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.
- Minister insists government would not allow marketers to exploit consumers through excessive pricing
● PETROAN Opposes IPMAN, Backs Minister on planned price intervention
Fuel marketers have warned they will shut down filling stations nationwide if the Federal Government attempts to impose price controls on petrol in Nigeria’s deregulated downstream petroleum sector.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, issued the warning on Tuesday while reacting to recent comments by the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, on the need to curb profiteering in the sector.
Speaking at the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja on Monday, Lokpobiri said although petrol pricing had been deregulated, the government would not allow marketers to exploit consumers through excessive pricing.
He stressed that while market forces should determine fuel prices, regulatory agencies still had a responsibility under the Petroleum Industry Act (PIA) to prevent unnecessary profiteering and protect consumers.
The minister’s remarks followed concerns over the failure of petrol prices to decline significantly despite a sharp drop in global crude oil prices.
Responding, Ukadike rejected allegations that marketers were profiteering, insisting that many operators were instead recording heavy losses due to repeated reductions in depot prices, particularly by the Dangote Refinery.
He argued that enforcing price controls in a deregulated market would contradict the provisions of the PIA and discourage investment in the sector.
“If the government tries to enforce price control, we will shut down our filling stations nationwide. You cannot operate a deregulated market and at the same time dictate the price marketers should sell their products without considering the cost of purchase,” he said.
Ukadike explained that marketers often buy fuel at higher prices only for depot prices to fall before they can sell, leaving them with losses while still servicing bank loans used to finance purchases.
According to him, the solution to high petrol prices is not government intervention in pricing but increased competition through improved local refining capacity and expanded fuel importation.
He urged the Federal Government to focus on reviving domestic refineries and creating an environment that encourages competition, which he said would naturally drive down fuel prices.
Also reacting, the National President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said the minister had the authority to intervene in the interest of consumers but advised that any decision should be taken after consultations with stakeholders.
He called on the Minister of Petroleum Resources to convene an emergency meeting involving regulators, refiners and marketers to address the pricing concerns and arrive at solutions acceptable to all parties.
Meanwhile, the spokesperson for the NMDPRA, George Ene-Ita, said he had not been briefed on any planned regulatory action regarding fuel pricing.
Petrol currently sells for between ₦1,140 and ₦1,210 per litre across different parts of the country, depending on location.
…Culled from Platforms Africa
….Headline reworked by thetrustnews.com
- Withdraws operating licences
The Central Bank of Nigeria (CBN) has withdrawn the operating licences of 46 microfinance banks across the country, saying the affected institutions failed to meet the conditions required to continue operating as licensed financial institutions.
The decision took effect on July 1, 2026, following approval by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso.
A statement issued today by the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi-Ali, said the action was taken under the provisions of Sections 12 and 13 of the Banks and Other Financial Institutions Act (BOFIA), 2020, which empowers the apex bank to withdraw the licences of financial institutions that fail to comply with regulatory requirements.
According to the CBN, the affected banks were found to have breached one or more of the conditions required for continued operation.
The regulator explained that some of the institutions no longer had enough assets to cover their liabilities, while others shut down operations without obtaining approval from the Central Bank. It also said several of the banks had stopped carrying out financial intermediation, failed to begin operations within one year after receiving their licences, or could no longer maintain the minimum capital required by law because of accumulated losses.
“The revocation was approved by the Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso, following the banks’ failure to meet the regulatory requirements for continued operation as licensed financial institutions,” the statement said.
The affected institutions are Minji-Se Churchill Microfinance Bank in Rivers State, Merchant Microfinance Bank and Abia SME Microfinance Bank in Abia State, Janmaa Microfinance Bank in Kwara State, Busu Microfinance Bank and Bejin-Doko Microfinance Bank in Niger State, Gold Microfinance Bank, Chanelle Microfinance Bank, Safegate Microfinance Bank.
Others are, Supreme Microfinance Bank, Creditville Microfinance Bank, MBAG Microfinance Bank, Verdant Microfinance Bank and Entrepreneur Microfinance Bank in Lagos State, Zain Microfinance Bank (formerly Dawakin Tofa Microfinance Bank), Bompai Microfinance Bank, Ajwa Microfinance Bank (formerly Gezawa Microfinance Bank), Now Now Digital Microfinance Bank, Minjibir Microfinance Bank.
Also affected by the decision of the CBN are, Shanono Microfinance Bank, Sumaila Microfinance Bank, Rimin Gado Microfinance Bank, Sycamore Microfinance Bank, Tofa Microfinance Bank, Kanopoly Microfinance Bank, Bellbank Microfinance Bank (formerly Tsanyawa Microfinance Bank) and Esteem Microfinance Bank in Kano State, Crystabel Microfinance Bank in Bayelsa State, Kamba Microfinance Bank and Zuru Microfinance Bank in Kebbi State.
