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African Energy Chamber (AEC) Condemns Dawes Island Ruling as Judicial Overreach Threatening Nigeria’s Marginal Field Reform

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African Energy Chamber

The Federal High Court ruling reversing the revocation of the Dawes Island license risks undermining Nigeria’s “drill or drop” policy, impacting investor confidence and the sanctity of petroleum contracts

JOHANNESBURG, South Africa, February 11, 2026/APO Group/ –A Federal High Court in Nigeria has delivered a judgement against the Ministry of Petroleum Resources in favor of Eurafric Energy Limited, reversing the 2020 revocation of the Dawes Island marginal field license, which post revocation has been held and developed by Petralon 54 Limited since 2022.  The ruling effectively challenges the regulator’s 2020 decision not to renew Eurafric’s license that had expired without commercial production after 17 years. An appeal has since been initiated by Petralon 54 Limited, with a stay of execution pending determination by higher courts. For Nigeria’s upstream sector – which is already navigating production recovery and reform implementation under the Petroleum Industry Act (PIA) – the implications extend far beyond a single asset.

 

As the voice of the African energy sector, the African Energy Chamber (AEC) strongly condemns the ruling carried down against the Ministry of Petroleum Resources and Petralon, recognizing it as not only an affront to Nigerian companies that are trying to develop marginal fields but also as a clear example of judicial overreach. The Chamber stands firmly with the Ministry and Petralon, calling for the issue to be resolved to pave the way for Petralon to continue increasing production, monetizing the asset and supporting Nigeria’s long-term industry goals.

An Example of Judicial Overreach

The AEC is deeply concerned by the legal reasoning underpinning the judgment. A central issue is the apparent application of provisions of the PIA – enacted on August 16, 2021 – to events that occurred prior to its passage. The Dawes Island license expired in April 2019, and the regulator formally declined renewal in April 2020 – both actions taken under the legal regime in force at the time. Applying the PIA retrospectively risks undermining the principle of legal certainty that underpins long-term upstream investment. Investors commit capital on the basis of clear statutory frameworks, fiscal terms and regulatory authority.

The ruling also raises operational concerns, particularly in its treatment of approximately 62,000 barrels produced during a well test as evidence of commercial production. In established upstream practice, well testing is a technical evaluation of reservoir performance – not the commencement of sustained commercial production, which requires regulatory confirmation through a technical allowable. Additionally, reliance on an unsigned farm-out agreement to establish enforceable legal interest departs from established contract law principles, under which unsigned documents do not create binding obligations. Taken together, the ruling risks setting a precedent where lower courts intervene in technically complex petroleum matters in a manner inconsistent with regulatory practice and fiscal governance.

If Nigerian independents are placed in a precarious position by inconsistent judicial decisions, it will deter both local and international investment

Petralon’s Commitment to Marginal Production

Following the designation of the asset under Petroleum Prospecting License 259 (PPL 259), Petralon moved swiftly to execute its obligations. The licence terms compel a one-well commitment, yet and the company deployed approximately $60 million to drill two new wells and put in place support facilities to commence production within a 12-month period. More than 150,000 barrels have been produced and evacuated to the Bonny Terminal, Nigeria’s largest export terminal, and royalty payments have already commenced being remitted to the state.

The commencement of the second well was witnessed by Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil) in November 2025, signaling alignment between operator and government. The company has since committed to doubling production at the asset, reaffirming its dedication to Nigeria’s oil growth. These results stand in stark contrast to the field’s previous history of non-production. Petralon’s activities demonstrate the effectiveness of Nigeria’s “drill or drop” policy and the broader Project One Million Barrels initiative – reforms designed to ensure that marginal fields contribute meaningfully to national output. At a time when Nigeria is actively courting new upstream capital, visible execution, compliance and royalty generation should be reinforced – not destabilized.

“Petralon is a Nigerian independent that has followed every rule, complied with every regulation and worked hand-in-hand with government to increase production. They drilled. They invested. They paid royalties. They delivered results. To come at this time and derail that progress is unjust and sends the wrong signal to the market,” states NJ Ayuk, Executive Chairman, AEC.

A History of Development

Petralon is not a speculative entrant into Nigeria’s upstream sector. Incorporated in 2014, the company has steadily built a diversified portfolio of operated and non-operated assets. Between 2021 and 2022, Petralon raised $60 million in capital, strengthening its balance sheet and positioning itself for upstream growth. Today, the company holds one operated field and two non-operated deepwater assets.

Through its indirect 6.06% shareholding in Prime Oil & Gas, Petralon has exposure to OML 127 and OML 130. OML 127 contains the Agbami field, while OML 130 includes the Akpo, Egina and Preowei fields – some of Nigeria’s most significant deepwater producing assets. This production base underscores that Petralon is not merely a marginal field operator but a credible Nigerian upstream participant with deepwater exposure, capital discipline and operational alignment with regulatory frameworks.

