Adaora Nduka Ugwu, Head of Investment Management at the Mainstream and Downstream Gas Infrastructure Fund (MDGIF) speaks on the ongoing investment in Nigerian petroleum sector and how Nigeria can utilize the huge potentials on gas. Excerpts.
HOW did you transit to becoming the Head of Investment?
My academic background is in Accounting and Financial Management, and I am a Fellow of both ACCA and ICAN. My career began in the private sector, where I worked in private banking, wealth management, accounting, internal audit and finance. However, I felt a strong desire to contribute to the public sector, which led me to join the Petroleum Equalization Fund (PEF), one of the three agencies that later merged to form the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Over the years, I held key roles in treasury, finance, and accounts, eventually leading these functions. I was honored to play a strategic role along side some great minds in the service, in one of Nigeria’s largest public sector mergers—which was the Post-PIA consolidation of three regulatory agencies into the NMDPRA. During this transition, I served as Technical Advisor to the CEO, providing strategic oversight on financial matters, leveraging technology to enhance public financial management, revenue optimization, cost control, and internal governance.
In 2024, I transitioned into my current role as Head of Investment Management for the Gas Infrastructure Fund, bringing together over 14 years of public sector experience and an additional six to seven years in the private sector.
I felt like there was a lot to contribute in that space, apart from being in the private sector. And I transitioned to an organization called the Petroleum Equalization Fund, which eventually is one of the three agencies that has merged to form the NMDPRA.
In those years, yes, I worked in Treasury and finance and accounts. I supervised the Treasury and accounting function, and over the years, I gradually transitioned to head the Treasury and finance functions and high-level summary, we found ourselves in a big one of the biggest mergers that Nigeria has seen in public sector, which was The Post PIA merger of those three agencies that then formed the NMDPRA.
We entered into this, and this happened in a critical time in Nigeria’s History where we found ourselves trying to bring together three different regulatory agencies and implement a midstream and downstream regulator called the NMDPRA, so in that role, as I had mentioned just earlier before, as technical advisor to the CEO, I provided strategic oversight over all the financial matters, including using technology to develop strong public financial management frameworks around revenue and cost optimisation and internal controls.
And then I transitioned into this new role, which was last year as head of the investment management team in the gas infrastructure fund. So, it’s been many years, almost 14 years in the public service and before then another six or seven years in the private sector.
What does the ACCA Africa CFO award mean to businesses across Africa?
The ACCA Africa CFO award is a prestigious recognition organized by ACCA as part of a collaborative regional initiative. It aims to celebrate outstanding finance leaders across the continent who are driving innovation, strategic growth, and economic transformation. The award also underscores the critical role of the finance function in building resilient organizations and fostering sustainable business models across Africa.
This year’s win was particularly significant for Nigeria, as it marked the first time the country secured a victory in the public sector category, which I had the honor of representing. Beyond being a personal milestone, this achievement is a national one—it highlights the increasing influence of Nigerian finance professionals in strengthening transparent and sustainable financial systems.
For Nigerian businesses, this recognition reinforces confidence in the country’s financial leadership, governance, and economic framework. It serves as an inspiration for finance professionals in both the public and private sectors to pursue excellence and uphold the highest standards of financial management. Additionally, it enhances Nigeria’s reputation as a hub for transparent business practices, potentially attracting the right investments and strategic partnerships that can drive long-term economic growth.
What is the ACCA Africa CFO award?
So, this was organised by ACCA, which is a collaborative regional Africa Initiative. And I think the focus was to recognise outstanding finance leaders across the continent and celebrate CFOs or finance professionals who are driving innovation, driving strategic growth and transforming economies wherever they find themselves. And I think it also highlights the essential role that the finance function plays in building resilient organisations and sustainable business models across Africa.
So, as I said, this year was particularly significant for Nigeria because it was the first time Nigeria had won, and we won in the public sector category, which is what I represented. So, the achievement is not just a personal milestone to me, but a national one, and it highlights the growing impact of Nigerian financial professionals in shaping transparent and sustainable financial systems in Nigeria and this is important for Nigerian businesses, because it reinforces the confidence in Nigeria’s financial architecture, financial leadership and governance. And then it also serves as an inspiration for other finance professionals to do better wherever they find themselves, whether it’s in the public sector or in the private sector, and strive for excellence. And then also, it also helps in a little way, if I dare say, Nigeria’s reputation as a hub for transparent business operations, and also, I feel like it will add to attracting the right type of investments and the right type of partnerships that can drive growth in the Nigerian economy. So, I think it does help in its own little way.
