Kenechukwu Nwangwu Leaves Shell Nigeria for FIPL

Image

By Adedapo Adesanya

The Board of First Independent Power Limited (FIPL), a Sahara Power Group company, has announced the appointment of Dr Kenechukwu Nwangwu as its new Managing Director/Chief Executive Officer as FIPL moves to ramp up generation via alternative energy sources.

According to Mr Kola Adesina, Group Managing Director, Sahara Power Group, the appointment will drive FIPL’s ongoing transformation towards sustainable and efficient power generation, especially in the Niger Delta and South-South regions of Nigeria.

“We are excited to welcome Kenechukwu to the team at a time when Sahara Group is moving swiftly towards more responsible power generation in line with our commitment to promoting environmental sustainability. We also believe our young engineers will have a lot to learn from the vast experience Kenechukwu is bringing to FIPL,” he said.

Mr Adesina said since its acquisition in 2013, FIPL had achieved a remarkable capacity increase from 143 MW to 429 MW through continuous investment in overhauls, technology, and human capital, commending the Rivers State Government for its unwavering support and contribution to FIPL’s continuing success.

“We will continue to strengthen our collaboration with the government and good people of Rivers State towards enhancing industrialization and galvanizing socio-economic growth through FIPL’s efficient power generation and corporate citizenship,” he said.

Mr Adesina added that FIPL’s team of young engineers continues to infuse technology-driven solutions that are facilitating top performance “while preparing FIPL for a future of smart energy generation powered by a healthy mix of different energy sources.”

Dr Nwangwu, who brings over two decades of professional experience to FIPL, said he found the FIPL project “exceptional and future-ready”.

He said: “Just like other entities under the Sahara Group, FIPL has a unique value proposition for all stakeholders. I am delighted to join the vision of bringing energy to life responsibly to all stakeholders with Team FIPL.”

Dr Nwangwu joins FIPL from Shell Petroleum Development Company of Nigeria Ltd, where he was the CEO, SPDC JV Afam VI 650MW Combined Cycle Power Plant. He led the business creditably with notable achievements in enhancing uptime, optimizing production, and reducing generation losses.

Besides being a Fellow of several professional bodies, he holds a degree in Electronic Engineering from the University of Nigeria, Nsukka, a Graduate Certificate in Oil and Gas Engineering at the SITP/ Robert Gordon University Aberdeen program, and a master’s degree in Petroleum Technology from Curtin University Australia.

He also holds two Doctor of Business Administration (Honoris Causa) degrees from Maverick Business Academy London and Commonwealth University.

With a total installed capacity of 541MW, FIPL is a Power generation company located in Rivers State, in the Niger Delta region of Southern Nigeria. FIPL has four Power plants under its portfolio strategically located across the State Afam (180MW), Omoku (150MW), Trans Amadi (136MW) and Eleme (75MW).

FIPL, with its leading mobile application REMACS (Remote e-Monitoring and Control System) development, is leveraging its internal Research and Development team to drive operational excellence, technological innovation, energy management, and effective monitoring of the impact of the business on the environment.

Share
Related Stories
Image
18-January-2024

Stanbic IBTC Fortifies Governance Structures for Value Delivery

By Aduragbemi Omiyale As part of its determination to enhance oversight and continually deliver value to stakeholders, Stanbic IBTC Holdings Plc has announced some appointments for its subsidiaries aimed at fortifying governance structures. According to the leading end-to-end financial services provider, the newly appointed board members are distinguished professionals with an impressive wealth of experiences spanning various facets of the financial industry, including banking, asset management, stockbroking, and fintech. The firm said the move, marked by the receipt of requisite regulatory approvals, reflected its commitment to maintaining robust oversight and delivering top-notch financial services to its clientele. A statement from

Image
14-February-2024

Africa Finance Corporation Appoints Emeka Emuwa Board Chairman

By Adedapo Adesanya African infrastructure solutions provider, Africa Finance Corporation (AFC), has announced the appointment of Mr Emeka Emuwa as Chairman of its Board of Directors as it seeks to expand its operations across the continent and build partnerships through international collaborations. Mr Emuwa brings 30 years of experience in the banking sector to the table, including a 25-year career with Citibank, as well as a stint in Union Bank of Nigeria. He has been a part of AFC’s Board since 2015, previously serving as the Chairman of the Board Risk and Investment Committee, and as a member of the

