Business
PwC strengthens Nigeria’s business with four new partners
PwC Nigeria has added four new partners across its advisory, assurance and tax and regulatory services in a move that strengthened the firm’s competitive advantages in the Nigerian market.
The four new Nigerian partners, which admission takes effect immediately, are part of PwC Africa’s admission of 20 new partners across the region.
The newly admitted partners included Adesola Abiodun, Advisory Services; Oluwadamilola Dada, Assurance Services; Ugochi Ndebbio, Tax and Regulatory Services and Emeka Chime, a partner under Tax and Regulatory Services.
PwC noted that their admission came at a pivotal moment as organisations navigate rapid technological disruption, evolving stakeholder expectations, and shifting regulatory and economic realities.
Country Senior Partner, PwC Nigeria, Sam Abu, said the new partners bring expertise and leadership needed to support organisations to thrive in the dynamic Nigerian environment.
He noted that this year’s partner admissions reflected PwC Africa’s continued commitment to diversity and inclusion, with women representing 55 per cent of the total cohort.
“I am delighted to welcome four new partners to our partnership in Nigeria. Their admission recognises years of exceptional performance and marks their rise to the highest level of the profession.
“Over the years, they have supported our clients and helped shape our people and our firm. As businesses navigate a world of accelerating change, they need trusted advisers who can help them respond with confidence.
“Our new partners bring the perspective and leadership to help clients build trust, reinvent, and unlock new opportunities for growth,” Abu said.
Abiodun is a Partner in PwC Nigeria’s Deals Advisory practice, where he drives the firm’s private capital raising transactions across private credit, private equity, sustainable finance as well as the performance and restructuring business.
He also supports on the end-to-end mergers and acquisition advisory business.
Abiodun advises clients on direct project funding, bridge financing, corporate funding, working capital solutions and mergers and acquisitions across multiple sectors.
With nearly two decades of professional experience, he has built and managed relationships with international, regional and domestic financial institutions, including development finance institutions, sovereign wealth funds, pension funds, insurance funds and other institutional investors.
He has led fundraising transactions exceeding $10 billion across multiple sectors. Prior to joining PwC, he worked at Infrastructure Credit Guarantee Company Limited, where he led strategic planning and execution of origination projects while managing investor relations, client relationships and market development activities.
He also worked at Vetiva Capital Management Limited, advising public and private sector clients on debt and equity capital raising, project finance, mergers and acquisitions, and divestments.
He holds a First-Class degree in Accounting from the University of Lagos and a Master’s degree in Accounting and Finance with Distinction from Alliance Manchester Business School, University of Manchester UK. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN).
As a Partner, Abiodun will continue to focus on helping clients access capital, lead the execution complex transactions across the deals cycle and unlock growth opportunities. He will also support the expansion of PwC’s Deals Advisory services across Nigeria and the West Market Area.
Dada is Partner in PwC Nigeria’s Assurance practice serving leading organisations across the energy, utilities and resources sectors in Nigeria and internationally.
She has extensive experience in audit and assurance, internal controls, financial reporting and risk management. Prior to joining PwC Nigeria, she worked with PwC USA, advising major utility and energy companies reporting under US GAAP, SEC and Sarbanes-Oxley frameworks. Throughout her career, she has held several leadership roles, including serving as Chief of Staff to the PwC Africa Assurance Leader.
Dada holds an MBA from Imperial College Business School, London, and is an Associate Chartered Accountant (ICAN), a Certified Public Accountant (Texas, USA), and holds the ACCA Diploma in International Financial Reporting Standards.
She has also advised boards, executive leadership teams, regulators and multinational organisations on compliance, financial reporting, controls transformation and business improvement initiatives.
Her areas of expertise included audit and assurance, Internal Control over Financial Reporting (ICFR), risk management, Sarbanes-Oxley compliance, and financial reporting under IFRS Accounting Standards and US GAAP.
She is recognised for helping organisations strengthen internal control environments, enhance financial reporting quality and build stakeholder confidence in complex and highly regulated industries.
As a Partner, Dada will focus on helping clients build trust through high-quality assurance, strong internal control frameworks and innovative risk management solutions.
She will also support the continued growth of PwC Nigeria’s energy, utilities and resources assurance practice, with a focus on advancing technology-enabled assurance and strengthening client relationships across the sector.
