General News
Rise of Nigeria’s Female Oil Billionaires

The oil and gas industry is still overwhelmingly male, with surveys showing that the executive boardrooms of petroleum companies are mostly a boys’ club, according to the BBC
But a number of well-financed businesswomen are aiming to change the picture.
Diezani Alison-Madueke, Petroleum minister is a powerful figurehead for them. There is also Uju Ifejika, chairman and CEO of the Britannia U Group.
And of course there is the iconic, Folorunsho Alakija, the billionaire oil tycoon and owner of Famfa Oil Limited.
Diezani Alison-Madueke is happy that women are rising in the industry.
“The fact that two of the biggest cabinet positions in Nigeria, petroleum and finance, are held by women, show how far we have come,” she told a recent meeting in Vienna, referring to the other prominent female member of the cabinet – Finance Minister Ngozi Okonjo-Iweala.
“We are there not because we are women. We are there because of our competence as managers.”
Yet as surveys make clear, women managers are still in the minority in the world’s oil and gas companies.
The BBC quoted Laura Manson-Smith, a consulting partner at PricewaterhouseCoopers, as saying that the representation picture is dismal.
“I was surprised at how low the percentage of female directors was [in oil and gas firms around the globe] – 11%, most of them are in non-executive positions, 1% of executive board seats are held by women.”
Nigeria, the world’s 14th-largest oil producing country with 2.4 million barrels a day, has taken steps to open up its oil industry to locals, a policy known as “indigenisation.”
The BBC said that now a handful of female entrepreneurs are hoping to build on that, by increasing women’s stake in the industry.
“When we were growing up we only had Margaret Thatcher,” said Amy Jadesimi, the managing director of Ladol, a petroleum services company based in Lagos.
Dr Jadesimi, a thirty-something former Goldman Sachs analyst, medical doctor and MBA said that today, “woman are taking for granted, that of course a woman can reach the highest levels of society”.
Ladol has turned a site reclaimed from a swamp and an industrial wasteland into a $500m (£300m) port facility to support offshore drilling operations, including ship repair, maintenance, engineering and construction.
It is planning a second phase of expansion that will take the investment to $1bn. “Nobody had done what we’d done before across the whole of West Africa,” said Dr Jadesimi.
Catherine Uju Ifejika is chairman and chief executive of the Britannia U Group, a group of oil and gas companies. Her business bought a stake in a major oil and gas field, Ajapa.
The reserves, according to Britannia, are worth $4.3bn.
“You men, you don’t even know how to boil water or where the children’s school uniforms are,” she joked.
“We are able to hold your homes together, and we are beginning to translate that into boardroom jobs, and then owning companies. In six years I have formed seven companies.”
She said 70% of her staff are men, “and they’re not used to having a woman as a chairman or chief executive – a woman, a black woman, a black African woman.”
Oil accounts for 95% of Nigeria’s foreign exchange revenues. And though it supplies only 15% of the country’s GDP ($522bn) it is the most symbolic industry.
Winihin Ayuli-Jemide, a Lagos-based entrepreneur and former lawyer, is a leading advocate of research on women in business and government.
She argued that one of the reasons South Africa was the dominant economy in Africa for so long is that South African women have been deeply involved in businesses of all sizes.
“They dominate the low capital businesses, the ‘informal sector’ such as manufacturing knitwear, tie and dye and homemade food for sale in municipal markets.”
“At the level of small to medium enterprises, they’re well ingrained and established.”
She wants Nigerian women to think bigger – and to investment in areas such as oil and gas.
“When I was working for a large investment company in the City of London, the other woman on the board was the human resources director,” said Jennie Paterson, founder of the financial consulting firm Fraser Whitley.
“I think we need to encourage women to have a broader executive skillset.”
Yewande Sadiku is chief executive of the Lagos-based financing firm Stanbic IBTC Capital.
She said that the lenders providing loans to Nigerian and other African women too often had a limited outlook.
They only think women are good customers for micro-finance loans, she argues.
“[This mentality] said, let’s give them lots of small loans, 50,000 to 100,000 naira, ($300 to $700), so they can run small businesses and feed their families,” she said.
“Raising funds is difficult, but to be honest, people trust women more,” Amy Jadesimi laughed.
“You have to have a watertight proposal, make a good financing case and be confident in your pitch.”
A series of studies by McKinsey titled Women Matter, found that companies with a higher proportion of female executives showed stronger financial performance than those with no women in top positions.
The study showed that women tended to apply certain “leadership behaviours” more than men. They included people development, setting expectations and rewards and acting as role models.
Winihin Ayuli-Jemide welcomed these studies. “In Africa we really don’t have information about gender issues”, she said. “Nothing on how we are doing in the economy.”
“In oil and gas, women are emerging. There is a business case for it.”
General News
Interswitch Inducts 3rd Interns into Its Developer Academy