Image
21-February-2024

Tinubu Appoints Kemi Nanna Nandap as Comptroller-General of Immigration

By Modupe Gbadeyanka The Deputy Comptroller-General (DCG) of the Nigeria Immigration Service (NIS), Ms Kemi Nanna Nandap, has been elevated to the post of the Comptroller-General of the agency. This followed her appointment by President Bola Tinubu, according to a statement issued by his spokesman, Mr Ajuri Ngelale, on Wednesday. The presidential aide disclosed in the statement today that the appointment of Ms Nandap will take effect from Friday, March 1, 2024. She is taking over from Mrs Caroline Wura-Ola Adepoju, whose term in office expires on February 29, 2024, the disclosure said. “President Bola Tinubu has approved the appointment

Image
08-February-2024

Former Polaris Bank Director Segun Opeke Joins Wema Bank Board

By Aduragbemi Omiyale A former executive director at Polaris Bank Limited, Mr Segun Opeke, has joined the board of Wema Bank Plc as an executive director. He is joining the mid-level lender alongside a former chief executive of Galaxy Backbone Limited, Mr Yusuf Kazaure, who was appointed as a non-executive director in a bid to significantly enhance the wealth of knowledge within the bank’s board. Mr Opeke, who has worked in the banking sector for over 35 years, studied Banking and Finance at the University of Lagos and obtained an MBA from the same school in 1999. He started his

More Stories
Image
12-September-2017

Nigeria Equity Market Further Down by 0.75% as Investors Lose N72b

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) further finished in the red zone on Tuesday, closing 0.75 percent lower, thereby trimming the year-to-date return to 31.71 percent. Also, the market breadth ended negative with 28 laggards and 18 advancers as investors continued with profit taking. However, the volume of transactions and market turnover increased today with a total of 373.5 million shares worth N5.8 billion transacted at the market in 4,193 deals in contrast to 114.8 million shares traded yesterday in 3,232 deals valued at N2.2 billion. Business Post reports that at the close of trading activities on Tuesday,

Image
15-September-2020

Naira Depreciates to N460/$1 at Black Market, BDC

By Adedapo Adesanya The value of the Nigerian Naira against the United States Dollar depreciated by N5 at the black market on Monday to N460/$1 from N455/$1 it was exchanged last Friday. Also, the local currency lost N5 against the British Pound Sterling at the same parallel market yesterday to sell for N590/£1 in contrast to N585/£1 it traded previously and depreciated by N10 on the Euro to close the day at N530/€1 versus N520/€1. Business Post reports that despite the Central Bank of Nigeria (CBN) selling over $150 million to Bureaux De Change (BDC) operators since the resumption of

Image
11-March-2018

Ovueraye Appointed to Pilot Affairs of Saint Mulumba

By Dipo Olowookere The Order of the Knights of Saint Mulumba Nigeria (KSM) has elected Mr Diamond Ovueraye as the Supreme Knight and head of the new supreme executive board to govern its affairs for the next four years. In a statement issued by the group, it was explained that the new supreme board comprises 12-member executives to be led by Mr Ovueraye who emerged unopposed. Prior to his emergence, Mr Ovueraye was the Deputy Supreme Knight and had acted as the Supreme Knight in the last three months. The election which was the main agenda of a special KSM

Image
12-April-2018

Guinea Insurance Appoints Oshadiya Managing Director

By Dipo Olowookere Mr Babatunde Oshadiya has been announced as the new Managing Director of Guinea Insurance Plc, Mr Oshadiya’s appointment took effect from February 15, 2018, a statement from the insurer disclosed on Thursday. The appointee holds a B.Sc. degree in Insurance from the University of Lagos and is an Associate Member of both the Chartered Insurance Institute of London (ACII) and the Chartered Insurance Institute of Nigeria (ACIIN). According to the statement signed by the Company Secretary/Legal Adviser, Oluranti Oke, the new chief of the firm brings over 30 years of leadership experience and direction to the table.

