Julius Berger Investments Limited (JBIL)

The Board has set JBIL a clear ambition: to become an active, professionally managed investment company that originates its own opportunities, raises external finance and runs as a profitable, self-sustaining part of the Julius Berger Group. The Investment Philosophy approved in July 2024 sets the principles JBIL invests by. The task now is twofold: to make the strategic choices the Philosophy leaves open, and to build the company that delivers them.

Following our discussion with Jochen Stolle on 19 October, we will do this in two phases within the 16 weeks set out in the Terms of Reference (ToR), delivering all eight ToR deliverables in full:

What sets our approach apart

• We set the strategy and build the firm to deliver it. Every recommendation comes with its cost, its owner and its place in the roadmap, so the Board receives a plan it can act on.
• We turn the Group into JBIL’s competitive edge. Few investors in West Africa have JBIL’s access to project visibility, client relationships and technical due-diligence capacity. We show how to use that access fully, with the arm’s-length safeguards that let JBIL invest confidently alongside Group companies.
• We put people at the centre. We define the minimum team needed from day one, how it grows with the pipeline, what is best drawn from the Group, and how incentives tie rewards to JBIL’s commercial results.
• We open up capital beyond the parent. We design a funding path that uses project-level structures, development finance and co-investors to make JBIL’s own equity go further, steadily reducing reliance on Julius Berger Nigeria Plc.
• The Board leads throughout. The Board sets the ambition, risk appetite and capital envelope at week 4 and reviews the recommended model at week 8, so the final plan reflects its decisions.

We recommend that JBIL starts as a lean Active Investment and Business Development Company (Model B). Model A cannot deliver the Board’s mandate for independent origination and self-sustaining profit. Model C requires development capital, a team and a pipeline that JBIL does not yet have. Model B meets the mandate at the lowest viable cost, matches the roles the Investment Philosophy assigns to JBIL, and keeps Model C open as a milestone-based option. We will confirm the recommendation and the size of the starting team, against the Board’s capital envelope at week 4.

Why Vista

Vista Advisory Partners is a Lagos-based strategic advisory and structured investment firm operating at the intersection of policy, capital and infrastructure, with over a decade of experience and more than 120 engagements across Nigeria and West Africa. Our distinctive advantage lies in our dual role as both advisers and principal investors, providing us with first-hand experience in originating, structuring, financing and managing investment portfolios.

Our experience spans investment platform development, capital mobilisation, business transformation and infrastructure development. Through our involvement in businesses such as FundCo Capital Managers, EnergyDev Infrastructure Solutions and The Floating Solar Company, alongside advisory mandates for Petra Trust, Northstar Financial Services and other institutions, we have developed practical expertise in establishing investment vehicles, structuring transactions, developing governance frameworks and supporting businesses through growth and investment cycles.

We also bring extensive experience in organisational development, strategic planning and operational transformation, enabling us to translate investment strategies into commercially viable operating models supported by appropriate structures, processes and controls.

The Vista team will be led by Habeeb Alebiosu, with support from a diverse team who bring complementary expertise in investment management, finance, operations, organizational development, legal and regulatory advisory, and stakeholder engagement.

This combination of advisory expertise, principal investment experience and implementation capabilities positions Vista to support JBIL's transition into a professionally managed, financially sustainable investment company capable of originating opportunities, attracting external capital and delivering long-term value to the Julius Berger Group.

Indicative fees

Our professional fee for the full programme is USD 400,000, inclusive of expenses within Nigeria and exclusive of applicable taxes: Phase 1 USD 98,000–109,000 and Phase 2 USD 291,000–302,000 (Section 6).

Decisions we invite the Board to take on 23 October

• Endorse, or refine, our interpretation of the assignment and the two-phase sequence.
• Nominate a Board sponsor and a JBIL/Group coordinator and agree the date of the Board vision session.
• Indicate the parent’s appetite and constraints for initial equity, operating funding and investment deployment.
• Confirm next steps: information release under a confidentiality agreement and the route to contract.

1.1 JBIL today

Our understanding is drawn from the ToR, the Investment Philosophy and our discussion with Jochen Stolle on 19 October and will be confirmed against documents at inception.

• Ownership and mandate. JBIL is wholly owned by Julius Berger Nigeria Plc (JBN). It has no dedicated staff and no independent business activity. The Board has said that strategy is its responsibility and implementation is management’s; that JBIL should develop opportunities beyond Benin; that it should build independent origination and pursue innovative financing rather than rely mainly on JBN; and that it should become a commercially successful profit centre.
• Benin. JBIL owns Julius Berger Benin Limited, a construction company incorporated in 2025. As a new market entrant it is expected to be loss-making in its early years before moving towards profitability, and is not currently a source of assets or cash flow that could support financing.
• Earlier initiatives. Some earlier investment initiatives did not proceed or are being exited. Any remaining rights or obligations will be clarified at inception.
• Financial records. Audited financial statements are available and will be reviewed at inception.
• Strategy. JBIL does not yet have a developed strategy. Its vision, risk-return parameters, horizon and scale are to be developed with the Board, starting relatively small. Parent equity will be needed before external financing can be considered.

1.2 Our reading of the challenge

The challenge is both strategic and institutional. Philosophy sets the principles within which JBIL operates, including return thresholds, ethical commitments and the approach to conflicts of interest. It stops short of the strategic choices that will shape the business: investment priorities, preferred deal structures, JBIL’s role in transactions, its sources of advantage, target scale, and the relationship between its mandate and the Group’s diversification agenda.

Nor does JBIL yet have the institutional infrastructure to act on those choices: investment talent, disciplined approval processes, diversified capital and controls that protect its interests. Strategy and institution-building must therefore be designed together. A platform built without strategic direction will be scaled inefficiently and a strategy without the capability to deliver it will not be realised.

The questions the Board is really asking

Behind the eight deliverables sit a small number of questions. The assignment succeeds only if it answers each of them with evidence.

Tensions that our design must resolve

Each recommendation will state how it balances these tensions, so the Board can see the trade-offs it is accepting.

What success looks like

At week 16 the Board will have:

• a strategic plan it owns and can approve :
• a clear view of JBIL’s starting position;
• a recommended operating model aligned with its Philosophy;
• the key positions and capabilities required,
• how Group resources will be used;
• a framework for independent origination and portfolio management;
• a financing strategy that reduces parent dependency;
• a governance framework that manages Group conflicts; and a business plan androadmap with measurable milestones.

