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Aigbovbioise Aig-Imoukhuede for Africa Financial Summit in Morocco

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Aigbovbioise Aig-Imoukhuede

By Aduragbemi Omiyale

The chief executive of Coronation Asset Management, Mr Aigbovbioise Aig-Imoukhuede, will speak at the Africa Financial Summit (AFIS) fixed for Monday, December 9 to Tuesday 10, 2024, in Casablanca, Morocco.

Mr Aig-Imoukhuede, who is also the President of the Fund Managers Association of Nigeria (FMAN), will participate as a distinguished speaker on a strategic panel titled Connecting the Dots Between Investors and Issuers with AI and Fintech, with the session to be moderated by Senior Director at McKinsey and Company, Anass Bensrhir.

He will be joined by the Director General of the Securities and Exchange Commission (SEC) in Nigeria), Mr Emomotimi John Agama; and the Chairman of the Financial Regulatory Authority in Egypt, Mr Mohamed Farid Saleh.

The panel will delve into critical topics such as cultivating a digital investment culture to attract investors and issuers, scaling digital investment products through traditional banking channels, and fostering strong collaboration between fintech innovators and regulators.

Mr Aig-Imoukhuede will share insights on how Coronation is developing digital infrastructure and frameworks to enable wealth creation at all levels—individual, organisational, and public sector—while influencing economic growth across the continent.

“At Coronation, we believe that wealth creation should be accessible to all, and technology is the key to making this a reality.

“Through AI and fintech, we aim to bridge the gap between investors and issuers, laying the foundation for a thriving financial ecosystem across Africa. The discussions at AFIS will be instrumental in driving this transformation,” he stated.

Mr Aig-Imoukhuede is a seasoned leader in the financial sector, with extensive experience in wealth management, investment strategy, and policy advocacy.

His leadership at Coronation Asset Management highlights his expertise in driving innovative investment strategies, advancing wealth management solutions, and fostering sustainable growth across Nigeria’s financial ecosystem and the broader African market.

Coronation’s participation at AFIS reflects its commitment to redefining financial services through innovation and partnerships.

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FCCPC Seals Illegal Consumer Protection Group in Abia

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FCCPC

By Adedapo Adesanya

The Federal Competition and Consumer Protection Commission (FCCPC) has sealed the premises of an entity operating under the name Community Crime Prevention Initiative of Nigeria (CCPIN) in Aba, Abia state.

In a statement on Thursday, Mr Ondaje Ijagwu, FCCPC’s director of corporate affairs, said the enforcement operation took place on Wednesday at Number 214 Aba-Owerri Road, in collaboration with law enforcement agents.

Mr Ijagwu said FCCPC’s action followed credible intelligence that CCPIN was falsely claiming affiliation with the commission and misleading the public by representing itself as an “authorised consumer protection NGO”.

“The entity had issued public notices alleging joint surveillance operations with FCCPC and was soliciting consumer complaints through unauthorised telephone lines,” the statement reads.

“During the operation, the operator of the facility, Dr Onwuka K. Okorie, was arrested on-site and is currently in police custody at World Bank Police Station, Abayi-Aba, Abia State, pending further investigation and prosecution.

“A number of exhibits bearing FCCPC’s name, logo, and false enforcement materials were recovered from the premises.”

The official said the commission has no affiliation with CCPIN and does not authorise or partner with the group or any similarly styled organisation for enforcement or consumer protection operations.

He added that FCCPC does not delegate such enforcement powers to NGOs, private entities, or individuals without formal legal authorisation.

Mr Ijagwu advised the public to disregard any announcements, sealing notices, or consumer-related campaigns issued by CCPIN or its representatives.

“To verify any enforcement or communication, members of the public can contact the Commission through its hotlines: 08056002020 and 08056003030. Official FCCPC activities and communications can also be verified via fccpc.gov.ng or social media handles (@fccpcnigeria),” he added.

The recognised consumer protection body also reaffirmed its commitment to operating with the highest level of transparency while ensuring consumer protection and market integrity.

