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NUPRC Cancels Chappal’s 10% Stake in TotalEnergies’ Assets

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Chappal Energies

By Adedapo Adesanya

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has withdrawn the sale of a minority stake in TotalEnergies assets to Chappal Energies over the failure to meet financial commitments.

Last July, TotalEnergies agreed to sell a 10 per cent stake in Shell Petroleum Development Company of Nigeria Limited (SPDC) to the relatively unknown Chappal Energies.

In October 2024, the deal was granted regulatory approval by the NUPRC, leaving the assent of the President as the final step to transfer ownership to complete the deal.

Now, regulatory approval for the sale has not met financial commitments required to complete the deal, according to Mr Eniola Akinkuoto, spokesperson for the commission.

“The ministerial consent was accompanied by certain financial obligations to the Nigerian people with strict deadlines. However, both parties failed to meet their financial commitments after repeated extensions, forcing the commission to cancel the deal,” Mr Akinkuoto said on Tuesday.

As per Reuters, Chappal failed to raise the $860 million valuation fee, and as a result TotalEnergies did not fulfil its requirement to pay regulatory fees and cover funds for environmental rehabilitation and future liabilities.

The failed deal leaves TotalEnergies saddled with its stake in a business which has struggled with hundreds of oil spills as a result of theft, sabotage and operational issues that led to costly repairs and billions in debt.

Recall that Chappal Energies last December successfully closed the purchase of Nigerian assets from Equinor for $1.2 billion, with financial backing from Mauritius Commercial Bank and commodities trader Trafigura. However, Chappal has not disclosed other financial backers for the proposed purchase from TotalEnergies.

Prior to this, Chappal Petroleum unsuccessfully bid for Nigerian shallow-water oil blocks that Exxon agreed to sell to Seplat in February 2022.

In July 2025, TotalEnergies’ chief executive, Mr Patrick Pouyanne told investors in July the Nigerian sale was one of three deals that would bring in $3.5 billion before year-end and lower the company’s debt-to-equity ratio.

The failed sale will also leave TotalEnergies with interests in 15 licences in mostly oil-producing fields that netted the company about 14,000 barrels of oil-equivalent per day in 2023, as well as three licences in gas fields that account for 40 per cent of its Nigeria LNG gas supply.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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  1. Pingback: TotalEnergies in Talks With New Buyer After Chappal Stake Sale Failure | Business Post Nigeria

  2. Pingback: NUPRC Approves TotalEnergies’ $510m Deal With Shell, Agip | Business Post Nigeria

  3. Pingback: Ministerial Consent Withdrawal in Chappal/Total Deal Won't Prevent | Business Post Nigeria

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NECA’s Annual Retreat for Business Managers, Executives Holds April 16

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NECA Adewale Smatt-Oyerinde

By Aduragbemi Omiyale

The annual retreat for business managers and executives organised by the Nigeria Employers’ Consultative Association (NECA) will take place from April 16 to 18, 2026, at the AAE & T Hotel, Kuto, Abeokuta, Ogun State.

This year’s edition is themed The Resilient Enterprise, People and Systems: Building and Managing Businesses that Outlive Seasons, Cycles and Crises.

The programme aims to equip leaders with the insights, tools, and networks required to build resilient organisations in an increasingly complex business environment.

It will provide a unique platform for executive-level engagement through high-level conversations, peer learning sessions with experienced leaders, strategy reflection workshops, and curated networking opportunities.

Expected to attend are industry leaders, senior executives, and business managers from across sectors. They will explore strategies for sustaining organisational performance through leadership transitions, economic cycles, regulatory shifts, and market disruptions.

Participants will also benefit from interactive discussions focused on strengthening corporate governance, developing agile leadership capabilities, and building organisational systems that can withstand periods of uncertainty and transformation.

A notice from NECA said the event is open to both members and non-members, with participation fees set at N300,000 for members and N320,000 for non-members. Discounts will also be available for Gold and Silver members, subject to applicable terms and conditions.

Interested participants are encouraged to register via the official registration link to secure their place at the retreat, which promises to deliver valuable insights and connections for executives seeking to build enterprises capable of thriving through seasons of change and uncertainty.