Iwade Microfinance Bank and Apple Microfinance Bank in Ogun State, Winview Microfinance Bank and Casha Microfinance Bank in the Federal Capital Territory, Mwaghavul Microfinance Bank and Yeneng Microfinance Bank in Plateau State, Creekline Microfinance Bank in Delta State, Bestar Microfinance Bank in Oyo State, Livingspring Microfinance Bank in Cross River State, Stanford Microfinance Bank in Akwa Ibom State all had their licences withdrawn.
The CBN hammer also fell on Frontline Microfinance Bank in Anambra State, Zafec Microfinance Bank and Basawa Microfinance Bank in Kaduna State, Straight Sahara Microfinance Bank in Benue State, OurPass Microfinance Bank in Ondo State, and Avantus Microfinance Bank in Osun State.
The apex bank said the exercise forms part of its ongoing efforts to strengthen Nigeria’s financial system by ensuring that only institutions that comply with banking regulations remain in operation.
It added that removing non-compliant institutions from the financial system would help protect depositors, promote stability in the banking sector and improve public confidence in licensed financial institutions.
The CBN said it remains committed to maintaining a safe, sound and resilient financial system and would continue to take supervisory and regulatory measures whenever necessary to ensure that banks and other financial institutions operate in line with existing laws and regulatory standards.
Industry observers say the latest action reflects the Central Bank’s resolve to tighten oversight of financial institutions and enforce compliance with prudential requirements aimed at safeguarding customers’ funds and preserving confidence in Nigeria’s banking sector.
Nigerian National Petroleum Company Limited (NNPC Ltd) recorded a profit after tax of N462 billion for May 2026, its latest monthly report shows.
This represents a drop from the N481 billion recorded in April. The exact cause of this drop remains unclear as of press time.
The company, in its report summary released on today, highlighted key figures, including crude oil and condensate production, natural gas output, revenue, profit after tax, and strategic initiatives during the period.
In the report, the state-owned oil company posted a statutory payment of N4.86 trillion to the federation account within the first five months of 2026 (January to May).
The report also shows that the national oil company generated N4.33 trillion in revenue from oil, a decrease from N4.97 trillion it recorded in April.
According to the report, Nigeria’s crude oil and condensate production stood at 1.73 million barrels per day (bpd), up from April’s figure of 1.68 mbpd. Of this total, crude oil accounted for 1.47 mbpd, while condensates contributed 0.25 bpd.
Similarly, natural gas production was 7,774 mmscf/d in May, up from 7,730 mmscf/d in April. Gas sales stood at 4.921 bscf/d in May, down from 5.044 bscf/d in April.
The report further added that the petrol availability in its retail stations nationwide was 57 per cent in May, slightly up from 54 per cent in April, while the Obiafu-Obrikom-Oben Gas Pipeline project (OB3) hit 97 per cent completion, and the Ajaokuta- Kaduna- Kano (AKK) pipeline remained at 94 per cent completion, unmoved from the preceding month.
The NNPC said its strategic effort, including addressing well performance issues, reservoir pressure decline, lifting constraints, maintenance-related shutdowns, and facility reliability challenges, will reduce production deferments, improve asset availability and increase production.
The NNPC said the OB3 River Niger Crossing significantly progressed post pullback, precommissioning and tie-in works required to achieve commissioning of the full OB3 pipeline section by the end of Q3 2026.
The report said all production, sales and financial figures are provisional and subject to reconciliation with relevant stakeholders.
“Production improved in May due to higher asset reliability and uptime; however, output remained below target due to well performance issues (TEPNG), reservoir pressure constraints (Bonga), lifting-related curtailments (Nembe), and maintenance activities (Stardeep Agbami),” the report said.
-
Art & Life9 years agoThese ’90s fashion trends are making a comeback in 2017
-
Business9 years ago
The 9 worst mistakes you can ever make at work
-
Entertainment9 years ago
The final 6 ‘Game of Thrones’ episodes might feel like a full season
-
Art & Life9 years ago
According to Dior Couture, this taboo fashion accessory is back
-
Entertainment9 years ago
The old and New Edition cast comes together to perform
-
Entertainment9 years ago
Mod turns ‘Counter-Strike’ into a ‘Tekken’ clone with fighting chickens
-
Sports9 years ago
Phillies’ Aaron Altherr makes mind-boggling barehanded play
-
Entertainment9 years ago
Disney’s live-action Aladdin finally finds its stars