What does it mean to win this public sector CFO award for Nigeria and then Africa at large?
Winning this award is an incredible honor and a significant milestone—not just for me, but for Nigeria as a whole. It is a validation of the dedication and impact of finance professionals in the Nigerian public sector. I am deeply grateful to the Executive Director of the MDGIF, and the CEO of NMDPRA, for fostering an enabling environment that has allowed me to thrive and contribute meaningfully to public financial management.
This recognition is humbling and reaffirms the value of the work I have been privileged to do in Nigeria’s public sector for over 14 years. Beyond personal achievement, it highlights the growing role of Nigerian finance professionals in shaping efficient, transparent, and sustainable financial systems. It hopefully also serves as an inspiration for other public finance leaders to continue driving excellence and innovation in governance and economic development.
It was an incredible honor and a milestone, not just for me, but for my country. And I really want to thank the executive director of the MDGIF,Mr. Oluwole Adama, where I currently work, and, of course, the CEO of the of the NMDPRA Engr Farouk Ahmed, who have created an enabling environment for me to thrive and do the work that I do. So, it’s humbling, and it really has validated the work that one has been involved in Nigerian public service for over 14 years. So it really is a humbling one.
What are the key gaps that you can identify in building resilient organisations and sustainable business models in Africa?
Africa, and Nigeria in particular, face several structural challenges that hinder the growth of resilient and sustainable businesses. Key among these are governance inefficiencies, infrastructure deficits, regulatory inconsistencies, and economic instability. These factors create uncertainty for businesses, limiting investment, innovation, and long-term growth potential.
Take for example Nigeria’s oil and gas sector, which remains the backbone of the economy. Despite the passage of the Petroleum Industry Act (PIA) in 2021—designed to enhance governance and attract investment—the sector has struggled with implementation delays, unclear fiscal terms, and regulatory uncertainties. These factors have discouraged long-term investments, particularly in deep-water oil exploration. To address these challenges, the current administration, under President Bola Ahmed Tinubu, has introduced executive orders aimed at improving investment conditions. For instance, the Gas Utilization Investment Allowance (GUIA) is granted on qualifying capital expenditure incurred on plant and equipment by midstream gas companies, while Tax Incentives for Deep Offshore Oil & Gas Production provides new tax reliefs for deep offshore projects designed to improve investor returns, and encourage capital inflows to Nigeria’s deep offshore basin.
Beyond regulatory challenges, foreign exchange volatility remains a major concern. The depreciation/unification of the Naira in 2023 and fluctuating exchange rates significantly increased import costs, impacting businesses that rely on foreign inputs. Industries such as manufacturing and fast-moving consumer goods (FMCG) have faced rising production costs, affecting profitability and supply chain stability.
Infrastructure deficiencies further compound the problem. The power sector, for example, remains unreliable, forcing large corporates companies to rely on expensive self-generation solutions. In transportation, the underdevelopment of rail and port facilities continues to hinder efficient logistics, increasing costs for businesses that depend on large-scale distribution networks.
To build resilient and sustainable businesses, Nigeria must prioritize policy consistency, infrastructure investment, and economic diversification. Increasing local refining capacity—exemplified by the Dangote Refinery—will reduce import dependency and foreign exchange pressure. Furthermore, strengthening regulatory frameworks and improving ease of doing business will enhance investor confidence and drive long-term economic growth. Addressing these gaps holistically will create an enabling environment for businesses to thrive and contribute to Africa’s economic transformation.
Generally, we face a lot of gaps in Nigeria, and I think it’s the same thing across Africa, particularly around governance, around infrastructure deficits, around regulatory inconsistencies. So, if we look at the Nigerian oil and gas sector, for example, just to bring it home, it still remains a critical pillar of our economy. The PIA 2021 was meant to attract investment, improve governance in the sector, but we faced a lot of implementation delay and teething issues with very unclear fiscal terms and it continued to discourage long term investment. However, this current administration, under President Bola Ahmed Tinubu, has issued some executive orders to manage this lack of proper implementation and to encourage investment.