1.3 Building on the Investment Philosophy

The Investment Philosophy (JBIL-GL-001 v2.0, approved 25 July 2024) is our primary reference and a fixed boundary. We will take a clean-slate approach to business model, sectors, structure and financing, but within the principles of the philosphy. Where our analysis suggests an amendment, we will submit it separately for Board consideration (ToR Section 3). References in brackets (s1 to s6) are to the numbered sections of the Investment Philosophy. These references and C-PL-018 are defined in the Glossary.

1.4 How we are thinking about JBIL’s strategic plan

The strategic plan has to answer a number of questions that the Philosophy leaves open. We will explore six areas with the Board.¹ Each produces choices that become the parameters of the business plan: the plan will be built from the strategy.

1.5 Our view going in

Progress in reducing parent dependency will be tracked through three measures, with targets set in D8: the share of JBIL funding provided by JBN; recurring income as a share of running costs; and external capital mobilised per naira of JBIL equity.

1.6 From strategic plan to business plan

Each strategic choice becomes a quantified assumption in the business plan, which puts numbers on decisions already taken rather than introducing new ones.

1.7 Principles and methods

• Decisions in sequence. Each stage settles a decision the next depends on: strategy before model, model before organisation and cost base, cost base before financing, deal structures before the governance that controls them.
• Board-led direction. The Board sets ambition, risk appetite and the capital envelope at week 4 and reviews the recommended model at week 8. We design within those parameters.
• Clear positions, confirmed by evidence. We state our view at the outset and confirm it against documents, interviews and benchmarks at each decision point.
• Proportionate and practical. Every recommendation is costed and owned. Group services are used wherever they do not compromise JBIL’s independent judgement; dedicated staff only where commercially justified.
• Capital realism. External capital is assessed once readiness conditions are understood.
• Evidence, not lists. A method for selecting and testing opportunities and a short, evidenced initial assessment, not an unsupported list of sectors, countries or projects.
• Legally sound from the start. Targeted legal and regulatory input on JBIL’s constitution, earlier commitments, Group delegations, conflicts and structures for co-investment.

Methods, as the ToR specifies: document review (constitutional documents, financial statements, Benin shareholder agreements, the Philosophy, Policy No. 09, C-PL-018, governance records); Board and management consultations (JBIL directors, JBN Executive Management, Group Corporate Development, Finance, Legal and HR, and Benin board representatives); benchmarking (investment arms of contractor and industrial groups, Nigerian investment holding companies and regional platforms); one integrated financial model, started in Phase 2 to cost the model options and developed into the business plan; and strategic analysis.

1.8 Methodology and work programme

Phase 1 – Strategic Planning (weeks 1–4)

Phase 2 – Business Planning (weeks 5–16)

The conflict-of-interest and arm’s-length protocol

The central governance design problem is JBIL acting as investor while a Group company acts as contractor on the same project. The Philosophy sets the principle; stage 2C turns it into procedure, covering: conflict triggers; recusal rules for directors and shared-service staff who hold Group roles; independent verification of Group contract price and terms through an independent engineer or cost consultant, benchmarking or competitive tender where feasible; a related-party transaction register and disclosure to the Board; an independent member on the Investment Committee; information barriers for shared services; and protections in sponsor and shareholder agreements.

1.9 Deliverables and timing

All deliverables are provided in editable form, with the financial model in Excel. Drafts are shared with the Board representative for comment before finalisation.

PMO’s Engagement governance and quality assurance

• Reporting and Working Rhythm. Progress updates will be provided to the Client’s Representative through bi-weekly meetings, supported by written progress notes prepared by the PMO every two weeks. Board presentations will be held as agreed in the work plan, with Board sessions proposed for Weeks 2, 4, 8 and 16. All Board papers and discussion materials will be prepared by the PMO and circulated at least 3 working days in advance of each session. The detailed working rhythm and reporting arrangements will be confirmed at project kick-off.
• Quality assurance. The PMO reviews every deliverable against the ToR and for consistency with the Philosophy; the financial model is independently checked within the team; legal and regulatory content is reviewed by our legal specialist.
• Confidentiality and intellectual property. All information is kept confidential. We will not contact banks, development-finance institutions or other third parties about JBIL without the Board’s prior consent. Deliverables become JBIL’s property, subject to agreed exclusions for our pre-existing intellectual property (ToR 7.4).

Delivery risks

2.1 Vista Advisory Partners

Vista Advisory Partners is a Lagos-based, multi-disciplinary advisory and structured investment firm with more than ten years’ experience in power, infrastructure, finance and business transformation. We have completed over 120 consulting engagements and more than 50 power projects across all six geopolitical zones of Nigeria, for 11 government bodies and agencies, 4 development institutions and 12 private institutions, and have advised or worked alongside organisations including the World Bank, the UK FCDO, the United Nations, SEforALL, InfraCredit and Microsoft.

Three aspects of our experience matter most for JBIL:

• We are investors as well as advisers. Through our principal investment portfolio we have originated, structured and co-invested in operating businesses across energy, infrastructure, construction, finance and hospitality. We know from experience what it takes to move an investment company from intent to operation.
• We structure and finance infrastructure in Nigeria. Our partners and team have arranged project finance, raised private equity, advised on acquisitions and PPPs, and led the issuance of a ₦50 billion corporate infrastructure bond.
• We deliver, not just advise. Our project management, owner’s engineer and implementation work means our recommendations are designed to be put into practice.

2.2 Comparable assignments

The assignments below are grouped by the ToR evaluation criterion they most closely support. We distinguish Vista advisory mandates, Vista principal investments and the individual experience of our partners.

A. Establishing and running investment businesses

B. Investment development, structuring and financing

C. Organisation, planning and implementation

3.1 Team structure

The engagement will be led by Habeeb Alebiosu, who will be accountable to the Board for overall delivery. The team comprises an integrated group of professionals with complementary expertise across technical strategy, infrastructure and energy, investment and finance, business strategy, people and organisation, and legal and regulatory matters. Working collaboratively across these areas, the team will combine strategic, commercial, financial, and operational perspectives to deliver a coordinated set of recommendations and implementation priorities for JBIL, supported by clear workstream responsibilities and centralised project coordination. Detailed CVs with the team’s relevant expertise have been attached in Annex C.

