Access Bank Gets New Board Chair Ifeyinwa Osime

Access Bank gets new board chair Ifeyinwa Osime. Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29.

Access Bank Plc has appointed Ifeyinwa Osime as chair of the board of directors, following the retirement of Paul Usoro, on January 29, according to a statement to the Nigerian Exchange Ltd. on Monday.

Ms Osime, a legal practitioner, joined Access Bank’s board in November 2019 as an independent non-executive director and had chaired its Human Resources and Sustainability Committee and the Governance, Nomination, and Remuneration Committee. This role made her contribute significantly to the bank’s corporate governance, leadership development, and sustainability initiatives.

Additionally, Ms Osime is a director at Ebudo Trust Ltd. and a partner at McPherson Legal Practitioners, where she advises on corporate and commercial matters and contributes to strategic leadership.

She is also a member of the Nigerian Bar Association, the Women Corporate Directors, Nigeria Chapter, and the Chartered Institute of Directors, Nigeria, where she serves on the Executive Committee of the Women Sectoral Group.

Access Bank Gets New Board Chair Ifeyinwa Osime

Beyond her professional responsibilities, Ms Osime is committed to mentoring youths and is actively involved in the Autism and Developmental Delays Support Community, reflecting her dedication to inclusion and social impact.
Speaking on her appointment, the group chairman, Aigboje Aig-lmoukhuede, said, “Mrs Osime is a principled and experienced leader with a deep understanding of the Bank’s strategy and values.

“She has demonstrated strong commitment to the bank’s vision and mission, and I am confident that, under her leadership, the bank will continue to advance its strategic objectives of delivering sustainable value to shareholders and other stakeholders in the pursuit of its vision to become the world’s most respected African bank.”

Mr Aig-lmoukhuede also congratulated Mr Usoro on the completion of his tenure and on his exemplary leadership, dedication, and significant contributions to the group, saying he remains a valued member of the Access family.

SNEPCo: Shell Shuts Down 225,000 BPD Bonga Facility For Maintenance

SNEPCo: Shell shuts down 225,000 bpd Bonga facility for maintenance. Shell Nigeria Exploration and Production Company (SNEPCo) Ltd says the Bonga floating production, storage, and offloading (FPSO) has been shut down for scheduled turnaround maintenance in February.

The shutdown could impact Nigeria’s oil production as the facility is designed with an output capacity of 225,000 barrels per day (bpd) and 150 million standard cubic feet (scf) of gas per day.

Nigeria has been struggling to hit its production quota assigned by the Organization of Petroleum Exporting Countries (OPEC).

OPEC had reported that the country’s November 2025 oil output (the latest data) increased to 1.43 million barrels per day (bpd).

The figure was said to be the highest in three months, recovering from a 2 percent decline announced the previous month.

In a statement on Sunday, Gladys Afam-Anadu, communications manager at SNEPCo, said the exercise is a statutory integrity assurance programme designed to extend the facility’s lifespan.

“Shell Nigeria Exploration and Production Company Limited (SNEPCo) has commenced a turnaround maintenance activity at the Bonga Floating Production Storage and Offloading (FPSO) vessel,” the statement reads.

SNEPCo said the scope of work includes “statutory inspections, certification and regulatory compliance checks, major asset-integrity upgrades as well as engineering modifications to improve long-term operations and subsea assurance activities”.

“The FPSO located approximately 120 km offshore in water depths exceeding 1,000 meters, has the capacity to produce 225,000 barrels of oil and 150 million standard cubic feet of gas per day,” the company said.

SNEPCo said maintaining the integrity of the national asset is critical to sustaining stable production and advancing Nigeria’s broader energy, security, and revenue goals.

The company said this year’s maintenance exercise is taking place at a strategically important time for SNEPCo and its co-venture partners.

“In 2024, the partners took Final Investment Decision on Bonga North, a subsea tie‑back development that will depend on the reliability and enhanced capacity of the Bonga FPSO,” SNEPCo said

“A successful turnaround maintenance is therefore essential to preparing the facility for the additional volumes and operational demands associated with the new development.

