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Nova Bank Appoints Jude Anele as Managing Director/CEO

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Jude Anele, Managing Director/CEO, NOVA Bank Ltd
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Meets CBN Capital Requirements, to Open Eight New Branches in 2026.

NOVA Bank Limited has announced the appointment of Jude Anele as its Managing Director and Chief Executive Officer, following the approval of the Central Bank of Nigeria.

The appointment comes at a pivotal moment in the Bank’s evolution, following its transition from merchant banking to commercial banking and the successful completion of its recapitalisation programme ahead of the March 31, 2026, regulatory deadline.

Anele brings more than 33 years of banking experience across West and Central Africa, with deep expertise in retail /commercial banking, corporate banking, risk management, institutional transformation and executive leadership. Over the course of his career, he has led complex banking operations, strengthened governance frameworks, delivered sustainable revenue growth and built high-performance teams.

The appointment reflects the Board’s strategic commitment to consolidating NOVA Bank’s commercial banking platform while accelerating growth across its Corporate, Commercial and Retail segments, as well as priority markets.

Speaking on his appointment, Anele said he was honoured to assume leadership of the Bank at a defining stage of its growth.

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“Nova Bank has built a strong institutional foundation defined by regulatory compliance, capital strength, disciplined governance and a clear commercial mandate. Our focus now is execution deepening customer relationships, expanding responsibly across priority markets, strengthening risk discipline and delivering sustainable value to our shareholders, he said.

The Bank’s Chairman, Phillips Oduoza, also expressed confidence in the new leadership.

“The Board is pleased to welcome Mr. Jude Anele as Managing Director and Chief Executive Officer. His depth of experience, strategic clarity and proven leadership record align strongly with NOVA Bank’s growth ambitions,” Oduoza said.  He added that with recapitalization completed ahead of the regulatory timeline, the Bank is entering a new phase defined by scale, stability and structured expansion.

NOVA Bank also confirmed that it has met the recapitalization requirements set by the Central Bank of Nigeria ahead of the regulatory deadline, reinforcing its capital adequacy and long-term financial stability. The capital raise, supported by new and existing shareholders, further strengthens the Bank’s balance sheet and positions it for disciplined growth.

In 2025, Global Credit Rating reaffirmed NOVA Commercial Bank’s national scale long- and short-term issuer ratings of BBB(NG) and A3(NG) respectively, while Agusto & Co. reaffirmed the Bank’s “Bbb” rating with a stable outlook, reflecting its strong capital base, sound liquidity position and resilient asset quality relative to its risk profile.

NOVA Bank currently maintains operations in Lagos, Abuja, Owerri and Port Harcourt, with plans to open eight additional branches across key commercial hubs in 2026 as part of its expansion strategy.

The commissioning of the Bank’s regional office in Owerri marked a significant milestone in its South-East and South-South growth strategy. The event attracted government officials’business leaders and Nigerians in diaspora and underscored NOVA Bank’s commitment to supporting enterprise development and economic growth.

NOVA Bank Limited is a commercial bank licensed and regulated by the Central Bank of Nigeria. Commencing operations in 2018 as a merchant bank, the institution transitioned to a commercial bank in 2024 and provides retail, SME, corporate and commercial banking services through its Phygital modelan integrated approach combining physical branch presence with digital banking infrastructure.

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Court dismisses suit by Bayelsa traditional ruler challenging Shell’s divestment,pollution

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The Yenagoa Division of the Federal High Court on Friday dismissed a suit challenging the divestment of Shell from onshore assets.

The suit filed by King Bubaraiye Dakolo, traditional ruler of Ekpetiama in Yenagoa Local Government Area of Bayelsa also sought redress and remediation of cumulative pollution of Dakolo’s domain for 40 years.

Dakolo alleged that the divestment by Shell did not follow the stipulated guidelines in the Petroleum Industry Act (PIA) 2021.

However, presiding judge, Justice Ayo Emmanuel in a ruling dismissed the case for being filed out of time adding that under the statute, any objections to divestment on guy to be filed within three months.

Emmanuel also held that the traditional ruler lacked the ‘locus standi’ to institute the case as he had no role in the divestment.

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The judge further stated that the plaintiff failed to explore and exhaust the conflict resolution mechanism mechanisms by the Nigerian Upstream Petroleum Regulatory Commission,

The judge noted that the failure according to the Petroleum Industry Act (PIA)asked the suit invalid.