“This is not just about one field. It is about supporting Nigerian companies that are investing in Nigeria, creating jobs, increasing production and strengthening our energy security. If Nigerian independents are placed in a precarious position by inconsistent judicial decisions, it will deter both local and international investment,” Ayuk added.

Distributed by APO Group on behalf of African Energy Chamber.

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IsDB Group Day in Nigeria Advances Private Sector Engagement and Investment Partnerships

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IsDB

The IsDB Group Day served as a strategic platform to present the Group’s comprehensive range of services and solutions in investment, trade finance, insurance, Islamic finance, and capacity building

As Nigeria transitions from economic stabilization to a period of robust expansion in 2026, our focus is firmly set on Growth Acceleration and Investment Mobilization

LAGOS, Nigeria, March 31, 2026/APO Group/ –The Islamic Development Bank (IsDB) Group (www.IsDB.org) successfully concluded the IsDB Group Day in Nigeria on 30 March 2026, bringing together senior government officials, private sector leaders, financial institutions, chambers of commerce, development partners, and international stakeholders to strengthen collaboration, promote investment, and enhance private sector–led growth in Nigeria.

 

The high-level event underscored Nigeria’s strategic importance as Africa’s largest economy and highlighted the critical role of private sector engagement in addressing key development challenges, including infrastructure gaps, youth and women unemployment, limited access to finance for small and medium-sized enterprises (SMEs), and the transition toward a more diversified and sustainable economy.

The IsDB Group Day served as a strategic platform to present the Group’s comprehensive range of services and solutions in investment, trade finance, insurance, Islamic finance, and capacity building.

The event facilitated dialogue amongst policymakers, investors, entrepreneurs, and development partners, fostering meaningful engagement and the exploration of practical business and investment opportunities.

In his keynote address, H.E. Mr. Wale Edun, the Minister of Finance and coordinating Minister of the Economy of the Federal Republic of Nigeria stated:

“As Nigeria transitions from economic stabilization to a period of robust expansion in 2026, our focus is firmly set on Growth Acceleration and Investment Mobilization. This journey toward a $1 Trillion economy by 2030 requires ‘capital with purpose’—investments that bridge the gap between financial stability and tangible social outcomes. Through our strategic partnership with the Islamic Development Bank (IsDB) and the implementation of the Country Engagement Framework 2026-2028, we are modernizing our infrastructure, industrializing our agribusiness, and bringing 10 million Nigerians into productive economic activity. By leveraging innovative instruments like Sukuk, we are not just financing projects; we are building a Nigeria that is resilient by design, inclusive by nature, and a premier destination for global investment.”

The IsDB Group Head of Delegation underscored: “The CEF marks a new era of strategic synergy, moving beyond isolated interventions to deliver integrated, federal-scale solutions. We are aligning our institutional resources to support Nigeria’s transition toward a diversified, high-growth economy—one where the private sector serves as the fundamental engine of development.”

He further emphasized that through this partnership, the Group remains dedicated to accelerating the delivery of integrated transformative solutions that foster national resilience and competitive industrialization.

One of the main features of the program was a panel discussion on Nigeria’s development priorities and the role of IsDB Group in formulating practical avenues of cooperation and forging strategic partnerships to support Nigeria’s path towards sustainable and inclusive development.

The discussions during the IsDB Group Day were closely aligned with Nigeria’s future development vision, which focuses on building a diversified, inclusive, and resilient economy driven by private sector–led growth. Emphasis was placed on expanding access to finance for

SMEs, strengthening public–private partnerships, advancing renewable energy and green infrastructure, and investing in human capital to unlock opportunities for youth and women.

These priorities reflect Nigeria’s commitment to sustainable development, economic diversification, and deeper regional integration through trade and investment.

A series of bilateral (B2B and B2G) meetings were held amongst representatives of the IsDB Group, business leaders, investors, and financial institutions to explore opportunities for cooperation and partnerships with the Islamic Development Bank Group. Inspiring success stories implemented in Nigeria in partnership with local entrepreneurs as well as local and international institutions were also presented.

The event also highlighted the activities, services, and initiatives of IsDB Group institutions, including the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), the Islamic Corporation for the Development of the Private Sector (ICD), the International Islamic Trade Finance Corporation (ITFC), the Islamic Development Bank Institute (IsDBI), and the Islamic Development Bank Group Business Forum (THIQAH).

The day concluded with a reaffirmation of the Islamic Development Bank Group’s commitment to continued cooperation  with the Nigerian government and the country’s private sector to further build strategic partnerships, expand investment opportunities, and enhance the business environment, thereby contributing to the achievement of sustainable development in Nigeria.

Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).

