Petroleum Club Lagos First Quarter Dinner 2023

The Petroleum Club Lagos cordially invites you to her

First Quarter Dinner 2023 – A Special Oil Industry Dinner

Date: Thursday 16th February 2023

Venue: Civic Center, Ozumba Mbadiwe Avenue, Victoria Island, Lagos

Time: 6pm – 9pm





Poor management, bane of Nigeria’s power sector – Fashola

The Minister of Power, Works and Housing, Babatunde Raji Fashola, has insisted that the challenges facing the power Sector is not technical but manmade, The Guardian reports.

Speaking at a dinner organised by the Petroleum Club in Lagos last week, he clarified, “some people have said because I am not an engineer is the reason for continued power instability. But many people have served before me that are engineers and the challenges in power are still there, though I acknowledge their efforts.” He added; “Most of the problems in the sector are not engineering but manmade. For instance, we have a situation where close to 900 containers that have switches, feeders, control units meant for the power plants are trapped in our own ports for almost a decade.”

In addition, he said: “today, the power is largely controlled by the private sector, that is the Distribution Companies (Discos) and the generating companies (Gencos)[…]so if we are not generating or distributing power, whose fault? Government is only the manager of the transmitting company.” He continued, “The problem is also a value chain issue; you don’t solve one and leave the other. If Nigerians understand the situation on ground, they will be more considerate in their assessment and work with us to get there.”

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Kachikwu: Nigeria to Pay IOCs $5.1bn Discounted Cash Call Debt in Five Years

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, yesterday disclosed that the discounted $5.1 billion cash-call debt owed International Oil Companies (IOCs) by Nigeria over a long period would be paid off within five years. Although Kachikwu did not state when the repayment would begin, he however stated that the repayment timeline was part of the concessions Nigeria got from the IOCs for discounting a whopping $1.7 billion from the cash-call arrears.

He recently disclosed at the 72nd National Economic Council (NEC) meeting that through negotiations with the IOCs, the $6.8 billion past due cash-calls burden on the federation was reduced to $5.1 billion, to be paid on an improved oil output.

Speaking after declaring open the inaugural meeting of the National Council on Hydrocarbon in Abuja, Kachikwu also said within the agreement, the payment from incremental oil production will not affect Nigeria’s budget production benchmark of 2.2 million barrels per day (mbd).

He added that the discount translates to almost N8 billion in savings to the country.
“The first concession obviously is the fact that the country got a discount of $1.7 billion, and that is going to be paid over a period of five years and it will be paid from incremental volume of production and so we are not lynching into our 2.2mbpd to be able to pay for that.

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Sola Adepetun

Sola Adepetun

Sola is a Senior Partner in the Energy and Project Finance practice group of Adepetun Caxton-Martins Agbor & Segun (now Dentons ACAS-Law), which he co-founded in 1991.

In his 39-year career, Sola is renowned in the Nigerian Oil and Gas industry as an expert in oil and gas law and has considerable experience across a wide range of energy focused matters. He represents clients locally and internationally on multi-party transactional matters ranging from corporate structuring and re-structuring, mergers and acquisitions and regulatory compliance with a focus on oil and gas.

Sola is the recipient of a number of accolades, recognizing his excellent leadership quality and thought leadership. In 2016, he received the Lifetime Achievement Award in Africa for his sustained commitment to building the “Cape to Cairo” oil and gas industry. In 2019, he also received the award for Business Lawyer of the Year from the Nigerian Legal Awards. He has been listed in “Band 1” as one of the leading Nigerian Energy and Natural Resources Lawyers in the last 15 (fifteen) editions of the Chambers Global Guide, the World’s Leading Lawyers. He was listed as a ‘ Global Elite Thought Leader’ in the Who’s Who Legal: Global Elite 2019 and 2021 editions. He has been listed in the last 10 (ten) consecutive editions of ‘Euromoney’s Guide to the World’s Leading Energy and Natural Resources Lawyers’ as an expert and leading legal practitioner. Sola has also been described as a “leading lawyer” in the 2019, 2020 and 2021 editions of the ‘IFLR 1000’ directory under the Energy and Infrastructure, Project Development, Project Finance and Tax industry sectors. The ‘Chambers Global Guide’ labels Sola as “the foremost practitioner in upstream processes” in Nigeria, “one of the leaders of the field” and “a standout lawyer for energy work” and records that his clients regard him as “a top-notch lawyer”.

He currently serves in several leadership positions, including as the Chairman of the board of directors of Standard Chartered Bank Nigeria.