“Plaintiff’s failure to satisfy the mandatory statutory conditions precedent under the Petroleum Industry Act (PIA) strips this Court of jurisdiction.

“The Plaintiff further contended that the injuries complained of constitute a “continuing injury, thereby creating a continuous cause of action that escapes the limitation periods.

“However, looking closely at the pleadings, the Plaintiff joins historical grievances stretching back decades with specific events that allegedly took place around 2024. A continuous injury means a recurrence of the legally wrongful act itself, not the continuous persistence of the injurious effects of a singular past act.

“From the facts presented, the alleged causes of action against the public officers (the 4th, 5th, and 6th Defendants) arose well outside the mandated 3-month period prescribed by POPA.

“Furthermore, the claims touching on tortious liability are caught by the 5-year limitation threshold under Section 16 of the Limitation Law of Bayelsa State,” Emmanuel ruled.

Reacting, Counsel to the Minister of Petroleum Resources, Lawrence Edet who spoke for the defendants thanked the court for dispensing justice to their favour.

Counsel to Dakolo said that they will pursue the case beyond the trial court and will be heading to the court of appeal.

Environmental justice group, Social Action in its reaction to the judgement expressed regret that the court had to ignore the quest for environmental justice and technicalities.

Dr Prince Edegbuo
Resource Justice Manager at Social Action said: “It is very very unfortunate that a matter as important as this that is gaining international traction in home countries where these international companies come from and the activities being condemned but our legal system finds it convenient to discard a case that has caused so much hardship and suffering on the people.

“The pollution had devastated the environment and denied people of their livelihoods and even affected the reproductive health of the people, it is heartbreaking that the Federal High Court struck out this case.

“We will meet at the Appeal Court, we will not relent, we shall continue to support the Ekpetiama people in this litigation, this is just the court of first instance,” he said.

Ekpetiama community is in the neighbourhood and part of host communities to the Gbarain-Ubie gas plant and Gbarain oilfields.

Listed as defendants in the suit No. FHC/YNG/CS/81/2025, are Shell Petroleum Development Company of Nigeria, Shell Petroleum N.V, Shell UK PLC.

Others are Attorney General of the Federation, The Nigerian Upstream Petroleum Regulatory Commission, Minister of Petroleum Resources and Renaissance Energy Africa Ltd.

It will be recalled that Renaissance Energy Africa, a consortium of indigenous oil firms in March 2025 acquired the onshore and shallow waters oil and gas assets hitherto operated by SPDC, following the divestments by Shell UK PLC, the parent company to SPDC.

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Dangote launches ₦500,000 reward program to encourage whistleblowing

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Dangote Group CEO, Aliko Dangote
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•Says illegal goods on Dangote trucks to be confiscated

Dangote Industries Limited has intensified efforts to combat illegal haulage activities involving its trucks by unveiling a public whistleblowing initiative that offers a cash reward to individuals who provide credible information leading to the arrest of offenders or the interception of unauthorized goods and transportation of persons.

The company said the initiative, which will reward whistleblowers with N500,000.00 cash award, forms part of its broader commitment to protect the integrity of its logistics operations and eliminate the activities of unscrupulous individuals who illegally use Dangote-branded trucks to transport unauthorized goods.

In a statement issued in Lagos, the management urged members of the public to support the campaign by reporting any suspected cases of illegal haulage involving Dangote trucks, stressing that only specifically approved products are permitted to be transported by vehicles belonging to its various subsidiaries.

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According to the company, Dangote Cement trucks are authorized to carry only cement, limestone, high-grade gypsum, coal and clinker, while Dangote Sugar Refinery trucks are restricted to the transportation of sugar products. Trucks belonging to NASCON Allied Industries are expected to carry Dangote Salt and DanQ Seasoning products, while Dangote Packaging vehicles are designated for bags and packaging materials.

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Similarly, trucks operated by Dangote Petroleum Refinery and Petrochemicals are permitted to transport polypropylene products, while Dangote Fertiliser Limited vehicles are authorized for the haulage of urea fertilizer.

The company warned that any Dangote truck found transporting unauthorized goods would be treated as being involved in illegal haulage activities, adding that both the drivers and owners of such goods risk arrest, confiscation of the cargo and prosecution under applicable laws.