3.2 Roles and Responsibilities

3.3 Availability and Independence

All team members are available in line with the requirements of the engagement..Any change in key personnel will be communicated to JBIL in advance.

Because Vista is also a principal investor, we will disclose our portfolio interests to the Board at inception. We will not propose, assess or originate for JBIL any opportunity involving a Vista portfolio company, and any team member with a connection to an opportunity under review will step aside from that work.

We will maintain professional independence from Group management and present our recommendations directly to the Board.

We keep the 16-week duration, all eight deliverables and the Board review of preliminary findings and the recommended model before the final report. We make two adjustments to the indicative ToR phasing, because they improve the quality of the result: the personnel framework (D4) is designed alongside the operating model (D3), because staffing is the largest driver of cost and capability in every model; and the investment framework (D2) is built in two steps, with principles set in Phase 1 and detailed guidelines finalised once the model, delegations and conflict protocol are known. The Board review of the recommended model therefore takes place at week 8, with its organisation and indicative cost base. If the Board prefers the original ToR phasing, we will align with it.

● work in progress D draft R Board review F final I inception V Board vision session S Board strategy decision P preliminary findings F* final Board presentation

What we need from JBIL

• A designated Board representative and a nominated Group point of contact from week 1.
• Timely access to constitutional documents, financial statements, Benin shareholder agreements, Group policies and the Delegation of Authority Framework, under a confidentiality agreement.
• Access to directors, JBN Executive Management, Group Corporate Development, Finance, Legal and HR, and Benin board representatives for interviews.
• Board availability for the sessions at weeks 2, 4, 8 and 16, and confirmation of whether the week 4 session involves the JBIL Board, JBN as shareholder, or both, since this determines who sets risk appetite and the capital envelope.
• A decision on whether confidential market soundings with banks and development-finance institutions may be held in stage 2B.

The ToR asks for a staffing strategy that lets JBIL identify, develop, finance and manage investments independently while making full use of Group resources. This is where the balance between independence and proportionality is decided. The work is led by Omolola Esan with Otu Hughes and is designed together with the operating model in stage 2A.

5.1 Sourcing principle

Functions that require independent investment judgement, or where the Group may be on the other side of the transaction, should be dedicated to JBIL. Functions that are transactional, already well run in the Group and carry little conflict risk should be shared under formal service-level agreements. Specialist or occasional needs should be bought in. Our position, which we will confirm against the Group capability inventory in Phase 1:

5.2 Identifying key personnel

For the recommended model we will define the minimum day-one team and how it grows with the pipeline. The core team will include a Managing Director or Chief Investment Officer, investment professionals covering origination, structuring and portfolio management, and a finance and controls lead, with further positions added as triggers are met. For each position we will provide:

• A role profile: responsibilities, competencies, experience, decision rights and reporting line.
• Indicative remuneration based on Nigerian market benchmarks for investment and corporate finance professionals, compared with Group grading.
• Whether the role should be filled by Group transfer or secondment (with terms that protect JBIL’s independence) or recruited externally, including interim or part-time starts.
• The timing of the hire within the 24-month roadmap.

5.3 Group service arrangements

For each shared service we will set out the scope, service levels, an arm’s-length cost basis, information barriers for conflicted matters, and review and termination provisions. JBIL should pay a transparent price for what it uses, without carrying duplicate functions or becoming a Group cost centre.

5.4 Management structure, performance and incentives

We will define responsibilities, reporting lines and accountability between the Board, the Investment Committee and management, consistent with the Board’s position that strategy belongs to the Board and implementation to management. Performance objectives and incentives will be linked to JBIL’s commercial results, such as capital mobilised, investments closed, portfolio returns and progress towards self-sustainability, rather than to Group activity or deal volume, and will be consistent with Group HR policy.

The professional fee is exclusive of applicable taxes and inclusive of expenses incurred in Nigeria. Travel to Benin, if required, would be agreed in advance. No other expenses will be charged unless agreed in writing.

Payment schedule

• Assumptions: information and stakeholder access as set out in Section 4; two review cycles per deliverable.
• Refinement: following the Board’s direction and initial information release, we will confirm this as a fixed commercial proposal. Any change in scope will be agreed in writing with its effect on fees and timing.
• Validity: 90 days from submission.

Position: Lead Engagement Partner

Education / Qualifications

Work Relevant to Assignment

Experience

Habeeb Alebiosu is the Founding Partner of Vista Advisory Partners, with over 20 years of experience in corporate strategy, investment advisory, infrastructure development, financial structuring and business leadership. His experience spans the establishment and scaling of investment businesses, infrastructure project development, capital mobilisation, operating model design and organisational improvement. As a founding partner, he has led and overseen Vista engagements supporting businesses and public institutions from strategic assessment and investment structuring through to implementation and growth.

Relevant experience includes

• Establishing and Scaling Investment Businesses: Co-founded Viathan and, as Group CEO, developed it into an integrated gas, power and distributed-generation platform with approximately 50MW of installed capacity across six plants. He also led the mobilisation of a ₦50 billion corporate infrastructure bond. Through Vista’s investment activities, he has contributed to the establishment and development of EnergyDev Infrastructure Solutions, a gas infrastructure and energy services business operating a virtual pipeline fleet and providing workforce and shared services to energy companies, and The Floating Solar Company, established with a co-investor to develop, own and operate Nigeria’s first floating solar asset. These experiences provide direct insight into investment platform establishment, capital mobilisation, operating structures and commercialisation.
• Investment Structuring and Portfolio Development: Vista’s engagements include supporting Petra Trust in Ghana across capitalisation, strategic advice, board representation, capital and dividend decisions, and exit planning; advising Northstar Financial Services on a capital raise and a US$17 million cross-border acquisition; and advising on the acquisition of Akute Power, an operating 12.15MW plant. These assignments demonstrate experience across the investment lifecycle, including capital structure, valuation, due diligence, acquisition, portfolio growth and exit.
• Infrastructure Financing and Transaction Advisory: Led or oversaw advisory engagements involving the structuring and financing of power and infrastructure assets. These include the Lagos State Government’s MediPark PPP, covering financial modelling, bankability, bid evaluation and risk allocation; a 4.5MW IPP and 21km distribution network for Ondo State; and financing and transaction advisory for PIPP LVI GENCO and Solad Integrated Power, including a 6.5MW IPP and a private equity raise of up to US$3 million. This experience supports JBIL’s assessment of project finance, equity participation, PPP opportunities and other external funding options.
• Operating Model and Organisational Development: Through the Plycon engagement, he led Vista’s mandate of an organisational needs assessment, reviewed processes, supported recruitment and established an internal audit and control unit with a seconded resident manager. At Tangram Energy, he led the business and process review and developed a five-year strategic business plan covering growth objectives, investment requirements and financial projections, alongside improvements to operating processes. These engagements provide practical experience in defining organisational capacity, resourcing arrangements, controls and the translation of strategy into implementation.
• Infrastructure Project Execution: Oversaw and contributed to the development and coordination of infrastructure projects, including the Lagos Blue Line-related independent power project and the Floating Solar Company’s development from concept through design, financing, procurement and commissioning. His wider experience includes decentralised power and gas infrastructure, project structuring and engagement with technical partners, investors and public-sector stakeholders.