Ndebbio is a Partner in PwC Nigeria’s Tax and Regulatory Services practice and the driving force behind the firm’s Regulatory Business Solutions service line. Dual-qualified in law and accounting, she delivers comprehensive regulatory and tax compliance solutions to clients across a broad range of industries — spanning legal advisory, due diligence, health checks, transaction structuring, and access to tax and fiscal incentives.
Ndebbio also heads PwC Nigeria’s dispute resolution practice, representing clients before the Tax Appeal Tribunal, and champions the firm’s policy advocacy services — partnering with clients to produce data-driven reports and engage government authorities alongside industry stakeholders in pursuit of actionable solutions.
As General Counsel for PwC Nigeria, she provides strategic legal oversight across the full spectrum of the firm’s operational relationships, leading the in-house legal team to ensure sound legal governance at every level.
Ndebbio is a member of the Nigerian Bar Association (NBA), Association of Chartered Certified Accountants UK (ACCA), Institute of Chartered Accountants of Nigeria (ICAN), Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), and Chartered Institute of Taxation of Nigeria (CITN) — a multidisciplinary foundation that uniquely positions her to deliver integrated, commercially astute advice at the intersection of law, tax, and regulatory compliance.
As a Partner, Ndebbioi will continue to lead the Regulatory Business Solutions practice, serve as General Counsel for PwC Nigeria, and provide guidance on complex tax matters
Chime is a Partner in PwC Nigeria’s Tax and Regulatory Services practice with more than 16 years of experience advising local and multinational organisations on tax, regulatory and strategic business matters. Since joining PwC in 2010, Emeka has advised clients across a broad range of industries including consumer markets, financial services, oil and gas, and digital services.
He spent three years with PwC Houston, Texas, where he provided tax advisory services to private businesses and gained significant international tax experience.
His areas of expertise include tax structuring and advisory, international tax consulting, tax due diligence and mergers and acquisitions advisory, corporate and indirect tax consulting, business reorganisations, and corporate compliance services across various sectors. He has led numerous engagements involving investment structuring, transaction support, tax audits and market entry advisory.
Emeka is a Fellow of Association of Chartered Certified Accountants (ACCA), a Member of the Chartered Institute of Taxation of Nigeria (CITN) and holds an Executive Certification from the University of Southern California (USC).
As a Partner, Emeka will continue to support local and multinational businesses on complex tax and regulatory matters, helping organisations manage risk, navigate change and pursue growth opportunities with confidence.
Judges and critical stakeholders in the Lagos State Judiciary service today began a three-day workshop aimed at deepening the judiciary’s understanding of the evolving legal and regulatory framework governing Nigeria’s electricity market.
The workshop, organised by the Nigerian Electricity Regulatory Commission (NERC), under the aegies of its Regional Seminar for Judges of State High Courts programme, is holding at the Lagos State High Court Annex, Osborne , Ikoyi, Lagos. It has as its theme: “Nigeria’s Electricity Market in Transition: Law, Regulation and the Courts.”
Speaking at the opening session yesterday, the NERC Chairman, Dr. Musiliu Oseni, stressed the need for stronger collaboration with the judiciary to ensure the success of Nigeria’s ongoing electricity market reforms, saying well-informed judicial decisions are critical to sustaining investor confidence, protecting consumers and advancing the country’s power sector.
Dr. Oseni described electricity as one of the country’s most strategic national priorities after security, noting that virtually every sector of the economy depends on reliable electricity. He explained that the seminar was designed to provide judicial officers with a deeper understanding of the technical, commercial and legal issues shaping the electricity sector as Nigeria implements far-reaching reforms introduced under the Electricity Act 2023.
Oseni noted that following the constitutional amendment of March 2023 and the enactment of the Electricity Act, Nigeria’s electricity industry has entered a new phase of decentralisation, allowing states to establish and regulate their own electricity markets.
He emphasised that the objective of the seminar was not to influence judicial independence but to familiarise judges with the technical nature of the electricity industry so they can better appreciate the complexities involved when adjudicating electricity-related disputes.
“The intention is not to interfere with the course of justice but to expose My Lords to the intricacies of the electricity sector. Better understanding of the industry will ultimately support sound judicial decisions that strengthen the sector,” he stated.
He disclosed that NERC has already transferred regulatory oversight to 16 states, describing the development as a major milestone in Nigeria’s electricity reform agenda.
According to him, the decentralisation of electricity regulation will improve consumer protection, bring regulatory institutions closer to electricity users, enable quicker resolution of customer complaints and allow tariff decisions to reflect local economic realities.
