Join me to congratulate the Acting CEO of  First Bank, Olusegun Alebiosu. Mr. Alebiosu will lead one of the most important Nigerian institutions. Before Nigeria, there was the First Bank of Nigeria, a 130-year heritage. He is going to work to secure my retirement as I am well invested in FirstBank’s parent company as a shareholder. Yes, that Naija Big Offer!

As a commentator, this is a rare appointment making Alebiosu ascension very unique, showcasing that risk and compliance management is moving to the top echelon in Nigerian banking. Nigerian banks rarely elevate Chief Risk/Compliance Officers to lead the institutions. The operations, marketing, investment/corporate finance chiefs run those shows. Things are changing.

That said, we can extrapolate that it is possible that the last CEO left due to risk/compliance related matters; I had expressed my shock that he resigned like a janitor, since you do not expect bank chiefs to come to work, resign, and stop work that same day. Whatever might have happened, if any, Mr Olusegun Alebiosu, as a risk zen-master, needs to fix the matter.

It looks like this is factual. Yes, the CEO of FirstBank of Nigeria has resigned in the most intriguing way considering that his contract expires at the end of the year, Dec 31, 2024. I just hope it is well with him and his family as bank leaders do not resign like janitors with no notice! But if it is for another career opportunity, good luck to him.

I wish the elephant fine and Olusegun Alebiosu the best of luck. He just elevated risk/control/compliance profession in Nigeria.

In a bid to galvanize investment from Nigerian citizens living abroad, the federal government has announced its intention to establish a $10 billion diaspora fund. 

Doris Uzoka-Anite, the Minister of Industry, Trade, and Investment, disclosed this initiative via a post on X, where she outlined the government’s call for bids from asset managers to set up the fund.

Exciting news! @TradeInvestNG invites firms to engage in the $10 Billion Nigeria Diaspora Fund Multi-Sectoral Investment. An unprecedented opportunity for our citizens in diaspora to drive Nigeria's economic growth. Partners interested in managing this transformative initiative… pic.twitter.com/YaJ3o3sCxj

— Hon (Dr) Doris Nkiruka Uzoka-Anite MD,CFA (@DrDorisAnite) April 25, 2024

The primary aim of the fund, as noted by Uzoka-Anite, is to provide support to critical sectors such as infrastructure, healthcare, and education, ultimately driving economic growth. She stressed that the fund will be overseen by an advisory board comprising limited partners, inviting eligible firms to express their interest in managing the fund.

“This fund is part of broader efforts to strengthen ties between Nigeria and its diaspora, promoting national development,” stated Uzoka-Anite, noting the pivotal role of diaspora engagement in advancing the nation’s socio-economic agenda.

She added: “Subject to the preferences indicated by fund managers, the fund will contain multiple investment platforms designed to offer investors different mechanisms for participating in Nigeria’s economic transformation.

“This fund is a way of encouraging remittances, attracting investments, and facilitating philanthropic endeavors aimed at supporting various sectors such as infrastructure, healthcare, education, and entrepreneurship in Nigeria.

“The launch of the diaspora fund will serve as an opportunity to raise interest in and awareness of the fund: towards mobilizing capital investment from the diaspora community.”

Elaborating on the objectives of the Nigeria Diaspora Fund, Uzoka-Anite explained that it will be managed by fund managers meeting specific criteria, focusing on various sectors and stages of investments. 

“The fund will be managed by Fund Managers that satisfy the criteria set out in the Expression Of Interest (EOI). The Fund manager will propose Fund structures that will focus on various sectors and stages of investments,” she said.

The fund is structured to offer multiple investment platforms, tailored to the preferences of diaspora investors, thereby facilitating their contributions to Nigeria’s economic transformation.

Furthermore, Uzoka-Anite outlined the investment parameters, highlighting that the fund will have an investment period of three to five years and a lifespan of ten years, extendable by two years. This framework provides diaspora investors with a substantial window to contribute to Nigeria’s socio-economic progress through sustained investment in key sectors.

The proposed asset offerings for the diaspora fund may include infrastructure, credit, and venture capital funds, presenting a diverse array of investment opportunities for diaspora investors. Interested firms, including joint ventures and greenfield funds, are encouraged to submit their applications by May 6 to participate in managing the fund.