Relevance to Assignment

As Lead Engagement Partner, Habeeb will provide overall strategic direction, senior-level engagement with JBIL’s Board and key stakeholders, and accountability for the quality and delivery of the assignment. His experience in establishing and scaling infrastructure businesses, advising on acquisitions and capital raises, developing operating models and leading strategic planning engagements will inform the development of JBIL’s future investment and operating platform.

His combined experience in investment platform development, infrastructure financing, organisational design and business planning positions him to guide JBIL from strategic assessment to an implementable operating and investment model.

Position: Partner Support - Technical Leadership

Education / Qualifications

Work Relevant to Assignment

Experience

Adesunloye is a strategic adviser and business leader with over 15 years of experience in corporate strategy, business planning, commercial analysis, infrastructure development and performance management. As Partner at Vista Advisory Partners Limited, he leads multidisciplinary advisory and project teams, integrating strategic, commercial, financial and operational considerations into practical business solutions.

Relevant experience includes

• Strategic Advisory and Business Planning: Leads multidisciplinary advisory engagements, translating strategic objectives and market assessments into actionable recommendations. His experience includes business model development, investment structuring, funding mobilisation and institutional performance improvement. At Tangram Energy, he contributed to business and process reviews and the development of a five-year strategic business plan covering growth objectives, investment requirements and financial projections.
• Investment and Infrastructure Project Development: Actively contributes to infrastructure and energy project development, including EnergyDev’s gas infrastructure initiatives and the Floating Solar Company’s renewable energy development activities. His involvement spans opportunity assessment, feasibility, commercial structuring, investment appraisal, regulatory considerations, financing strategies, partnership development and implementation planning.
• Infrastructure Project Execution and Coordination: Contributed to BlueLine IPP-related infrastructure project coordination, supporting alignment between project delivery requirements, commercial objectives and stakeholder expectations. This experience complements his broader involvement in developing infrastructure opportunities from initial assessment through structuring and execution planning.
• Commercial Analysis and Performance Management: At Audi of America, supported executive decision-making across a US$600 million Parts Business through financial forecasting, business planning, revenue analysis and performance reporting. He led the development of a business analytics and revenue allocation system that identified US$56 million in sales opportunities, of which US$43 million had been realised by 2015.
• Operating Model and Process Improvement: Led the development and implementation of Audi AftersalesIQ, improving reporting efficiency and management information. The initiative reduced reporting lead times by 25% and strengthened executive oversight through integrated dashboards and KPI tracking.
• Financial and Commercial Viability: Served as PPP Financial Adviser to the Lagos State Government on Lagos MediPark and the Smart Health Integration Platform, supporting financial modelling, project structuring and commercial viability. He has also contributed to sector-level advisory engagements assessing investment sustainability, market economics and regulatory implications.
• Strategy Implementation and Stakeholder Coordination: Provided strategic advisory for the National Electrification Strategy and Implementation Plan, engaging public institutions, development partners and private developers. He also led an economic impact assessment for Nigeria’s telecommunications tariff review, translating complex economic and regulatory considerations into evidence-based recommendations.

Relevance to Assignment

Adesunloye will provide technical leadership and Partner Support, integrating the strategic, commercial, organisational and financial components of the JBIL assignment. Working under the overall direction of the Lead Engagement Partner, he will coordinate technical inputs across specialist workstreams, oversee the integration of deliverables and conduct first-level quality reviews before submission for final quality assurance.

His experience in multidisciplinary advisory leadership, infrastructure project development, commercial structuring, business planning and performance management will support the delivery of practical, commercially grounded and implementable recommendations for JBIL.

Position: Partner Support – Infrastructure and Energy Sector

Education / Qualifications

Work Relevant to Assignment

Experience

Olumayokun Mabunmi is a Partner at Vista Advisory Partners with over 15 years of experience spanning energy-sector analysis, infrastructure project development, technical and commercial assessment, and project delivery. He has contributed to a range of Vista engagements involving renewable energy, electricity access, distributed generation, energy-efficiency assessments and infrastructure planning. His experience combines technical assessment with commercial analysis and implementation coordination, enabling him to assess investment opportunities against market needs, operational requirements and delivery constraints.