 

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Public attitude data are key to building resilient, competitive businesses, Afrobarometer tells private-sector leaders

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Afrobarometer

At the event, Afrobarometer presented data on economic and social conditions tailored for private-sector stakeholders and highlighted the role of citizens’ lived experiences and perceptions in shaping consumer behaviour

NAIROBI, Kenya, March 31, 2026/APO Group/ –Afrobarometer (www.Afrobarometer.org) is urging private-sector leaders and investors across Africa to integrate public attitude data into their decision making, as citizen perspectives are essential to building resilient, competitive, and future-ready enterprises.

This call came through strongly as Afrobarometer engaged business leaders, investors, policy makers, regulators, and innovators at the CEO Conclave and Investors Forum 2026 in Nairobi, Kenya. The forum, convened by the Africa Asia Middle East Chamber of Commerce (AAMECC), brought together about 100 leaders from across the business ecosystem to explore opportunities for investment, innovation, and cross-border partnerships.

At the event, Afrobarometer presented data on economic and social conditions tailored for private-sector stakeholders and highlighted the role of citizens’ lived experiences and perceptions in shaping consumer behaviour, investment climates, and business performance.

“The environments in which you operate are shaped by the expectations, frustrations, resilience, and aspirations of people,” said Felix Biga, chief operations officer for Afrobarometer. “Citizen experiences and perceptions of economic conditions, trust in institutions, access to services, and lived realities all influence market behaviour, investment climates, and ultimately business success.”

The environments in which you operate are shaped by the expectations, frustrations, resilience, and aspirations of people

Participants echoed the value of integrating citizen-centred data into business planning.

“As Africa emerges as a significant frontier for economic growth, those who lead will be organisations prioritising insights derived from robust data, particularly citizen-centred data,” said Peter Mutinda, president of AAMECC.

“What is most important to me in business, especially when working with African partners, is starting with data, then building connections and cooperation, and only then moving into the details and country-specific specialisations,” said Pawel Zarzecki, an export manager at Bart, a health-focused manufacturer.

Eve Mischeki from the Women in Business network also underscored the relevance of the findings presented by Afrobarometer.

“As a woman in business, I see strong synergy with Afrobarometer’s data, particularly in the key priorities it highlights, which closely reflect the realities we navigate,” she said.

This engagement forms part of Afrobarometer’s broader effort to deepen collaboration with business leaders through a series of targeted dialogues aimed at increasing awareness of its data and co-creating solutions that respond to both business and societal priorities.

Distributed by APO Group on behalf of Afrobarometer.

 

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Leah Nakazwe Kooma appointed as Chief Executive Officer (CEO) of Liquid Intelligent Technologies Zambia

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Zambia

With over two decades of experience across the telecommunications, financial services, and media sectors, Leah’s appointment underscores Liquid’s strategic growth and dedication to expanding its leadership in digital infrastructure in Zambia and beyond

LUSAKA, Zambia, March 31, 2026/APO Group/ –Liquid Intelligent Technologies (http://Liquid.Tech/), a business of Cassava Technologies, a global technology leader of African heritage, is pleased to announce the appointment of Leah Nakazwe Kooma as Chief Executive Officer of Liquid Intelligent Technologies Zambia, effective 1 April 2026.

With over two decades of experience across the telecommunications, financial services, and media sectors, Leah’s appointment underscores Liquid’s strategic growth and dedication to expanding its leadership in digital infrastructure in Zambia and beyond. This move reflects our ongoing commitment to innovation and regional development.

Leah’s leadership is pivotal at this stage for our Zambia business and the broader region

“Leah’s leadership is pivotal at this stage for our Zambia business and the broader region. Her proven ability to deliver results will drive Liquid Zambia’s next phase of growth,” said Wellington Makamure, CEO of Sub-Saharan Africa, Cassava Technologies.

Leah began her career at Barclays Bank before joining Celtel, where she worked across multiple African markets. She joined the founding team of Vodafone Zambia in 2016, playing a key role in launching the country’s first 4G LTE network as Chief Sales and Distribution Officer. In 2017, she joined MultiChoice Zambia as the GOtv Commercial General Manager and was later appointed Chief Customer Officer, then Managing Director.

“I am very excited about joining the Liquid team. I have watched from the terraces as the business has evolved over the years, and I believe that, together with my team, we can take it to the next level. Having started my career in sales, marketing, and customer service has helped me understand what customers want and how to treat them. Over the years, I have had the privilege of working with people from different backgrounds and cultures, which has enabled me to collaborate seamlessly across diverse business environments. This experience also helped me grow into an effective communicator, whether with customers, clients, or co-workers,” explains Leah.

Leah holds a Bachelor of Arts Degree in Economics and Development Studies from the University of Zambia and a Master of Business Administration from the University of South Wales. She currently serves on several boards, including as Board Chair for the Mulungushi International Conference Centre, and is a member of the Institute of Directors and Business Professional Women International.

Distributed by APO Group on behalf of Liquid Intelligent Technologies.

 

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