Interswitch, an integrated payments and digital commerce company, has announced the induction of the third and largest cohort of developer interns into its Developer Academy, reinforcing its long-standing commitment to building world-class technology talent and strengthening Africa’s digital ecosystem.

Selected from a pool of over 20,000 applications, the new cohort emerged through a rigorous multi-stage process involving technical assessments, and interviews. Their induction into the Developer Academy highlights both the scale of interest in software engineering opportunities in Nigeria and Interswitch’s role in nurturing the next generation of highly skilled technology professionals.
Commenting on the initiative, founder and Group Chief Executive Officer, Interswitch, Mitchell Elegbe, emphasised the importance of taking a long-term, ecosystem-driven approach to talent development.
“At Interswitch, we have always believed in the capacity to see beyond the immediate challenges and focus on long-term impact. While the migration of skilled talent remains a reality, our approach is to actively shape the outcomes by building a strong and sustainable pipeline of technology professionals.
“We are therefore committed to equipping individuals with the capabilities to contribute meaningfully to the broader technology ecosystem, locally and globally, not just for our own needs at Interswitch. In doing so, we are not only strengthening the industry but also reinforcing Nigeria’s position as a source of globally competitive engineering talent,” Elegbe said.
The 9-month programme brings together talents across key engineering tracks, including Backend Development, DevOps, Mobile Development, Frontend Engineering, and Quality Assurance.
Designed as an intensive and structured learning experience, the Developer Academy combines theoretical instruction with real-world application, equipping participants with the skills required to thrive in an increasingly global and competitive technology landscape.
Also commenting, Group Chief Human Resources Officer, Interswitch, Franklin Ali, said: “The Developer Academy reflects our long-term commitment to building talent at scale. We are equipping these young professionals not just with technical skills, but with the mindset, discipline, and adaptability required to thrive in diverse environments.
“Whether they build their careers within Interswitch, contribute to the local ecosystem, or explore global opportunities, they represent the strength and potential of Nigerian talent and carry forward the standard of excellence we are committed to building.”
General News
UK Reaffirms Commitment to Press Freedom, Science Journalism Training for Nigerian Media

United Kingdom has reaffirmed its commitment to supporting press freedom and strengthening science and technology journalism in Nigeria through a media training programme for journalists.