Relevant experience includes

Experience

• Infrastructure and Energy Sector Strategy: Experience in energy-sector assessment, infrastructure development and opportunity identification across renewable energy, distributed generation, off-grid power and electricity access. At Vista Advisory Partners, has contributed to engagements involving the Nigeria Electrification Project, the Energizing Education Programme with McKinsey, and the establishment of Vista as an adviser to Nigeria’s largest off-grid captive power provider. His experience combines field-level understanding of energy demand and infrastructure requirements with insight into sector opportunities, stakeholder priorities and project-development considerations. He also served as the technical Lead for the development of Nigeria’s first floating solar project in Lagos, from ideation to development.
• Project and Operational Leadership: As a Partner at Vista Advisory Partners, supports the coordination and delivery of infrastructure and energy-sector mandates, integrating technical assessment, commercial analysis and implementation requirements. His project management experience includes the 4MW BlueLine Independent Power Plant for the Lagos State Government, where he managed engineering, procurement, construction and installation activities. He has also coordinated field teams, enumerators and technical workstreams across energy-access and infrastructure assignments, including projects involving the Rural Electrification Agency (REA), SEforALL and the Universal Energy Facility.
• Infrastructure Project Development and Delivery: Experience managing the development and implementation of power infrastructure and renewable energy projects. Oversaw the design, installation and commissioning of the 500kW Sabon Gari Solar Power Project and 100kWp solar mini-grid projects at Abubakar Gumi Market and Ayegbaju International Market. His experience spans project preparation, field coordination, technical implementation and engagement with stakeholders involved in energy infrastructure delivery.
• Technical and Commercial Assessment of Investment Opportunities: Experience evaluating energy demand, technical requirements and potential opportunities for infrastructure investment. Served as Technical Lead for preliminary solar audits across 32 primary healthcare facilities in Lagos State, covering energy assessments, preliminary system design, environmental and social impact assessment, financial modelling and procurement support. Under the Universal Energy Facility’s Stand-Alone Solar Programme, coordinated the Independent Verification Agent role and contributed to the assessment of stand-alone solar deployment, including detailed enumeration of diesel- and petrol-powered electricity generation in Lagos State. He also led an energy audit of the Idu Industrial Cluster for Abuja Electricity Distribution Company (AEDC), identifying opportunities for energy-efficiency improvements. In addition, he conducted baseline surveys and energy audits for 78 SMEs and managed a study on SME metering to evaluate its impact on energy consumption.

Relevance to Assignment

As Partner Support (Infrastructure and Energy Sector), Olumayokun will provide senior sector expertise and contribute to the assessment of where JBIL should potentially participate across the infrastructure and energy value chains. His experience in renewable energy development, distributed generation, electricity access, technical assessments and energy-market analysis will support the development of an investment strategy grounded in market evidence and an understanding of project-level delivery requirements.

His role will be to provide senior infrastructure and energy-sector input and review, complementing the Lead Engagement Partner’s overall strategic direction and accountability for the assignment.

Position: Project Management Office Lead

Education / Qualifications

Work Relevant to Assignment

Experience

Muneera Umar is a Project Manager at Vista Advisory Partners Limited with 7+ years of experience coordinating complex consulting engagements and energy infrastructure projects. She brings strong expertise in project planning, PMO leadership, workplan and deliverable tracking, stakeholder coordination, risk and issue management, quality assurance, and implementation monitoring. She combines hands-on project delivery experience with a structured approach to governance, documentation, reporting, and cross-workstream coordination.

Relevant Experience

• PMO Leadership and Project Coordination: Cordinates internal and external Vista engagements, supporting work planning, multidisciplinary team coordination, progress monitoring and delivery oversight. Her experience includes managing complex, multi-stakeholder assignments such as the National Electrification Strategy and Implementation Plan (NESIP), delivered for REA with the World Bank and McKinsey, and coordinating project activities across energy infrastructure and renewable energy engagements. Her experience in Vista’s wider infrastructure delivery, including the BlueLine Independent Power Project, floating solar development and mini-grid deployments, provides relevant context for coordinating JBIL’s strategy, operating model and implementation workstreams.
• Workplan, Deliverable and Milestone Tracking: Experienced in coordinating parallel activities, field deployments and technical inputs against agreed schedules and deliverables. Under NESIP, coordinated nationwide energy-access assessments across all 36 states and the FCT. She also coordinated multidisciplinary teams for preliminary solar energy assessments across 32 primary healthcare facilities in Lagos State. These assignments required coordination of fieldwork, stakeholder inputs, technical assessments and reporting outputs, demonstrating the ability to maintain delivery visibility across multiple activities.
• PMO Documentation, Registers and Management Reporting: Experienced in monitoring progress, documenting implementation challenges, consolidating reporting inputs and coordinating follow-up actions. Across Vista’s engagements, these capabilities support structured project documentation, meeting records, action tracking and reporting. For JBIL, this experience will be applied to maintaining the central project repository and the action, risk, issue, decision, change and document registers, with clear ownership, deadlines and status updates.
• Stakeholder and Workstream Coordination: Experienced in coordinating clients, public-sector institutions, technical specialists, field teams and external partners. Her work on NESIP and the Lagos State hospital solar assessments involved integrating technical activities, stakeholder consultations and field outputs. Vista’s wider assignments—including the Lagos BlueLine IPP, floating solar development and mini-grid projects in Rivers and Abia States—also demonstrate the multidisciplinary and stakeholder-intensive environment within which the firm operates.
• Monitoring, Evaluation and Implementation Oversight: Experienced in coordinating monitoring and verification activities to assess progress, compliance and implementation outcomes s evidenced in her role as the Project Management Office Lead managing a portfolio of 30+ engagements.

Relevance to Assignment

As Project Management Office Lead, Muneera will provide the central coordination, documentation and delivery-monitoring function for the JBIL engagement, supporting the Lead Engagement Partner and workstream leads in maintaining control over the assignment’s scope, schedule, deliverables and outstanding decisions.

Her responsibilities will include

• Integrated Workplan and Deliverable Tracking
• Project Documentation and Registers
• Workstream Coordination and Follow-up:
• Management Reporting and Escalation
• Quality Assurance and Implementation Monitoring

Her combination of direct project coordination experience and exposure to Vista’s wider infrastructure and energy portfolio provides a strong foundation for maintaining delivery discipline, management visibility and effective escalation throughout the JBIL engagement.

Position: Investment and Portfolio Lead

Education / Qualifications

Work Relevant to Assignment

Experience

Otu Hughes is an Investment Specialist and investment banking professional with over 25 years of experience in investment advisory, mergers and acquisitions, capital raising, valuation and strategic transaction structuring. He is also a Partner at Iroko Capital and previously served as Chief Operating Officer of the investment banking business at Oceanic Capital Company Limited. His experience spans investment evaluation, corporate finance, capital allocation and transaction execution across multiple sectors, including energy and infrastructure. He holds an MBA from Harvard University and a BSc in Mathematics from Howard University. For the JBIL engagement, he will lead the development of investment objectives and return parameters, portfolio principles, opportunity assessment and origination processes, and recommendations on capital allocation and seed-equity requirements.

