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Stanbic IBTC Injects Fresh Blood Into  Boards Of HoldCo, Subsidiaries

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In a move generally perceived as reinvigorating by injecting new blood, Stanbic IBTC Holdings PLC, a member of Standard Bank Group has announced various Board appointments across the Group.

 

Biztellers reports that the appointments appear to be a reflection of the Group’s commitment to strengthening its leadership teams with a view to driving continued growth and innovation.

 

With the development, a highly accomplished businesswoman and social entrepreneur, Ndidi Nwuneli, was appointed Independent Non-Executive Director of Stanbic IBTC Holdings PLC.

 

She comes with an extensive experience, deep understanding of business development and sustainability, strengths expected to see her contribute invaluable insights to the Board’s strategic decision-making processes.

 

Another person appointed to the Board of the Holding Company as a Non-Executive Director, is Yinka Sanni.

 

He brings to the position, a wealth of experience in the financial services industry, backd by a strong track record of leadership.

 

It is expected that his robust industry experience and strategic insight will be instrumental in shaping the company’s growth trajectory.

 

In addition to this role, Yinka will serve as a Non-Executive Director of Stanbic IBTC Bank.

 

Another new appointee to the Non-Executive Director of Stanbic IBTC Bank PLC is Funeka Montjane was.

 

Her appointment was informed by her rich expertise in banking and financial services across Africa and beyond, strengths expected to be instrumental in achieving the Bank’s strategic objectives and ensuring its continued success.

 

Another aspect strengthened is the Board of Stanbic IBTC Asset Management, where Efe Omoduemuke joined as an Executive Director.

 

Omoduemuke boasts broad knowledge in investment management and risk management, expected to see him play a pivotal role in driving the next growth phase and development of the asset management business.

 

Another board appointment happened at Stanbic IBTC Insurance Brokers, where Joyce Dimpka joined as a Non-Executive Director.

 

Biztellers gathered that her vast background across the financial services industry at Senior Management and Board levels would see her weigh in with valuable insights and guidance to the company’s operations.

 

In the same vein, Stanbic IBTC Insurance Brokers Limited, welcomed Temitope Popoola as an Executive Director.

 

Temitope’s wealth of experience, which traverses Finance, Operations, Customer Service, Internal Audit, and Human Capital will be instrumental in achieving the Company’s strategic objectives in delivering excellent service and innovative insurance solutions to clients.

 

Another arm of the business bolstered at board level is Stanbic IBTC Capital Limited, where Oladele Sotubo was appointed as Executive Director.

 

With his expertise and experience in the capital markets, Oladele will bring valuable insights and contribute to the growth and success of Stanbic IBTC Capital Limited, Biztellers reports.

 

On its part, Stanbic IBTC Ventures welcomed Titi Ogungbesan as the Chief Executive.

 

With her demonstrated leadership skills and deep understanding of the Nigerian business landscape, Ogungbesan will lead the company in identifying and maximizing investment opportunities, driving its growth, and expanding the company’s portfolio.

 

On the appointments, Chief Executive, Stanbic IBTC Holdings, Dr. Demola Sogunle, said, “These appointments represent a significant milestone in the flight plan of Stanbic IBTC as we continue to position ourselves as a leader in the Nigerian financial services industry.”

 

He added that the new appointees come with a wealth of multi-dimensional experience, diverse perspectives, and a deep commitment to driving excellence and innovation.

 

“We are delighted to welcome these esteemed professionals to our Board of Directors. As we navigate the evolving financial landscape and continue to deliver exceptional value to our shareholders, clients, and communities, we recognise that people are the driving force behind any company’s growth. Hence, we prioritise people over profits at Stanbic IBTC,” Demola said.

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Business

Dangote Refinery’s Expansion to 1.4m bpd Creates Jobs for 95,000 Skilled Workers

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President of the Dangote Group, Aliko Dangote, has announced that the expansion of the Dangote Refinery to a production capacity of 1.4 million barrels per day will generate employment for no fewer than 95,000 skilled workers at peak construction.

Dangote disclosed this at the weekend in Lagos during his induction as an Honorary Fellow of the Nigerian Academy of Engineering (NAE), describing the project as a major milestone in Nigeria’s industrial transformation.

According to him, the expansion underscores the Group’s continued commitment to engineering excellence, job creation, and sustainable economic growth.

