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Private Equity Africa Honours Papa Ndiaye of AFIG Funds
By Modupe Gbadeyanka
Chief Executive Officer (CEO) of AFIG Funds, Mr Papa Ndiaye, has been announced winner of the 2018 Outstanding Leadership Award.
He was bestowed with this honour at a ceremony organised by the Private Equity Africa (PEA) in London last Tuesday night.
PEA is the pre-eminent magazine on Private Equity in Africa. It is in recognition of PE professionals who have helped shape the industry.
“It is quite an honour to be recognized by my esteemed peers for Private Equity Africa’s Outstanding Leadership Award.
“I have had the privilege of seeing the African PE industry blossom from its very humble beginnings in the 1990s, and I firmly believe that the best years are ahead of us, particularly with African capital markets evolving rapidly and the African PE LP base broadening to include a more diverse base of local as well as international institutions in recent years,” said Mr Ndiaye.
“This award is a strong testament to the commitment and hard work of my colleagues at AFIG Funds, who have accepted the challenge of promoting private equity both in established and frontier markets on the continent.
“Thanks to their hard work and excellence, we have invested across 12 countries to-date and impacted the development of African blue-chip companies in several sectors, while providing healthy returns to our Limited Partners.
“I also thank my peers in the industry, whose support and friendship and contributions have been essential in fostering a collective vision for a stronger PE sector in Africa,” he added.
It has been a remarkable year for AFIG Funds with one of the company’s LP Old Mutual also being recognized for a House of the Year Award, as well as INJARO (an AFIG Funds strategic partner) for the Small Cap/VC category.
Ms Gail Mwamba, Awards Chair &Managing Editor of PEA said, “The Private Equity Africa awards celebrate industry leaders who are doing exceptional work on the continent, and highlighting their achievements helps develop the continent.
“The Outstanding Leadership Award is the only category that is voted on by industry peers. Papa was selected by the industry leaders for his consistent contribution to the growth of the industry. We would like to thank Papa for his contribution to the industry and congratulate him on winning this prestigious award,” Ms Mwamba said.
Mr Ndiaye has been a leader in the Private Equity landscape for three decades. Before AFIG Funds, he was a founding member and Investment Director of EMP (now ECP).
Prior to that, he had investment responsibilities in IFC’s Africa Department and helped launch several landmark funds in Africa. He also worked at Salomon Brothers in 1988 before joining JP Morgan’s Emerging Markets Group in 1992 in the Latin America M&A Group and served as Economic advisor to President Wade of Senegal in 2000.
In 2004, Mr Ndiaye was selected as a “Young Global Leader” by the World Economic Forum of Davos, and then as one of the “Frontier 100 CEOs” of the Initiative for Global Development in 2009.
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ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation
By Bon Peters
The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.
At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.
At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.
“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.
He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.
The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating trade and increasing Revenue generation.”
“I remember I told her she was a mother during her maiden visit to the airport.
“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.
“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.
Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.
General
FG Declares Holidays for Christmas, New Year Celebrations
By Adedapo Adesanya
The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.
The government also declared Thursday, January 1, 2026, for the New Year celebration.
The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.
According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.
Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.
He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.
Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.
General
Dangote Refinery Warns Against Artificial Petrol Scarcity
By Modupe Gbadeyanka
Local crude oil refiner, Dangote Petroleum Refinery, has kicked against attempts to put consumers of premium motor spirit (PMS), otherwise known as petrol, under untold hardship in the country.
The company, which commenced nationwide sales of the product at a pump price of N739 per litre across all MRS Oil Nigeria Plc filling stations, appealed to Nigerians to report any of its marketers who sell above this price.
“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable.
“We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the Lagos-based refinery said in a statement.
It noted that the significant price reduction was part of its mission to deliver affordable fuel to consumers and stabilize the downstream petroleum market.
With over 2,000 MRS stations nationwide, the new pricing is expected to be implemented across all outlets, ensuring that the benefits of this reduction reach consumers nationwide.
Dangote Refinery applauded marketers who have embraced the new pricing regime and urged others to follow suit in the interest of national economic recovery.
“We commend MRS and other marketers who have demonstrated patriotism by reflecting the reduced price at the pump. We call on others to join this effort as a show of support for Nigeria’s economic recovery,” the refinery stated.
Historically, the festive season has been associated with fuel scarcity and sharp price hikes. However, Dangote Refinery has delivered a decisive market intervention—crashing pump prices at a time when Nigerians typically brace for hardship. Backed by a guaranteed daily supply of 50 million litres, this initiative fundamentally alters the supply dynamics during the holiday period.
By refining locally at scale, the refinery is reducing Nigeria’s exposure to volatile global markets, conserving foreign exchange, stabilizing the Naira, and strengthening energy security. This sustained price cut and steady supply are providing relief to households, businesses, and transport operators nationwide.
Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.
“We encourage Nigerians to avoid buying PMS at excessively high prices when they can access locally refined fuel at N739 per litre from over 2,000 MRS stations nationwide. Report any MRS station selling above N739 per litre by calling 0800 123 5264,” the refinery said.
“We also call on other petrol station operators to patronize our products so that the benefits of this price reduction can be passed on to Nigerians across all outlets, ensuring broad-based relief and a more stable downstream market,” it added, reaffirming its commitment to steady supply, price moderation, and energy security, emphasizing that its operations are anchored on long-term national interest rather than short-term market pressures.
“Our objective remains clear: to ensure consistent supply of high-quality petroleum products at affordable prices for Nigerians, while supporting economic stability and reducing dependence on imports,” the refinery concluded.
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