Image
05-November-2019

Naira Gains at Interbank, I&E Segments as Dollar Demand Eases

By Adedapo Adesanya  Transactions closed on Monday, November 4, 2019 at foreign exchange (forex) market with the Naira appreciating against the US Dollar at both the Investors and Exporters (I&E) and Interbank segments of the market. The local currency saw a 20 Kobo gain against the Dollar at the investors window yesterday to trade at N362.55/$1. This is in contrast to N362.75/$1 the Naira was exchanged at the same segment last Friday. It was observed that the appreciation in value recorded by the domestic currency was influenced by the ease in the demand for the greenback at the market on

Image
29-December-2016

24 Stocks Lead Nigerian Equity Market to N32.6b Gain

By Modupe Gbadeyanka The Nigerian Stock Exchange (NSE) closed transactions for the day on Thursday with a gain of N32.6 billion. The Financial Services sector dominated the activity chart on Thursday in terms of volume transacted. FCMB, Zenith Bank, First Bank, GTBank and Diamond Bank all led the top five most traded equities accounting for a total of 55.4 million shares transacted at N485 million. In all, investors traded 117.4 million shares on the floor of the NSE today executed in 2,392 deals valued at N878 million. Looking at the market indicators, the all-share index went up by 94.68 points

Image
25-August-2020

NPDC Drills Well 16 to Boost Domestic Gas Supply by 600mmscf/d

By Adedapo Adesanya The Nigerian National Petroleum Corporation (NNPC) through its exploration and production arm, the Nigerian Petroleum Development Company (NPDC), has announced the successful drilling of Well 16 in Oil Mining Licence (OML) 111 which will boost Nigeria’s gas supply. This was disclosed by the Managing Director of NPDC, Mr Mansur Sambo, when the Group Managing Director of the NNPC, Mr Mele Kyari, visited the company’s Oredo Gas Handling plant in Benin City, Edo State. He said the well was essentially for gas with associated crude oil, adding that the plan was for the Gas Plant to be fed

Image
12-February-2018

Asian Equities Close Mixed as Japanese Market Close for Holiday

By Investors Hub Asian stocks ended mixed on Monday after U.S lawmakers managed to end a brief government shutdown with a bill raising spending caps and funding the government until March 23rd. Underlying sentiment remained supported somewhat as oil prices rebounded following six straight days of declines. The Japanese market was closed for the National Foundation Day holiday. Chinese shares rose after taking a beating last week. China’s Shanghai Composite index climbed 23.71 points or 0.8 percent to 3,153.56, although Hong Kong’s Hang Seng index dipped 47.79 points or 0.2 percent to 29,459.63. Australian shares closed a tad lower as

Ad
Ad
Recent Stories
Image
26-February-2024

Global Finance Names Ecobank Best FX Bank in Nigeria

By Dipo Olowookere Ecobank Nigeria Limited has been named as the Best FX Bank under the Country & Territory Awards category for Nigeria in the 2024 Global Finance’s annual SME Bank Awards. The parent company of the lender, Ecobank Group, on its part, clinched the Best Bank for SMEs in Africa 2024 award, reflecting its unwavering commitment to meeting the specialised needs of SMEs across its diverse markets. At the award ceremony held on Tuesday, February 20, 2024, at the Glaziers Hall in London, the United Kingdom, Global Finance explained that the Nigerian subsidiary of the leading pan-African Banking Group

Image
26-February-2024

GTCO, FBN Holdings, Transcorp Close as Busiest Stocks on NGX

By Dipo Olowookere The trio of Guaranty Trust Holding Company (GTCO) Plc, FBN Holdings Plc, and Transcorp Plc ended as the busiest stocks on the Nigerian Exchange (NGX) Limited last week. They accounted for 343.584 million shares worth N9.431 billion in 5,659 deals, contributing 24.96 per cent and 29.86 per cent to the total trading volume and value, respectively Data obtained by Business Post showed that the market recorded a turnover of 1.377 billion shares worth N31.584 billion in 42,040 deals versus the 1.559 billion shares valued at N36.497 billion traded in 42,546 deals in the preceding week. Financial equities