Mr. Casimir Chinyelu Maduafokwa

Mr. Casimir Chinyelu Maduafokwa

Casimir Chinyelu Maduafokwa is the President and Chief Executive Officer of Tecon Oil – Niger Blossom Drilling Group, a high performance and high quality Pan-African Drilling and Work over Rig Units and Oil Tools Contract Services Company with Nigeria as the key operational base, but with ambition and interests in the key Gulf of Guinea countries of Congo Brazzaville, Angola, Gabon and in East Africa.

He is also the promoter of Cepstar7 Reality Holdings, athorough going development company focused on top tier real estate. His new and most important long-term initiative could very well be the foundation for social responsibility, grants and philanthropy, policy think tank and advocacy, the Casimir Maduafokwa Common Cause and Prosperity Foundation (CMCCP Foundation).

A can-do entrepreneur and complex problem solver, a political economist and social critic, researcher and investment banker, Casmir holds a B.Sc. degree in Industrial Engineering and Operations Research from Syracuse University, Syracuse, New York; as well as Master of Business Administration (MBA) in Finance & Mathematical Economics, also from the same Syracuse University.

Casimir became the President/Chief Executive Officer of Tecon Oil Services Limited in 1991 through acquisition, after establishing and managing Cosmocorp Holdings (a company engaged in strategic investment and assets development, notably the idea of Luxury Condominiums in Nigeria).

Prior to this, he started his professional career with the Center for Management & Policy Research, Washington DC where he worked as a Policy Research Analyst in 1979 and was a rising Kempian Austrian-Supply Sider in the early Raegan and early years. He later proceeded to the Atlanta Office of Mathtech Division of Mathematics Inc., Princeton, New Jersey as Econometrician/Operations Research Analyst in 1981 before leaving the United States of America. Between 1983 and 1986, he worked with Chase Merchant Bank, Lagos as Assistant Manager, Credit and Marketing. In 1986 he joined First City Merchant Bank Limited as Manager, Credit and Marketing. He left F.C.M.B. to establish Cosmocorp Holdings in 1989.

An active corporate member of Petroleum Technology Association of Nigeria (PETAN), International Association of Drilling Contractor (IADC), Nigeria.

Barrister Yemi Akisanya

Barrister Yemi Akisanya

Born March 31, 1954, ‘Yemi Akisanya attended Kings College Lagos from 1966 to 1972, thereafter obtained an LL. B (Hons), from the University of Lagos, Nigeria in 1976 and, in 1979, an LL.M from the London School of Economics and Political Science.

He was called to the Nigerian Bar in July 1977 as a Solicitor and Advocate of the Supreme Court of Nigeria and was enrolled as a Notary Public in May 2014.

After brief stints between 1979 and 1981 with the firms of Odujinrin and Adefulu, in Lagos and Sullivan and Cromwell, in New York, respectively, he joined the Office of General Counsel of Mobil Producing Nigeria Unlimited (“MPNU”), in November 1981, as Counsel.

From 1993 to 1996, he was an International Transactions Counsel, in the Office of General Counsel of Mobil Oil Corporation, E & P Division, in Fairfax, Virginia. He retired (elective voluntary early retirement) from MPNU in March 2002, after twenty-one years plus of service as Counsel, Senior Counsel, Acting General Counsel, and Company Secretary.

While with MPNU, he was involved in every aspect of the business and operations of the upstream oil industry, including its processes, transactions, arrangements, ventures, and agreements. And, until his retirement, he was an in-house resource person on the US Foreign Corrupt Practices Act (“FCPA”). As such resource person, he advised and provided opinions with respect to compliance with the FCPA in the company’s transactions and external relations.

‘Yemi Akisanya is presently engaged in private law practice as Principal of Adeyemi-Akisanya Associates, a service-oriented boutique firm of Attorneys, Mediators, and Conflict Resolvers. A CEDR Accredited Mediator (CEDR is the Centre for Effective Dispute Resolution, UK), he has also, in collaboration with other practitioners in Alternative Dispute Resolution and Conflict Management, established The Dispute Solutions Hub (“TDSH”), – TDSH gives clients optimum access to the best in Mediation and Conflict Resolution and Management services, programmes, advisory, training, and development, including Workplace Mediation, Employee Rights Mediation, Conflict Coaching, Host Community Relations and Negotiations, and Union Negotiations.

He is a member of the Association of International Petroleum Negotiators; Life Fellow, the Nigerian Conservation Foundation; and member, Trustee, and the Honorary Secretary, of the Musical Society of Nigeria, MUSON.

Outside of mediation and law practice, Yemi is an ordained Pastor and Bible Teacher, a classical pianist, and a choir trainer/director. His other loves include reading, philosophy, science fiction, and Christian Apologetics. He is married, with children and grandchildren.