In this interview, Head of Investment Management at the Mainstream and Downstream Gas Infrastructure Fund (MDGIF) Adaora Nduka Ugwu who also won the 2024 ACCA Africa CFO award speaks on the ongoing investment in Nigerian petroleum sector and how Nigeria can utilize the huge potentials on gas. She also speaks on her career journey. COLLINS NNABUIFE brings excerpts.
In this interview, 2024 ACCA Africa CFO award winner and Head of Investment Management at the Midstream and and Downstream Gas Infrastructure Fund (MDGIF) Adaora Ndukwe-Ugwu speaks the Award and what it means for the finance professionals and the ongoing investment in Nigerian petroleum sector and how Nigeria can utilize the huge potentials on gas. She also speaks on her career journey. COLLINS NNABUIFE brings excerpts.
How did you transition 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 and an Edward Mason Fellow at the Harvard Kennedy School of Government. 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 alongside 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.
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 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.
What are the key gaps that you can identify in building resilient organizations and sustainable business models in Africa?
Africa, and Nigeria in particular, faces 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.
So I am speaking as a Nigerian, and not behalf of any organisation. let’s 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 continue to 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, we are seeing efforts to strengthen regulatory frameworks and improve ease of doing business, which 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.
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. While companies have already made significant investments in Nigeria’s gas market, much work remains, and thats where we see the benefits of Government Initiatives like the Midstream and Downstream Gas Infrastructure Fund (MDGIF), as per the PIA the goal is to catalyze investments, de-risk projects, and strengthen the gas value chain.
Ultimately, over the next 10 years, we hope to see to see a fully developed domestic gas market, improved energy security, and significant economic development driven by a more diversified and resilient petroleum sector.
and then