“This award is particularly meaningful because it recognizes what we are doing in the industry, especially our commitment to employing engineers and skilled professionals. At the peak of construction for this expansion, we expect to have about 95,000 skilled workers on site, and we will continue to grow,” Dangote said.

Upon completion, the expanded Dangote Refinery will surpass the Jamnagar Refinery in India to become the largest refinery in the world, significantly strengthening Nigeria’s refining capacity.

ALSO READ: PwC Recommends Nigeria’s Oil Sector to South African Investors

Dangote noted that the project would rely heavily on Nigerian expertise, creating substantial opportunities for engineers, technicians, artisans, and other skilled professionals. He added that the expansion reflects the Group’s long-term vision for industrialization in Nigeria and across Africa.

Beyond employment generation, the refinery expansion is expected to stimulate local manufacturing, enhance technology transfer, and deepen Nigeria’s oil and gas value chain. It will also improve fuel security, reduce dependence on imported petroleum products, and deliver significant foreign exchange savings for the Nigerian economy.

“The scale of this expansion reflects our confidence in Nigerian capacity and our belief that Africa has the ability to build world-class infrastructure that meets global standards,” Dangote stated.

In his remarks, President of the Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, described the honour as well deserved, noting that Dangote’s impact transcends physical infrastructure.

“What makes this recognition fitting is not only what has been built, but what has been inspired. Alhaji Aliko Dangote’s journey continues to motivate a new generation of engineers, entrepreneurs, and innovators to think boldly, act decisively, and believe in the immense possibilities within our continent,” Bello said.

Photo Caption
From Left: GED Oil & Gas, Dangote Industries Limited, Fatima Aliko Dangote; GED Operations, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; President/CE, Dangote Industries Limited, Aliko Dangote; President, The Nigerian Academy of Engineering, Engr. Prof. Rahamon Bello, at The Nigerian Academy of Engineering Induction of Aliko Dangote as Honorary Fellow in Lagos on Friday, April 24, 2026.

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Airlines Threaten Shutdown over Skyrocketing Fuel Price

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Alleging unbearable and unsustainable aviation fuel prices, domestic operators have set Thursday, April 30, 2026 as the shutdown date of local flights in Nigeria.

According to industry insiders, the airlines had engaged both the Federal Government and oil marketers without a breakthrough, and appeared left with no option but to ground flights from Thursday.

The looming shutdown comes after several complaints by operators, who have watched the price of Jet A1 surge by over 300 per cent compared to February levels, pushing operating costs to the brink.

Passengers, many of whom rely on domestic flights for business and urgent travel, now face uncertainty.

In a bid to avert the crisis, the Minister of Aviation and Aerospace Development, Festus Keyamo, convened a meeting with airline operators and fuel marketers in Abuja last week. However, findings indicate that the tripartite talks ended in a deadlock, with operators unwilling to shift their stance unless decisive action is taken.

ALSO READ: Dangote Leads East Africa’s Industrial Revolution

At the end of the two-day meeting, the minister announced a 30 percent reduction in aviation-related taxes as part of efforts to ease the burden on airlines. While the gesture was acknowledged, operators insist it falls short of addressing the root problem.

On the first day of the meeting, Vice President of the Airline Operators of Nigeria, Allen Onyema, welcomed the government’s intervention but maintained that fuel marketers must account for the sharp rise in prices.

Onyema said, “This government has helped the industry more than anyone since 1999, and the President is even willing to waive 30 percent of the debts airlines are owing.

“But the truth is that the marketers must be brought to book to explain how they came about the 300 percent increase when even Dangote is surprised because what he is selling to us is still the cheapest.”

At the end of the second day, Onyema issued a stark warning, giving a seven-day ultimatum from midnight last Thursday for action to be taken. “Since the advent of the US-Iran war, there has been a spike in aviation fuel in Nigeria, which we, the Airline Operators of Nigeria, feel is not proportionate to the hike internationally.

“We expect that in the next 48 hours something drastic should be done because no airline will fly in this country in the next seven days if nothing is done, not because they don’t want to fly, but because fuel may not be available to us at sustainable pricing.”

Providing further insight into the financial strain, Onyema disclosed that fuel prices have skyrocketed from about N900 per litre before the crisis to between N2,700 and N2,900, with some marketers selling as high as N3,500.