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Navy Destroys Nine Illegal Refineries in Rivers, Seizes Stolen Oil

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Nigerian Navy

By Adedapo Adesanya

The Nigerian Navy Ship (NNS) Pathfinder has dismantled nine illegal refining sites in Ogba/Egbema/Ndoni Local Government Area of Rivers State, seizing over 170,000 litres of suspected stolen and illegally refined petroleum products.

This is the latest in a long series of efforts to curb oil theft hampering crude oil production and economic growth in Africa’s largest oil producer.

The operation, carried out yesterday (Wednesday) uncovered a sprawling network of criminal infrastructure, including 45 ovens, 30 reservoirs, and 75 dugout pits, according to Commodore Cajethan Nnabuchi Aniaku, Commander of NNS Pathfinder.

He revealed that the illegal sites were stocked with approximately 60,000 litres of suspected stolen crude oil, 80,000 litres of illegally refined Automotive Gas Oil (AGO) known as diesel, and 33,000 litres of kerosene.

He said, “During the operation, the Tactical Riverine Assault Squadron Team acting on credible intelligence discovered two wellheads connected with pipes used for siphoning crude oil to illegal camps.

“The team dismantled the connected pipes to the wellheads and destroyed the illegal refining sites. The products were handled in accordance with anti-crude oil theft procedures,” he added.

The outfit could not make any arrests as the perpetrators fled on sighting the patrol team, the scale of the seizure underscores the magnitude of oil theft operations still active in the Niger Delta.

Commodore Aniaku praised the bravery and professionalism of the personnel involved and reaffirmed the Navy’s unwavering resolve to stamp out economic sabotage.

“Under the leadership of Vice Admiral E. I. Ogalla, the Nigerian Navy remains committed to combating crude oil theft and illegal bunkering activities which pose significant threats to the nation’s economy and energy security,” he stated.

The latest crackdown comes as the Navy intensifies its riverine operations across the oil-rich region, aligning with national efforts to boost crude production and plug revenue leakages caused by pipeline vandalism and illegal refining.

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Petrobas Mulls Re-entry into Nigeria, Eyes Deepwater Exploration

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Petrobras Oil

By Adedapo Adesanya

Brazilian state oil company, Petrobras, is seeking a return to Nigeria’s oil sector with a renewed focus on frontier deepwater exploration.

This came as part of efforts to strengthen ties between both countries.

In a statement on Wednesday, Mr Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, announced that the development came during an interministerial review meeting.

The meeting, chaired by Vice President Kashim Shettima at the Presidential Villa in Abuja, was held to prepare for the second session of the Nigeria-Brazil Strategic Dialogue Mechanism (SDM) in June 2025.

Petrobras, the equivalent of Nigerian National Petroleum Company (NNPC) Limited, had previously wound down its Nigerian operations at the Agbami Field.

Now, with renewed economic reforms under President Bola Tinubu, the company is actively engaging the Nigerian authorities for fresh investment opportunities.

Speaking at the session, Vice President Shettima underscored the strategic importance of Nigeria’s relationship with Brazil, especially as Brazil prepares to host a series of global summits this year.

Providing further insight into Petrobras’ return, Minister of Foreign Affairs, Mr Yusuf Tuggar, confirmed ongoing discussions with the state owned oil company.

“Apart from ethanol, which they are hoping to engage the NNPCL for blending, Petrobras is also being actively engaged, and we expect they will form part of the delegation to Nigeria,” Mr Tuggar said.

“Petrobras is no longer active in Nigeria, but they are very keen on coming back. They said they want frontier acreage in deep waters.”

Brazil is one of the leading crude oil producers in the world and the largest in Latin America, producing 3 million barrels of crude oil per day.

In addition, the country has proven oil reserves of over 12 billion barrels, primarily located offshore in the Atlantic Ocean.

Petrobras dominates the sector, especially in offshore exploration and production but has joint ventures with international oil companies such as Shell, TotalEnergies, Equinor, and Chevron.

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