Relevant experience includes

• Investment Strategy, Portfolio Assessment and Opportunity Evaluation: Extensive experience advising companies, investors and governments on investment strategy, business positioning, valuation and transaction decisions. At Iroko Capital, he has led strategic direction and financial advisory engagements, while his earlier roles at Deutsche Bank Alex. Brown and Putnam Investments involved evaluating potential acquisitions and investments, assessing business performance and growth prospects, and developing valuation-based investment recommendations. His experience includes reviewing strategic alternatives for Aetna Corporation’s pharmacy business and evaluating companies for financial, strategic, cultural and commercial fit. This background is relevant to defining JBIL’s investment objectives, return parameters, opportunity filters and principles for evaluating prospective investments and existing portfolio exposures.
• Corporate Finance, Capital Allocation and Investment Structuring : Advised public and private companies on mergers and acquisitions, equity and debt financing, capital raising and transaction structuring across multiple sectors. At Oceanic Capital Company Limited, he led the strategy and operations of the investment banking business, including budgeting, target-setting, equity underwriting, distribution and debt syndication. At Lehman Brothers, he supported financing and advisory engagements across energy, natural resources and emerging-market privatisation, assessing financing requirements, modelling projections and evaluating alternative transaction structures. Relevant transactions include a US$1 billion Euro Medium Term Note programme for Mobil Corporation, a US$374 million master limited partnership IPO for AmeriGas Partners, and a US$170 million investment in Natural Gas Clearinghouse (Dynegy). This experience supports JBIL’s assessment of capitalisation options, seed-equity requirements, financing needs and the sequencing of capital deployment.
• Portfolio Development, Origination and Transaction Execution: Experience in identifying investment opportunities, initiating strategic discussions with prospective clients and counterparties, and managing transactions from initial assessment through execution. At Iroko Capital, he is responsible for executing financial advisory and public and private capital markets transactions. His earlier work at Deutsche Bank involved identifying and researching acquisition opportunities, conducting company valuations and structuring transactions to achieve client objectives. Selected transactions include NTT Communications’ US$5.5 billion acquisition of Verio Inc., Siemens Corporation’s US$750 million acquisition of Acuson Corporation, and Deutsche Bank AG’s US$1.9 billion sale of its consumer finance business to E*TRADE. His experience is relevant to establishing a disciplined origination and screening process, assessing strategic fit and investment value, and defining portfolio development principles for JBIL.
• Governance, Strategic Oversight and Investment Banking Leadership: Held senior leadership responsibilities spanning business strategy, organisational development, recruitment, performance management and transaction execution. As Partner at Iroko Capital and formerly Chief Operating Officer of Oceanic Capital’s investment banking business, he has overseen business planning, budgets, targets and team development, including managing an investment banking operation with a peak core staff strength of 55 professionals. He has also worked directly with senior executives, boards and government entities on strategic and financial decisions. This experience provides a foundation for advising JBIL on investment decision-making principles, portfolio oversight, investment governance and the processes required to align investment activity with the company’s strategic objectives.

Relevance to Assignment

Will lead the development of JBIL’s investment strategy and portfolio approach, drawing on more than two decades of experience in investment banking, corporate finance, valuation, transaction structuring and strategic advisory. His experience evaluating investment opportunities, advising on capital allocation and executing transactions across energy, infrastructure and other sectors will inform the definition of JBIL’s investment priorities and the practical processes required to build and manage its portfolio.

Position: Finance and Tax Lead

Education / Qualifications

Work Relevant to Assignment

Experience

Bolaji abidemi is a financial modelling and advisory professional at Vista Advisory Partners Limited, with experience in financial analysis, infrastructure project valuation, capital raising, tariff modelling, project accounting and tax advisory. He has developed financial models to assess project viability, determine break-even points and concession periods, evaluate end-user affordability, and support debt and equity financing across energy and infrastructure projects. His experience includes financial modelling for the Nigerian Electrification Project, a proposed Lagos State hospital PPP for the Medipark Project, power projects across multiple technologies, and a $10 million fundraising transaction for a lubricating oil blending plant. He will lead the financial assessment of JBIL’s proposed operating models, capitalisation options, tax implications and five-year financial plan, including scenarios and sensitivities.

Relevant Experience

• Financial Modelling and Business Planning: Experience developing financial models to assess commercial viability, affordability, break-even points, concession periods and investment returns across energy and infrastructure projects. His work includes modelling for a proposed 120-140 bed hospital PPP for Lagos State (MediPark), a 7MW gas-fired power plant for Ariaria Market Energy Solutions Limited (AMES), as well as assessing the affordability of solar home systems for approximately 25 million Nigerian households under the Federal Government’s Economic Sustainability Plan. He has also modified financial models for power projects with a combined capacity of approximately 40MW and 100km of distribution network to reflect different technologies and operating assumptions.
• Capitalisation and Financing Analysis: Supported infrastructure financing through financial structuring, project valuation and modelling for debt and equity fundraising. His experience includes developing financial models that supported capital raises of up to ₦5.1 billion in debt and US$1 million in private equity for power projects, as well as the model used to secure US$10 million under the Nigerian Content Development and Monitoring Board intervention fund for a lubricating oil blending plant. He also contributed to financial advisory and arranging services for the 4.5MW Ondo State Independent Power Project and its 21km distribution network, and developed operational financial models for economic clusters under the Nigerian Electrification Project and Energizing Economies Initiative, covering approximately 12MW of combined capacity.
• Tariff Modelling and Infrastructure Financial Assessment : Bolaji has undertaken tariff modelling and financial assessments to support the commercial sustainability of distributed energy and infrastructure investments. His work includes developing tariff models to determine appropriate end-user price points under the Energizing Economies Initiative and for solar deployments across 21 markets in Lagos State, including Sura Integrated Power Solution. He also contributed to the DFID/REA energy audit covering 305 communities across seven states, co-authoring an investor-grade report assessing the viability of potential power solutions.
• Tax Advisory and Project Accounting: Provided tax advisory, project accounting and financial management support to infrastructure projects and other entities. His experience includes tax advisory services, alongside project accounting for major developments such as the ₦7 billion Ariaria Market power project, Sura Integrated Power Solution and the ₦3.2 billion Iyana Ipaja Bus Terminal construction project. This experience provides a foundation for assessing the financial and tax implications of alternative corporate structures and shared services arrangements under the JBIL engagement.