So, one of them was the Gas Utilisation investment, which will allow some allowances on equipment for any ongoing project in the midstream and downstream oil and gas sector, there’s another one called the fiscal incentives on deep water oil and gas projects that will help companies achieve a competitive IRR and foster more investment in the area.
That is on the regulatory and policy inconsistency side. On the side which is Forex and economic instability, you can see what is happening, naira depreciated in 2023 right, and the exchange rate fluctuated very badly, causing a lot of increase in the cost of imports, impacting the operational stability of businesses. So all these things, for us to be able to build resilient and sustainable businesses in Nigeria, we have to address some of these gaps and ensure that our policy reforms are consistent and we have a stronger investment in infrastructure, especially in the oil and gas side, and ensure that we are refining locally, for example, What Dangote refinery is doing, and ensure more diversification. So these are some of the thoughts I have around.
What do you do day to day to ensure excellence and outstanding performance in your work?
For me, excellence is a daily commitment. I am a lifelong learner, constantly seeking to improve my knowledge and skills. I stay informed about market trends, policy developments, and industry dynamics to ensure that my decisions are both strategic and impactful.
In my role, I prioritize strategic thinking, timely execution, and collaboration with my team to drive meaningful results. My focus is on creating lasting impact, particularly in unlocking Nigeria’s gas potential to support economic transformation. Achieving this requires passion, persistence, and continuous learning. So, I try to bring these things to work with me every day.
What advice do you give upcoming women finance professionals in Africa?
This award is a testament to the fact that African women continue to excel on local, regional, and global stages, particularly in finance and investment. To women aspiring to build careers in finance, I would say: your contributions matter. Commit to continuous learning—upskill, refine your expertise, and seek mentorship opportunities. Join professional networks that will elevate your career and provide the support needed for growth. In today’s rapidly evolving financial landscape, innovation is key. Embrace change, stay adaptable, and ensure that you are in the right circles to expand your influence and impact. Resilience, strategic thinking, and lifelong learning are essential for long-term success in the industry.
Great women and trailblazers like Dr. Ngozi Okonjo-Iweala, Amina Mohammed, and Ibukun Awosika, have opened the doors and have shown that we should never underestimate the power of our voice.
With the investments going on in the Nigerian petroleum sector, where do you see the sector in the next 10 years?
From an investment perspective, unlocking Nigeria’s gas potential requires addressing critical infrastructure gaps. Sustainable growth in the sector will depend on consistent policy reforms, infrastructure investment, local refining capacity, renewable energy adoption, and economic diversification.
In the next decade, I envision a sector where Nigeria fully refines its petroleum products domestically, reducing dependency on imports while expanding gas utilization to support industrialization and energy security. With the Midstream and Downstream Gas Infrastructure Fund (MDGIF), our goal is to catalyze investments, de-risk projects, and strengthen the gas value chain. While companies have already made significant investments in Nigeria’s gas market, much work remains. MDGIF will continue playing a crucial role in financing and supporting these projects to ensure a well-developed, efficient, and competitive energy sector.
Ultimately, over the next 10 years, we aim to see a fully developed domestic gas market, improved energy security, and significant economic development driven by a more diversified and resilient petroleum sector.
With things are going, let me speak from an investment perspective, we need to in order to catalyze investment and unlock Nigeria’s gas potential, we need to close an infrastructure gap, and this is extremely important to ensure that Nigeria is shifting and closing these gaps through, as I said before, consistent reforms, investment in infrastructure and a stronger focus on local refining, renewable energy and economic diversification.
So, these are the things that I would say in the next 10 years we’re seeing a country where we’re refining locally, we’re ensuring that we are shifting globally towards renewables, and a lot. The MDGIF, if, for example, is supposed to catalyze investment, and derisk projects around the gas value chain. Lots of companies have gone ahead and invested in Nigerian gas market, but there’s still a lot to be done, and I feel like our own little way on the MDGIF side, we play a crucial role in financing and derisking this project, and the focus is in the next 10 years we want fully expanded domestic Gas Utilization. We want to see energy security, and we want to see economic development for Nigerians.
Source: Tribune