“Anyone with verifiable information that leads to the arrest of persons involved in illegal haulage activities or the recovery of unauthorized goods transported on Dangote trucks will receive a cash reward of Five Hundred Thousand Naira,” the company stated.

To aid investigations and enforcement efforts, the management of Dangote Group advised whistleblowers to provide detailed information when making reports. These include the truck type, registration plate number, cab number, location of the vehicle, description of the goods being transported, colour of the truck and photographs of the vehicle and cargo where possible.

The company has therefore established dedicated hotlines across its operations to receive reports relating to illegal haulage activities. Members of the public can report incidents involving trucks operating from the Obajana, Okpella and Gboko plants through certain dedicated telephone lines.

The Company stated that law enforcement agencies, including the Police, have been authorized to arrest any driver found using company trucks for unauthorized commercial haulage.

It reiterated its zero-tolerance stance against logistics-related fraud and called on the public to join hands with it in safeguarding legitimate business activities by exposing illegal operators.

Dangote Group emphasized that the initiative is designed not only to protect company assets and operations but also to strengthen transparency, accountability and compliance across its nationwide logistics network.

“Public cooperation remains critical in our efforts to eradicate illegal haulage activities. We encourage anyone with credible information to come forward and help us maintain the integrity of our transportation system,” the statement added.

The company reaffirmed that all reports would support ongoing efforts to protect the Dangote brand, promote lawful business practices and ensure that offenders are brought to justice.i

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Pipeline sale controversy deepens as expert warns of investor confidence risks

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Fresh controversy has erupted over efforts to revive the sale of a 40 per cent stake in the Amukpe–Escravos Pipeline, with a governance expert warning that any attempt to resurrect a previously terminated transaction could damage investor confidence and raise fresh questions about transparency in Nigeria’s oil and gas sector.

Speaking on Channels Television on Thursday, June 11, 2026, Managing Director of Policy Management Consult Services, Jide Olatuyi, said concerns surrounding the transaction extend beyond commercial interests and strike at the heart of governance, transparency, and the credibility of Nigeria’s investment environment.

“The contract was terminated,” Olatuyi said. “What stakeholders are saying is that there is a need for a new competitive bidding process rather than attempting to revive a failed transaction.”

The controversy has intensified amid scrutiny of the asset’s valuation. The earlier transaction involving the 40 per cent stake was priced at approximately $243 million before collapsing over unmet contractual obligations. Independent assessments conducted in 2025 reportedly valued the same stake at between $544 million and $641 million.

The significant disparity between the earlier transaction price and the more recent valuations has fuelled calls for a fresh competitive bidding exercise to ensure that the asset reflects prevailing market conditions and delivers maximum value.

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Rejecting suggestions that opposition to the proposed transaction is driven by sentiment or commercial rivalry, Olatuyi insisted that the debate centres on governance standards within the petroleum industry.

“I don’t think it is about sentiment at all,” he said. “It is about governance in the oil and gas sector.”

According to him, Nigeria’s challenge is no longer limited to attracting investors but also ensuring that investors have confidence in the integrity of the country’s commercial and regulatory processes.

“If you are not committed to transparency, it becomes a problem for investors,” he said. “If you cannot build trust and confidence in the sector, capital will go elsewhere.”

Olatuyi said several stakeholders, including project lenders such as Sterling Bank and AMCON, have advocated a transparent process that reflects current market realities and updated asset valuations.

The Amukpe–Escravos Pipeline, which has a transportation capacity of about 160,000 barrels per day and has maintained uptime above 95 per cent, remains one of Nigeria’s most strategic crude evacuation assets. The pipeline plays a critical role in transporting crude from inland production fields to export terminals in the Niger Delta.

Olatuyi urged authorities to ensure that any future transaction involving the asset is conducted through an open, transparent, and competitive process capable of inspiring investor confidence and safeguarding public value.

The debate comes at a time when the Federal Government is seeking to attract substantial investment into the energy sector and expand critical oil and gas infrastructure.

The eventual outcome of the Amukpe–Escravos Pipeline transaction could serve as a major test of Nigeria’s commitment to transparency, valuation discipline, and investor protection. As global competition for energy capital intensifies, governance standards may prove just as important as resource endowment in determining where investment flows.

Officials of the Nigerian Upstream Petroleum Regulatory Commission and members of the technical committee that supervised the original transaction did not respond to requests for comment as of press time.

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