Image
26-February-2024

Excitement as Tinubu Commissions Geometric Power Plant

By Aduragbemi Omiyale The city of Aba in Abia State is beaming with excitement as President Bola Tinubu is expected to commission the Geometric power plant today, Monday, February 26, 2024. The facility is the first integrated power plant in Nigeria. It is situated in the Osisioma Industrial area of Aba. It is expected to provide 24-hour electricity to the city and about nine of the 17 local government areas of the state. The 181-megawatt Geometric power plant cost about $800 million and was done by a former Minister of Power, Mr Barth Nnaji. Electricity from the plant will be

Image
25-February-2024

Customs to Adopt Stable FX Rate for Cargo Clearance

By Adedapo Adesanya The Central Bank of Nigeria (CBN) has reviewed the formula for fixing foreign exchange (FX) rates for customs duties for cargo clearance after uproar over the constant changes in the rate. The apex bank asked the Nigeria Customs Service (NCS) and other related parties to adopt the closing FX rate on the date of opening Form M for the importation of goods, as the forex rate to be used for Import Duty Assessment,. This was disclosed by Mr Hassan Mahmud, the Director, Trade and Exchange Department of the CBN in a memo on Friday in Abuja. According

Image
25-February-2024

Climate Change: Agric Experts Advocate Smart Farming Practices

By Bon Peters Agriculture experts have advocated “smart farming practices” to combat climate change, improve productivity and enhance food security in the country. They noted that if climate change challenges were not nipped in the bud, more than 52 per cent of the country’s agricultural production would be threatened by 2050. The experts under the aegis of the Society of Action in Nigeria (SCAN), in collaboration with the University of Port Harcourt, disclosed this during a workshop organized for women and youth leaders on Thursday in Port Harcourt the Rivers state capital. A Senior Lecturer in the Department of Agricultural

Image
25-February-2024

VFD Group’s Adeniyi Adenubi Mentors Next Generation of Entrepreneurs

An executive director of VFD Group, Mr Adeniyi Adenubi, has mentored some students of the the Nigerian University of Technology and Management Scholars Programme (NSP). The mentoring session was to enlighten the next generation of entrepreneurs about the complexities of building a business, highlighting the impact of partnerships, entrepreneurial spirit, and service in the world of business, with the core message being Dream and believe in your dream. The Nigerian financial and investment expert spoke about his personal journey, which is intertwined with the dynamic principles of VFD Group, which include Entrepreneurial Ethos, Ambition, Agility, Partnerships, Innovation, Courage, and Commitment.

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

Image
25-February-2024

ECOWAS Lifts Sanctions on Niger, Mali, Guinea

By Adedapo Adesanya The Economic Community of West African States (ECOWAS) has resolved to lift some sanctions on Niger Republic, Mali, and Guinea. The resolution was taken at the extraordinary summit on the peace, political, and security situation in the ECOWAS sub-region in Abuja on Saturday. While the regional bloc said the political and a few targeted sanctions on the Niger Republic remain, it lifted some financial and economic sanctions on Guinea and others on Mali. Following the military coup in Niger Republic on July 26, 2023, which toppled President Mohamed Bazoum, ECOWAS imposed several sanctions on the country. Now,

Image
25-February-2024

SERAP Sues Wike, Governors Over Missing N40trn Allocations

By Adedapo Adesanya The Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against Nigeria’s governors and the Minister of the Federal Capital Territory, Abuja, Mr Nyesom Wike, over their failure to account for the alleged missing N40 trillion federal allocations meant for local governments in the states and the FCT. The suit followed the damning revelations by former President Muhammadu Buhari who in December 2022 stated that “if the money from the federation account to the states is about N100 million, N50 million will be sent to the chairman but he will sign that he received N100 million.

Image
24-February-2024

Consumer Goods, Banking Stocks Lift Equity Market by 0.84%

By Dipo Olowookere The Nigerian Exchange (NGX) Limited rebounded by 0.84 per cent on Friday, lifted by bargain-hunting in the consumer goods and banking sectors. The consumer goods index went up by 4.05 per cent during the session, as the banking space increased by 0.67 per cent, while the insurance counter depreciated by 0.09 per cent, as the energy and industrial goods sectors closed flat. At the close of transactions, the All-Share Index (ASI) grew by 849.20 points to 102,088.30 points from 101,239.10 points, and the market capitalisation expanded by N464 billion to N55.861 trillion from N55.397 trillion. Business Post