While acknowledging the benefits of the reforms, the NERC Chairman said they have also introduced fresh legal and regulatory challenges that require the judiciary’s understanding.
Dr. Oseni cautioned that the transition introduces new legal complexities, explaining that disputes in the electricity sector would no longer be limited to consumers, operators and the national regulator but could also involve state electricity regulators, multiple regulatory agencies and electricity market participants operating across different jurisdictions.
“As we speak today, the Commission has already issued transfer orders to 16 states, enabling them to assume regulatory oversight of their respective electricity markets,” he disclosed.
Oseni cited a 2016 court judgment which, according to him, prevented the Commission from fully exercising its regulatory powers and contributed to electricity subsidy liabilities estimated at ₦520 billion in 2019, equivalent to nearly ₦2 trillion at current exchange rates.
The NERC boss further disclosed that the seminar would feature presentations by Nigerian and international electricity experts who would share practical experiences, analyse previous judicial decisions affecting the sector and engage participants in discussions on emerging legal issues arising from Nigeria’s electricity market reforms.
He encouraged judges to actively participate in the sessions by asking questions and sharing perspectives, expressing confidence that the interaction would foster stronger collaboration between regulators and the judiciary.
Delivering a goodwill message on behalf of the Chief Judge of Lagos State, Honourable Justice Kazeem Aloba, the Administrative Judge of Lagos Division, Honourable Justice Atinuke Ipaye welcomed the Commission’s initiative, describing it as timely and necessary.
Justice Ipaye observed that electricity remains one of Nigeria’s most critical development issues, affecting homes, businesses and public institutions alike.
“There is hardly any Nigerian who is not affected by electricity, whether through generation, transmission, distribution, metering or payment. The sector touches every aspect of our daily lives,” she remarked.
She noted that the liberalisation of the electricity industry has introduced new market participants, including generation companies (GenCos) and distribution companies (DisCos), making continuous judicial education necessary to keep pace with the sector’s evolution.
She urged judges to take advantage of the three-day seminar to deepen their understanding of the industry’s legal and commercial realities, saying such knowledge would improve the quality of judicial decisions in electricity-related disputes.
The Regional Seminar for Judges of State High Courts will feature technical presentations, panel discussions and case studies led by Nigerian and international experts as part of NERC’s efforts to strengthen judicial capacity and enhance collaboration between the judiciary and electricity regulators in support of Nigeria’s ongoing electricity market reforms.
The programme forms part of NERC’s broader efforts to deepen institutional collaboration with the judiciary as Nigeria continues its transition towards a decentralised and more competitive electricity market.
The Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Felix Ogbe, an engineer, yesterday revealed that in the last 15 years, local participation in the country’s oil and gas sector recorded a significant rise from less than five per cent to 61 per cent.
He made this known yesterday while delivering his speech at the 25th Edition of the Nigeria Oil and Gas Energy Week currently ongoing in Abuja. He spoke on the theme: “Shaping the Next Phase of Local Content Growth.”
The NCDMB boss attributed the increase to the signing of the NOGICD Act of 2010, describing it as accounting for the success.
To sustain this increase, Ogbe said, the next phase must focus on manufacturing, competence and global competitiveness, if the country is to achieve its target of becoming a $1 trillion economy.
“Over the last 15 years, Nigeria’s local content journey has become a remarkable success story,” Ogbe declared, adding that, “Through the implementation of the NOGICD Act of 2010, we have transformed local participation in the oil and gas industry from marginal levels of less than five per cent to 61 per cent a situation where Nigerians now own assets, provide services, execute projects, and contribute significantly across the oil and gas value chain.”
Although he expressed satisfaction with the feat, Ogbe nonetheless said the next phase of the board’s strategy is to move beyond mere compliance metrics toward deep-rooted industrialisation and global competitiveness.
“These achievements deserve to be celebrated. However, they also compel us to ask a fundamental question: What comes next? The next phase of local content growth must go beyond participation and compliance. It must focus on capacity expansion, industrialization, manufacturing, sustainability and global competitiveness,” the NCDMB boss said.
To ensure a sustenance of this achievement and further upscaling, he disclosed that the NCDMB, following in line with Presidential Directives, has partnered with NIPEX, NUPRC, NMDPRA, NNPC, and the Oil Producers Trade Section (OPTS) to create a harmonised ranking system.
To this end, the Board will commence modification of its various certification portals in readiness for the joint industry capacity audits of in-country manufacturers and service providers operating within the oil and gas industry.