Relevance to Assignment

Bolaji will lead the financial and tax analysis underpinning JBIL’s strategic and operational development, providing the financial evidence required to compare business models, assess capitalisation options and develop a robust five-year financial plan.

Position: Finance Associate

Education / Qualifications

Work Relevant to Assignment

Experience

Abdullateef is a finance and investment professional with over five years of experience in financial modelling, investment appraisal, valuation, transaction due diligence, and project financing, particularly across the energy and infrastructure sectors. At Vista Advisory Partners, he supports investment structuring and financial assessment, including the development of investment cases for development finance institutions and private capital providers. His experience includes financial evaluation of Nigeria’s first floating solar project, buy-side due diligence for an indigenous energy company, tariff modelling for energy-as-a-service deployments, and renewable energy financing assessments. For the JBIL engagement, he will support financial analysis, investment evaluation, funding scenarios, and the development of the five-year financial model and associated business plan.

Relevant experience includes

• Financial Modelling, Valuation and Business Planning :Developed integrated financial models, projections, and valuations to support investment decisions across energy and infrastructure projects. At Vista Advisory Partners, contributed to the financial evaluation and investment case for Nigeria’s first floating solar project, with scalability to 20MW, and prepared financial projections and a valuation for a Nigerian power and gas provider. Additional work includes modelling the cost implications of transitioning from fossil-fuel generators to solar hybrid systems across Lagos State hospitals and assessing the grant funding required for renewable energy deployment. At Phoenix Global Capital Markets, built financial models incorporating scenarios and sensitivities to assess alternative transaction structures.
• Investment Appraisal and Transaction Due Diligence: Supported buy-side advisory for the proposed acquisition of a 50% equity stake in an indigenous energy company with natural gas, power generation, and distribution assets, undertaking financial due diligence to inform investment decisions. Experience also includes assessing the viability and strategic fit of three off-grid energy companies for potential investors through work at Clean Technology Hub. These engagements provide relevant experience in reviewing investment opportunities, evaluating financial performance, identifying risks, and supporting evidence-based investment recommendations.
• Project Finance, Capital Structuring and Financing Analysis: Contributed to the development of financing solutions tailored to project-specific risks at Phoenix Global Capital Markets, supporting energy transactions with a combined value exceeding £100 million. At Vista Advisory Partners, developed tariff models for an Energy-as-a-Service deployment covering more than 5,000 connections across economic clusters and assessed funding requirements for renewable energy projects. Earlier work at Clean Technology Hub included mapping Nigeria’s energy finance ecosystem, identifying investment opportunities, and advising start-ups on financial strategies to support funding and growth.
• Commercial and Contractual Risk Assessment: Reviewed and negotiated engineering, procurement and construction (EPC) and operations and maintenance (O&M) contract provisions, including pricing, performance guarantees, liquidated damages, and termination terms. This work involved assessing contractual risks from the asset owner’s perspective and reflecting relevant construction and operating assumptions in financial models and investment cases. The experience is relevant to assessing the financial implications of implementation arrangements, operating commitments, and project-level risks.

Relevance to Assignment

Abdullateef will provide analytical and modelling support to the Finance and Tax Lead and wider engagement team, contributing to the financial assessment of JBIL’s strategic and operational options.

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Position: People and Organisation specialist

Education / Qualifications

Work Relevant to Assignment

Experience

Omolola Esan is a People Consulting Leader with over 20 years of experience in human capital strategy, organisation design, workforce planning, talent management and organisational transformation. She has advised public- and private-sector organisations, regulators, development finance institutions and infrastructure operators on translating strategic objectives and operating models into practical organisational structures, capability frameworks, staffing plans and performance systems. Her experience includes developing a five-year Human Capital Strategy for ECOWAS, leading HR transformation for the Securities and Exchange Commission Nigeria, and delivering workforce planning, job evaluation and competency frameworks for major organisations, including Dangote Group and the Niger Delta Development Commission. For the JBIL engagement, she will lead the assessment of organisational capability requirements and the design of an appropriate structure, staffing approach, people policies and performance arrangements to support JBIL’s strategic and operational objectives.

Relevant Experience

• Organisation Design and Operating Model Development: Extensive experience translating business strategy and operating requirements into organisation structures, role definitions, governance arrangements and implementation plans. She led organisation design and people and culture support for Cassava Technologies across seven entities in Africa and the UK, and contributed to organisational restructuring and change management in preparation for a UK listing. She also led organisational diagnostics and redesign assignments for public institutions and regulators, helping align structures and workforce requirements with strategic objectives.
• Workforce Planning, Capability Assessment and Staffing Strategy : Led workforce diagnostics, skills assessments and strategic staffing assignments to identify capability gaps, determine critical roles and develop practical workforce plans. For the Niger Delta Development Commission, she led the development of a strategic staffing plan and skills audit, covering workforce capability, job architecture, workforce sizing and resource optimisation. Her work on the African Development Bank’s skills audit and the five-year ECOWAS Human Capital Strategy involved assessing institutional capabilities, identifying future workforce needs and defining development priorities. She also led enterprise capability and workforce planning assignments for IHS Nigeria and T2 (9Mobile), including competency assessments covering approximately 1,700 employees for T2.
• Role Profiles, Job Evaluation and Competency Frameworks: Experience developing job architectures, role requirements, competency frameworks and evaluation systems to support organisational effectiveness and workforce deployment. For Dangote Group, she led job evaluation and competency framework development across eight entities, including role analysis, competency assessments, benchmarking and competency libraries for technical and support functions. She has also delivered capability assessments and role-level reviews for organisations including Flutterwave, supporting recruitment, talent development and workforce planning decisions.
• Performance Management, Reward and Human Capital Policies :Designed and implemented performance management frameworks, executive accountability systems, reward structures and HR policies. At IHS Nigeria, she led the development of executive accountability and performance frameworks, including KPI governance and leadership accountability arrangements. As Head of Human Capital at Cornerstone Insurance Plc, she oversaw human capital activities across three entities with approximately 1,000 employees, including recruitment, performance management, learning and development, employee relations and workforce planning. She has also led the review of HR policies and procedures for ECOWAS and provided compensation advisory and benchmarking support to public- and private-sector organisations.
• Workforce Mobilisation, Talent Development and Organisational Change :Supported organisations in building, mobilising and transitioning workforces to meet new operational requirements. For the UNDP Nigeria Jubilee Fellows Programme, she led talent market assessments and workforce planning, developing mobilisation, onboarding and integration frameworks for young professionals. She also designed the pioneer Young Professionals Programme for the Securities and Exchange Commission Nigeria and led graduate trainee programme delivery for the Nigerian National Petroleum Company. Her broader transformation experience includes succession planning, leadership assessment, employee development and change management.