Speaking during the Advancing Press Freedom Through Science and Technology Journalism training organised by the UK Government, British Deputy High Commissioner to Nigeria, Jonny Baxter, said independent journalism remains essential to democratic societies and informed public debate.
Baxter, who hosted the journalists at his residence in Lagos, described the programme as part of the UK’s sustained engagement with Nigerian journalists, academia, and media stakeholders aimed at promoting ethical, evidence-based reporting.
“Strong, independent journalism is essential to democratic societies and informed public debate. That is why we take our relationship with the Nigerian media very seriously,” Baxter said.
He noted that the UK strongly supports freedom of expression and a free press, adding that the training programme was designed to equip Nigerian journalists with tools to interrogate data, challenge misinformation, and accurately communicate scientific and technological issues.
“In an age of rapid technological change, accurate, ethical, and evidence-based reporting has never been more essential,” he said.
Baxter highlighted previous training engagements held for Nigerian journalists in Abuja, Lagos, and the United Kingdom, noting that the latest programme builds on earlier workshops conducted in Portugal and London.
According to him, the initiative also reflects the UK’s commitment to deepening collaboration with Nigerian media professionals while improving public understanding of bilateral priorities such as economic growth, migration, and security cooperation.
He referenced the recent state visit of Nigerian President Bola Ahmed Tinubu to the UK as a major milestone in UK-Nigeria relations, stressing the importance of responsible media coverage during key diplomatic engagements.
“It was important for us to work closely with Nigerian media during the visit to ensure the public received accurate information while also helping hold all parties accountable to the commitments made,” he stated.
A panel discussion held during the event focused on challenges facing journalists in science and technology reporting, including misinformation, disinformation, access to reliable data, digital harassment, source protection, and legal risks.
Panelists noted that journalists face increasing pressure in a fast-paced digital media environment where algorithms often reward virality over factual accuracy.
They urged reporters to prioritise research, fact-checking, and verification while adopting practical digital security measures such as encrypting devices, password protection, and safeguarding confidential sources.
On misinformation and disinformation, panelists encouraged journalists to resist the pressure to publish unverified reports for speed or online traction.
“Don’t always rush to break news without verifying the facts. Trust is built through consistency, research, and cross-checking information,” one panelist advised.
The discussion also addressed concerns around Nigeria’s cyberstalking laws, with legal experts cautioning journalists to ensure all published information is factual, evidence-based, and defensible.
Participants were advised to maintain proper documentation trails, verify all claims, and avoid reliance on hearsay or unconfirmed digital content.
The training, organised in partnership with the School of Media and Communication, Pan-Atlantic University, is part of ongoing UK-backed efforts to strengthen journalism standards and media freedom in Nigeria.
Baxter encouraged participants to actively engage in the sessions and continue championing accountability journalism.
“Thank you for the work you do every day and for your commitment to advancing press freedom in Nigeria,” he said.
General News
FG Says It May Reject World Bank Loans over Delays

Dr Shamseldeen Ogunjimi, accountant-general of the federation, has warned that the federal government may reject loan facilities from the World Bank if delays in approval and disbursement persist, saying prolonged timelines could undermine the country’s willingness to proceed with such arrangements.

The warning was contained in a press statement issued on Friday by Bawa Mokwa, director of press and public relations at the office of the accountant-general of the federation.
Ogunjimi, who spoke in Abuja during a courtesy visit by a World Bank delegation led by Mrs Treed Lane, stressed that Nigeria expects timely processing of funding requests, given that the facilities are loans and not grants.
He said, “If approvals take more than six months, the Nigerian Government may no longer honour such arrangements,” highlighting concerns over bureaucratic delays in accessing development financing.
The AGF noted that as a responsible borrower, Nigeria should not be subjected to prolonged approval processes that could affect project execution timelines and broader development objectives.
He therefore urged the World Bank to “expedite the approval and disbursement of project funds to Nigeria” to support the country’s priorities.
Ogunjimi emphasised that the loans carry repayment obligations, making it imperative that disbursement processes align with project schedules and fiscal planning frameworks.
He further disclosed that the Office of the Accountant-General of the Federation had begun addressing key issues raised earlier by the World Bank, particularly in public financial management and audit reporting.
According to him, the 2023 Audit Report would be submitted to the Office of the Auditor-General for the Federation within two weeks, while work on the 2024 and 2025 audit reports was already underway.
The AGF also assured the delegation that steps were being taken to resolve concerns around the digitalisation of the Government Integrated Financial Management Information System, noting that obsolete infrastructure was being replaced with modern technology to improve efficiency and service delivery.
He said the reforms were part of broader efforts to strengthen transparency, accountability, and the overall public financial management system in Nigeria.
Earlier in her remarks, the World Bank delegation leader, congratulated Ogunjimi on his recent appointment as African chairman of the Association of Accountants-General.
Lane also urged the Office of the Accountant-General to sustain its digitalisation drive and ensure the timely presentation of financial statements to the Auditor-General, noting that such measures were critical to achieving seamless public financial management processes.
The World Bank earlier explained why about six loans worth $2bn, signed for Nigeria in 2024, are yet to be disbursed nearly a year after the bank’s approval.
This came amid recent reports that the World Bank approved a total of $8.40bn (N12.89tn) in fresh loans to the country over the past two years, based on data from the bank’s official website.
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