The audit, he added, will begin in the third quarter 2026.
“The outcome of the in-country capacity audit will provide a detailed understanding of existing capabilities, eliminate intermediaries, improve contracting cycle timelines, and ensure direct patronage of established service providers for business sustainability and growth.
“The findings from the exercise will also enable the Board and industry stakeholders to make informed decisions regarding investment priorities, technology partnerships, financing support, and policy interventions,” Ogbe added.
The Board, he revealed, also maintained a zero tolerance against operators failing to remit their statutory fees into the Nigerian Content Development Fund (NCDF)- a fund meant for building domestic capability. To ensure full compliance, possessing an NCDF Compliance Certificate will now be major criteria for doing business.
“It is therefore unacceptable for any company to withhold, delay, or fail to remit its statutory contributions to the Nigerian Content Development Fund (NCDF). The Board will continue to strengthen its compliance and enforcement mechanisms and will not hesitate to invoke all available regulatory measures to ensure compliance, because possession of a valid NCDF Compliance Certificate is increasingly becoming an important requirement for participation in industry opportunities and regulatory engagements,” Ogbe added.
- Fed Govt incurs ₦358.32b subsidy obligation
The Nigerian Electricity Regulatory Commission (NERC) has said Togo, Republic of Benin and Niger Republic failed to pay $12.66 million electricity bill in the First Quarter of 2026 Q1 2026.
Of the $17.48million bill that was issued to them, the three international customers, remitted $4.84 million, being 27.57 per cent for the energy the electricity Generation Companies (GenCos) supplied them in the period under review.
This was made known in the 2026 Q1 Report the commission issued yesterday.
NERC said the “remittances made by bilateral customers (domestic and international) and special customers for invoices issued in 2026/Q1 by the MO: The three international bilateral customers being supplied by GenCos in the NESI made a payment of $4.82 million against the cumulative invoice of $17.48 million issued by the MO for services rendered in 2026/Q1, translating to a remittance performance of 27.57 per cent.”
According to the report, the domestic bilateral customers made a cumulative payment of ₦5,816.28 million against the invoice of ₦6,122.35 million issued to them the MO for services rendered in 2026/Q1, translating to 95.00 per cent remittance performance.
NERC added that during Q1 2026, three international and nine domestic bilateral customers made payments of $6.64 million and ₦2,589.07 million, respectively, towards outstanding MO invoices from previous quarters.
In the breakdown, the report said specifically, the MO received a total of $4.05 million from Société Béninoise d’Energie Electrique (SBEE), comprising payments for Ughelli ($3.28 million) and Paras ($0.77 million).
NERC also said $1.87 million was received from Mainstream – Société Nigérienne d’Electricité (NIGELEC), and $0.72 million from Paras – Compagnie Energie Electrique du Togo (CEET).
According to the report, the special customer (Ajaokuta Steel Co. Ltd and the host community) did not make any payment towards the ₦676.88 million (NBET) and ₦189.38 million (MO) invoices received in 2026/Q1.
NERC stressed that this continues a longstanding trend of non-payment by this customer, and the Commission has communicated the need for intervention on this issue to the relevant Federal Government authorities.
In the period under review, the total revenue collected by all DisCos in 2026/Q1 was ₦597.56 billion out of the ₦756.93 billion that was billed to customers.
This, said the report, translates to a collection efficiency of 78.95 per cent.
In comparison, NERC stressed that the total revenue collected by all DisCos in 2025/Q4 was ₦630.93 billion out of the ₦795.06 billion billed to customers, which translated to a 79.36 per cent collection efficiency. This means that at an aggregate level, DisCos recorded a 0.41pp decrease in collection efficiency between 2025/Q4 and 2026/Q1.
On subsidy, the report revealed that due to the absence of cost-reflective tariffs across all DisCos, the government incurred a subsidy obligation of ₦358.32 billion, this represents a ₦60.46 billion (-14.44 per cent) reduction in FGN subsidy compared to 2025/Q4 (₦418.79 billion).
The government subsidy, according to NERC, accounted for 51.95 per cent of the total GenCo invoice, which is a 0.08pp decrease compared to 2025/Q4, when the subsidy accounted for 52.03 per cent of the total GenCo invoice.
The report explained that “The key driver of this reduction in FGN subsidy obligation is the decrease in energy offtake of the DisCos by -8.56 per cent between 2025/Q4 and 2026/Q1.”
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