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Sunmonu, Aig-Imoukhuede Appointed Petralon Energy Board Chairman, N-E Director

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Petralon Energy has announced the appointment of Mutiu Sunmonu and Aigboje Aig-Imoukhuede as chairman and Non-Executive Director (respectively) to the Board of Directors of Petralon Energy Limited.

Sunmonu was the former Managing Director of Shell Petroleum Development Company of Nigeria (SPDC) & Country Chairman of Shell Companies in Nigeria with an oil & gas career spanning over 36 years in Nigeria, United Kingdom and the Netherlands.

He was the pioneer responsible for mobilizing the private sector to set up the National Business Council for Sustainable Development (NBCSD) and currently serves on the board of various organizations across multiple sectors of the economy including Real Estate, Construction, Oil & Gas and Education.

Sunmonu is the recipient of many awards including; Sustainability Champion (2014 SERA Awards) and Commander of The Order of The Niger (CON). He is a Fellow of the Nigeria Society of Engineers (FNSE) and a board member of Imperial Homes (Formerly GT Homes), and Julius Berger Nigeria.                                                            

Aig-Imoukhuede is the Founder and Chairman of Coronation Capital – a private equity and propriety investment firm targeting the financial services, digital technology, upstream oil & gas and real estate sectors in Sub-Saharan Africa, operating out of Mauritius.

He is the President of the National Council of the Nigerian Stock Exchange and Chairman of Wapic Insurance Group, an emerging West African Underwriter.

He also serves on the Board of the Africa Finance Corporation.

Aig-Imoukhuede has had a long and successful career in the banking industry at both Guaranty Trust Bank Plc where he rose to Executive Director and Access Bank where he led the Access Bank transformation team.

His leadership witnessed the transformation of the institution into one of the largest Banks in Nigeria.

Aig-Imoukhuede is the recipient of several awards and National Honours including African Banker of the Year (African Banker), West African Entrepreneur of the Year (Ernst & Young) and Commander of the Order of the Niger (CON).

Commenting on his appointment, Sunmonu said, “I am honored to serve on the board of an indigenous oil and gas company dedicated to global best practice. I look forward to working with the Petralon board and management team as they work towards their vision of collective energy and value for all.”

Also, Aig-Imoukhuede commented thus, “I am excited by this opportunity to play a role in building a world class leading indigenous E&P company. I am looking forward to contributing to Petralon’s continued success with a focus on delivering tangible results.”

Ahonsi Unuigbe, Founder & CEO of Petralon Energy, added: “Mutiu’s 36 years of extensive experience in the oil and gas sector will add a valuable perspective to our Board of Directors. We appreciate his willingness to serve as the Chairman and look forward to benefitting from his counsel.

“We are equally pleased about Aigboje’s appointment and the decades of experience he brings to bear. We have no doubt that the board can draw on his vast experience in building successful businesses from start-ups, will provide tremendous benefits to the board and the organisation as a whole.”

Petralon Energy is an indigenous exploration and production company in Nigeria with regional expansion plans across Africa.

The Company, which has already raised over $50million to fund its immediate growth plans, is set up to acquire, develop, and operate assets in the oil and gas sector.


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Banks Close 2m Accounts over BVN, NIN, Others

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Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

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Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


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234Finance Moves to Boost Economic Progress in South East

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In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”

The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.

During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.

This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.

The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.

Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.

Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.

Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.

The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.


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