“The last turnaround maintenance activity on the FPSO took place in October 2022. On February 1 the following year, the asset delivered its 1 billionth barrel of oil since production commenced in 2005.

SNEPCo

“SNEPCo operates the Bonga field in partnership with Esso Exploration and Production Nigeria (Deepwater) Limited and Nigerian Agip Exploration Limited, under a Production Sharing Contract with the Nigerian National Petroleum Company Limited (NNPC Ltd).”

Ronald Adams, SNEPCo managing director, said the planned maintenance is intended to ensure the FPSO operates safely and efficiently for the next 15 years. He said the exercise will also cut unplanned deferments and strengthen the asset’s overall resilience.

Adams said SNEPCo expects to “resume operations in March following the completion of the turnaround”.

NGF: Governors To Prioritise Sugar Projects For Industrial Growth In States

NGF: Governors to prioritise sugar projects for industrial growth in states. The executive secretary said that recent macroeconomic developments had improved the competitiveness and profitability of local sugar production.

The Nigeria Governors’ Forum (NGF) has agreed to prioritise sugar as a key product for accelerating industrial development across all states.

The executive secretary/chief executive officer of the National Sugar Development Council (NSDC), Kamar Bakrin, said this in a statement on Sunday in Abuja.

Mr Bakrin said this decision followed a request by the NSDC as part of efforts to develop the sector, halt the importation of raw sugar, create jobs and achieve national self-sufficiency in sugar production.

“Under the arrangement, the NGF secretariat will also include sugar projects as priority beneficiaries in its engagements with development partners.
“This will be done within and outside the country, while partnering with the NSDC to support states in preparing and positioning investor-ready sugar projects.

“The partnership will focus on facilitating structured engagement between state governments, investors, and industry operators.
”It will also focus on improving coordination around critical enablers such as land access, infrastructure provision, and incentive frameworks,” he said.

Mr Bakrin, during a meeting with NGF leadership, highlighted the vast investment opportunities in the sugar sector and urged the governors of sugarcane-viable states to embrace the development of sugar projects.

He identified 11 states with suitable land for profitable sugar production: Oyo, Kwara, Niger, Nasarawa, Kaduna, Kano, Bauchi, Gombe, Jigawa, Adamawa, and Taraba.

The executive secretary said that recent macroeconomic developments had improved the competitiveness and profitability of local sugar production.

He said that while global sugar prices had remained relatively stable in dollar terms, exchange rate movements had made imports significantly more expensive.

“Exchange rate movements have made imports significantly more expensive, thereby enhancing the commercial viability of domestically produced sugar, whose inputs are largely naira-denominated,” Mr Bakrin said.

He said Nigeria now had strong operational fundamentals for sugar production, with assessments identifying about 1.2 million hectares of prime land suitable for large-scale sugarcane cultivation nationwide.

Mr Barkin, however, acknowledged that only about 200,000 hectares were required to achieve self-sufficiency.

“The availability of suitable land, water resources, labour and policy incentives positions Nigeria favourably for large-scale sugar investments,” he said.
According to Mr Bakrin, the Nigerian sugar sector is currently valued at about $2 billion.

He said that, under the African Continental Free Trade Agreement (AfCFTA), the continental market was estimated at $7 billion, while the market for sugar by-products alone was worth about $10 billion in Nigeria.
Mr Barkin emphasised that sugar projects promoted inclusive development, noting that the industry integrated host communities into the value chain through outgrower schemes and employment opportunities while supporting environmental sustainability.

According to him, a model sugar project producing 100,000 metric tonnes annually requires an estimated investment of about 250 million dollars.
He said it also delivered an internal rate of return of about 24 per cent, in addition to generating valuable by-products such as ethanol and bio-electricity.

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The NGF director-general, Abdulateef Shittu, said many state governments were already engaged or keen to engage in sugar-related investments covering land development, agricultural schemes, and agro-industrial initiatives.

Mr Shittu said unlocking the opportunities would require effective coordination, credible investment frameworks, and strong alignment between federal policy objectives and state-level development priorities.

He pledged the NGF secretariat’s commitment to ensuring that state development priorities increasingly focus on sugar project investments, given their potential for rural development and job creation.