“The launch of the diaspora fund is poised to raise awareness and mobilize capital investment from the diaspora community, marking a significant milestone in Nigeria’s journey towards sustainable economic prosperity,” she said.

This announcement aligns with the government’s broader strategy to leverage innovative financing mechanisms, including the issuance of domestic foreign currency-denominated bonds and a diaspora bond, aimed at boosting remittances and attracting investments from Nigerians in the diaspora. 

On April 3, the federal government announced its intention to commence issuing domestic foreign currency-denominated bonds starting from the second quarter (Q2) of 2024. Subsequently, on April 21, the federal government revealed plans to launch a diaspora bond as a means to enhance remittance inflows into the country.

The Nigerian National Petroleum Company Ltd (NNPCL) has made a fresh move in its quest to bolster Nigeria’s local refining capacity by entering into an agreement with the African Refinery. 

The agreement entails the co-location of a 100,000 barrels per day (bpd) refinery within the Port-Harcourt Refinery complex, heralding a transformative phase in the nation’s petroleum industry.

In a press statement disseminated on the company’s official platform, NNPCL disclosed details of the collaboration, noting its potential to revolutionize Nigeria’s energy sector. 

Once operational, the new refinery is slated to produce an array of essential petroleum products, including Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Aviation Turbine Kerosene (ATK), and Liquefied Petroleum Gas (LPG), catering to both local and international markets.

“The signing of the agreement is a significant step towards setting in motion the process of building a new refinery which, when fully operational, will supply PMS, AGO, ATK, LPG, and other petroleum products to the local and international markets and provide employment opportunities for Nigerians,” highlighted NNPCL in its press release.

This strategic collaboration is said to underscore Nigeria’s commitment to enhancing local refining capabilities and reducing dependence on imported petroleum products. Over the years, the administration of President Muhammadu Buhari has implemented various initiatives to address this issue, including granting licenses to modular refineries and providing substantial support to the 650,000 bpd Dangote Refinery in Lagos, in which NNPCL holds a 20% stake.

However, despite these efforts, challenges persist in the nation’s refining sector. The long-awaited rehabilitation of the Port Harcourt Oil Refinery, nearing completion according to NNPCL’s announcement last month, has encountered delays in commencing operations. 

While the mechanical completion of the PHRC was declared in December, the refinery has yet to commence operations, prompting scrutiny from the Senate Ad-Hoc Committee to Investigate the Turnaround Maintenance of Nigeria’s Refineries.

The committee said the Port Harcourt Refinery is not ready but will begin operation before the end of December.

In the face of these challenges, Nigeria continues to rely on imported petroleum products, further exacerbating concerns surrounding fuel subsidy removal and currency devaluation. 

Nevertheless, recent developments, such as the supply of diesel and aviation fuel from the Dangote Refinery, offer a glimmer of hope that Nigeria may soon achieve self-sufficiency in petroleum refining.

While the signing of the share subscription agreement between PHRC and African Refinery is remarkable in Nigeria’s journey towards energy independence, the question of ‘how much longer will it take?’ has been echoing – especially as fuel scarcity seems to be resurfacing in many cities across the country.

On Thursday, the president of the Trade Union Congress (TUC), Festus Osifo, said the federal government appears to be reneging on its assurance that the old Port Harcourt Refinery will commence operations by the first week of April.

The union has expressed optimism that the refinery would help curtail the high cost of petrol, by ensuring the availability of the products across the country.

“Although the inspection, both the contractors and those that are employees of company, they told us clearly that the refinery is going to come into fruition on the 1st week of April,” Osifo said.

“Today, we are approaching the first week of April this year. Now, we are approaching the end of April and the refinery production has not resumed in the old Port Harcourt Refinery.

“We wish to, hereby, call on the federal government to do everything within its arsenal to ensure that the old Port Harcourt Refinery starts production immediately.

“You could go outside today and you could see queues everywhere in FCT and in some other neighbouring states. But we certainly believe that if our refineries were working optimally, today we would continue to have enough supply”.