seeks to ramp up oil and gas production.

Afreximbank acted as mandated lead arranger, facility agent, and security agent for the deal.

“This partnership is a testament to Afreximbank’s commitment to value creation and empowering African entrepreneurs,” said Afreximbank President George Elombi at the signing ceremony in Abuja.

He added that the bank planned to channel significant capital into the proposed African Energy Bank (AEB).

On his part, Heirs Energies Chairman, Mr Tony Elumelu said the transaction underscored the role of African capital in financing the continent’s future.

“It reflects the successful journey Heirs Energies has taken – from turnaround to growth,” he said.

The deal builds on a 2021 transaction in which Heirs Energies, then Heirs Oil & Gas, acquired a 45 per cent stake in OML 17 for $1.1 billion, backed by Afreximbank and other lenders.

Since then, the company has doubled crude output to about 50,000 barrels per day and has become a leading gas supplier to Nigeria’s power sector.

Just last month, Heirs Energies and the Nigerian National Petroleum Company (NNPC) Limited and its partner, successfully doubled natural gas production at a key oil block, OML 17, as part of a broader strategy to boost domestic supply and ease the country’s electricity shortages.

The increase came from the OML 17 oil and gas field, operated by Heirs Energies in a joint venture with the Nigerian state oil company.

A rigless well intervention unlocked an additional 135 million standard cubic feet of gas per day (MMscf/d), enough to feed multiple power plants, directly contributing to an increase in electricity generation capacity by over 350MW.