The Director-General of NECA, Mr Adewale Smatt-Oyerinde, noted that by convening business managers and senior executives in a collaborative learning environment, the association aims to contribute to the development of stronger, future-ready enterprises that can drive economic growth, create jobs, and support national development even in the face of evolving global and local challenges.

He added that the retreat will provide executives with the opportunity to step away from daily operational demands and engage in deeper strategic conversations with peers and industry experts.

“The theme of this year’s retreat speaks directly to the realities businesses face today. Across sectors, organisations are navigating leadership transitions, regulatory shifts, economic pressures, and technological disruption.

“What distinguishes enduring enterprises is their ability to build strong systems, develop capable leaders, and create organisational cultures that can adapt and respond effectively to change,” the NECA chief said.

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Egbin Power Commissions 80 New Staff Housing Units

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Egbin Power 80 New Staff Housing Units

By Modupe Gbadeyanka

In further demonstration of its unwavering commitment to its workforce, Nigeria’s foremost power generation company, Egbin Power Plc, has unveiled 80 new residential housing units for employees within its plant premises in Egbin, Lagos State.

This comprises 40 fully furnished three-bedroom apartments and 40 furnished studio apartments, all designed to contemporary standards.

The units feature modern infrastructure and thoughtfully planned utilities, creating a safe, comfortable, and conducive living environment that supports both employee productivity and family well-being.

This strategic investment underscores the company’s philosophy that a well-supported workforce is fundamental to sustained operational excellence.

The new housing units are part of a holistic strategy to cultivate a stable, motivated, and future-ready workforce.

This strategy extends beyond infrastructure to encompass robust career development and recognition. Over the past three years, Egbin Power has promoted 112 employees across various cadres, reinforcing a culture that rewards merit, performance, and long-term dedication

“At Egbin Power, our people are our most valuable asset. Even amidst the prevailing liquidity and operational realities within the broader power sector, our focus on employee welfare has remained deliberate and consistent.

“This significant expansion of our residential estate is a tangible expression of that commitment.

“It is one of several key initiatives aimed at ensuring our employees feel genuinely supported, allowing them to thrive both personally and professionally,” the chief executive of Egbin Power, Mr Mokhtar Bounour, said.

Initiated in 2025 and completed in January 2026, this project is the latest milestone in Egbin Power’s structured and ongoing approach to enhancing employee welfare. It reflects the energy firm’s dedication to fostering a culture where every team member feels valued, secure, and motivated.

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NGX Group, CSCS, WIMBIZ to Ring Bell for Gender Equality

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Ring Bell for Gender Equality

By Aduragbemi Omiyale

On Tuesday, March 10, 2026, at the Nigerian Exchange Group House in Lagos, the role of capital markets in promoting gender equality will be reemphasised through the closing gong ceremony in commemoration of International Women’s Day 2026.

The ceremony is part of the global Ring the Bell for Gender Equality campaign, which mobilises stock exchanges worldwide to expand women’s participation in the economy and advance gender-inclusive practices.

In Nigeria, the NGX Group is partnering with the Central Securities Clearing System (CSCS) Plc and Women in Management, Business and Public Service (WIMBIZ) to make it memorable under the theme Rights. Justice. Action. For ALL Women and Girls.

Dignitaries expected at the ceremony include the Minister of State for Foreign Affairs, Mrs Bianca Odumegwu-Ojukwu; the First Lady of Imo State, Mrs Chioma Uzodimma; the Executive Commissioner for Legal and Enforcement at the Securities and Exchange Commission (SEC), Ms Frana Chukwuogor; foremost actor, Ms Funke Akindele; a Director at the NGX Group, Ms Ojinnika Olaghere; and another staffer of NGX Group, Mrs Fatima Wali-Abdulrahman, alongside board members of NGX Group, regulators, capital market stakeholders, and industry leaders.

NGX Group is joining other exchanges worldwide in sounding the NGX Gong to underscore the importance of inclusive leadership, equal opportunities, and stronger market accountability in advancing gender equality.

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