“Before the crisis, we were buying fuel at about N900 per litre. Now it has risen to between N2,700 and N2,900, with some selling as high as N3,300 to N3,500,” he said.

According to him, airlines are now operating primarily to service fuel costs. “All the airlines in Nigeria have been flying to pay fuel marketers only, and you don’t want to compromise safety,” he added.

Despite speculations about indebtedness, senior airline officials who spoke to our correspondent in confidence on Sunday, due to the sensitive nature of the matter, insisted that operators are up to date with payments to key aviation agencies, including the Federal Airports Authority of Nigeria (FAAN) and the Nigerian Airspace Management Agency (NAMA).

Consequently, the Airline Operators of Nigeria (AON) have formally requested additional relief measures from the government.

In the letter dated April 21 and signed by AON President Abdulmunaf Sarina, the group called for the immediate suspension of aviation taxes, fees, and charges for at least six months.

The operators argued that the unprecedented rise in fuel costs threatens not only airline operations but also jobs and the stability of the aviation sector. Among other demands, the AON proposed the introduction of a non-taxable fuel surcharge, a standard practice in international aviation to help airlines manage rising costs.

They also urged the government to direct oil marketers to issue credit notes to airlines affected by what they described as excessive and arbitrary price hikes. In addition, the group called for the establishment of an industry tax reform committee to review existing charges, assess their relevance, and align them with global standards.

As the deadline approaches, uncertainty hangs over Nigeria’s aviation sector. Another airline executive, who spoke anonymously on Sunday because he was not authorised to comment publicly, warned that the shutdown threat remains real. “If nothing is done, no airline will be flying by Thursday,” he said.

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Dangote Leads East Africa’s Industrial Revolution

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The ship of industrial revolution is about to berth in East Africa, with the continent’s leading industrialist, Alhaji Aliko Dangote, making clear his intention to take the driver’s seat on investments conceived to lead the continent into energy security and industrial revolution.

To this end, Alhaji Dangote whose company operates the largest petroleum refinery on the continent has offered to lead a consortium to build a major crude oil refinery in East Africa, as governments across the region push for greater energy self-sufficiency following supply disruptions linked to the Iran conflict.

The cost profile of the proposed East Africa Refinery was not disclosed but the proposed facility, to be located in the Tanzanian port city of Tanga, is expected to mirror the scale and capacity of Dangote’s flagship refinery in Lagos, which processes about 650,000 barrels per day.

The project is being discussed as a joint regional initiative, with crude supplies expected from Democratic Republic of Congo, Kenya, South Sudan and Uganda.

Kenyan President William Ruto stated at a conference in London that the refinery would serve multiple East African economies, many of which remain heavily dependent on imported refined petroleum products.

The region currently relies largely on supplies from the Middle East, leaving it exposed to global price volatility and logistical disruptions, including those caused by instability around the Strait of Hormuz.

Dangote said he would take the lead in delivering the project if participating governments reached agreement, with a proposed construction timeline of four to five years.

The move reflects a broader shift across Africa toward building domestic refining capacity after recent geopolitical shocks exposed vulnerabilities in fuel supply chains.

ALSO READ: Why Osun is Tapping into $2 Trillion Global Creative Industry Economy

In Nigeria, Dangote’s refinery has already reshaped the domestic energy landscape since operations began in 2024, significantly reducing the country’s long-standing dependence on imported fuel despite being Africa’s largest crude producer.

The facility has also positioned the Dangote Group as a central player in regional energy markets.

The proposed East African refinery is expected to complement emerging upstream production in the region, particularly in Uganda, which is preparing to begin commercial oil output. Kampala has also announced separate plans for a smaller refinery project in partnership with a United Arab Emirates-based investor.

Beyond refining, Dangote indicated plans to expand industrial investments across the continent, including the development of around 20 fertilizer blending plants by 2028 to support agricultural productivity and reduce import dependence.

He also signaled that a future listing of the Nigerian refinery could be opened to African investors, encouraging broader continental participation.

According to Dangote, the expansion strategy is aimed at building integrated industrial capacity that keeps more value within Africa while reducing exposure to external supply shocks.

Analysts say the success of the Tanga project will depend on regional coordination, regulatory alignment and financing, but note that it represents one of the most ambitious attempts yet to create a shared energy infrastructure serving multiple African economies.

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