Fenchurch Energy Limited, a Nigerian upstream and Midstream energy advisory has completed technical due diligence services for Africa Finance Corporation’s (AFC’s) acquisition of 100 percent shares of Pecan Energies AS, formerly (Aker Energy AS) from Aker ASA, a Norwegian Industrial Investment Company, and The Resource Group TRG AS (TRG).

Fenchurch Power, an energy-focused firm headquartered in Nigeria, has announced the signing of a landmark 150mw offtake framework agreement with the Niger Delta Power Holding Company (NDPHC), the Benin Electricity Distribution Company (BEDC), and Faiza Utilities Ltd.

Electricity is the backbone of modern society, driving everything from homes and businesses to industries and government services. A reliable power supply is essential for a nation’s growth and prosperity. However, Nigeria’s power sector faces significant challenges, including inadequate funding, ageing infrastructure, regulatory obstacles, and operational inefficiencies. Olufemi Bakare, group chief executive officer of Fenchurch Group, in this interview with Abubakar Ibrahim, energy reporter at BusinessDay, discusses challenges in Nigeria’s power sector, solutions, and the low-hanging fruit in metering, generation, and local content.

Global uncertainties and supply chain issues are also leading many consumers to look more to their home markets. Eight in ten respondents expressed a willingness to pay a higher average price for products produced locally or domestically.