Relevance to Assignment

Omolola will lead the organisation and people workstream for JBIL, translating the company’s strategic direction and selected operating model into a practical organisational structure, capability plan and workforce implementation approach.

Position: Strategy Specialist

Education / Qualifications

Work Relevant to Assignment

Experience

Kelly-Ann is a strategy and business transformation consultant and former Bain & Company Management Consultant, with experience developing growth strategies, reviewing operating models and leading transformation programmes across oil and gas, agriculture, financial services and consumer products. Her experience includes developing a six-year growth strategy and implementation roadmap for an upstream oil and gas business, reviewing operating models and governance arrangements in the energy sector, and assessing new investment and business opportunities across multiple industries. She combines strategic analysis with practical implementation experience, helping organisations translate business objectives into operating priorities, performance improvements and actionable transformation plans. For the JBIL engagement, she will support the assessment of strategic options, comparison of business and operating models, investment framework development and preparation of the implementation roadmap.

Relevant experience includes

• Corporate Strategy and Business Growth: Developed a six-year growth strategy and implementation roadmap for an upstream oil and gas business, translating strategic priorities into a structured plan for business expansion. Additional engagements include supporting an African expansion strategy for a global fertiliser company across West and East Africa, developing growth strategies for a global beverages business, and assessing new business opportunities across agriculture, oil and gas, banking, metals and minerals, and renewable energy.
• Business and Operating Model Assessment: Conducted operating model reviews and supported organisational transformation across the energy sector, covering organisational structures, governance arrangements, business processes, and talent practices. Work on an integrated energy transformation programme included reviewing organisational structures and talent frameworks, while a refinery engagement involved revising the business model and supporting end-to-end execution. Further experience includes optimising an East African agricultural ecosystem by examining the relationships between smallholder farmers, commercial farmers, processors, credit models, and tracking systems.
• Investment and Business Opportunity Analysis: Assessed business and investment opportunities across multiple sectors, including energy, natural resources, renewable energy, agriculture, and financial services. This experience is complemented by investment consulting and business analysis at Allan Gray Investment Management, where responsibilities included supporting client experience initiatives and contributing to business analysis within an investment management environment. These engagements provide a foundation for evaluating strategic fit, identifying growth opportunities, and developing structured approaches to opportunity prioritisation.
• Transformation Delivery and Performance Optimisation: Supported business transformation and performance improvement initiatives, including capital project optimisation for a South African oil and gas refinery, with a focus on cost efficiency, execution, and expenditure governance. During the COVID-19 pandemic, contributed to response planning for Africa’s largest privately owned asset manager, serving approximately 2,000 staff and 400,000 clients. Additional work in financial services covered digital adoption and stakeholder communications, helping translate organisational priorities into practical operational responses.

Relevance to Assignment

Kelly-Ann will support the strategic assessment and business transformation components of the JBIL engagement, helping translate the company’s investment ambitions into a coherent strategy, suitable operating model and prioritized implementation plan.

Position: Legal & Regulatory Specialist

Education / Qualifications

Work Relevant to Assignment

Experience

Adeleke is a corporate and commercial lawyer, board director and policy adviser with over 20 years of experience advising on complex transactions, financing arrangements, regulatory matters, corporate governance and business-critical decisions across Nigeria and African markets. His experience is particularly relevant to the legal and institutional considerations involved in establishing and operating an investment platform.

Relevant experience includes

• Corporate Transactions & Investment Structuring: Advises investors, corporates and financial institutions on acquisitions, equity investments, shareholder arrangements, growth-stage financing and other investment transactions, including a USD 25 million equity investment in a leading Nigerian EPC contractor, a USD 15 million equity investment by NCDMB in Duport Midstream, and the acquisition of a steel pipe manufacturer by a leading Nigerian EPC contractor.
• Infrastructure & Project Finance: Lead counsel on the NGN 100 billion syndicated financing for Phase 1 of the Lagos Red Line Rail Project, advising on financing and security documentation. Also advised on the NGN 15 billion vendor-financing structure for development of a 12,000-seat arena and on the development and financing of a 13.16MW distributed solar programme.
• Project Development & Investment Structures: Led legal coordination for the Kwara State Agro-Industrial Processing Zone, covering SPV incorporation, financing structures, project documentation, stakeholder engagement and regulatory compliance. Also advised on a NGN 4.06 billion concession between a Federal Government ministry and a project SPV.
• Co-investment & Commercial Structures: Advised on the USD 20 million NSIA equity investment in a construction-led arena development and on shareholder and financing arrangements associated with investment and project development structures.
• Governance & Board Oversight: Currently serves as Acting Board Chairman of NatCom Development and Investment Limited (ntel) and Independent Director of Bluechip Technologies Limited. Previously served as Non-Executive Director of Polaris Bank Limited, including membership of the Board Credit Committee and Board Governance, Nomination and Compensation Committee. Also served on the Investment Committee of the Lagos State Science and Research Council.
• Corporate & Regulatory Advisory: Provides corporate, regulatory and policy advice across infrastructure, telecommunications, technology, energy and industrial sectors, including assessment of regulatory requirements, corporate structures, stakeholder arrangements and compliance considerations affecting commercial investments.
• Cross-Border & African Transactions: Experience advising on significant transactions involving Nigerian and international investors, including regulatory counsel on the proposed USD 6.2 billion MTN Group/IHS Holding transaction and Nigerian counsel on the GBP 362 million sale of InstaDeep to BioNTech.
• Financing & Capital Markets: Advises on debt, equity and structured financing arrangements, including a NGN 75 billion private debt note programme, bond programmes, loan restructuring and growth-equity transactions involving international and institutional investors.
• Land, Industrial & Strategic Investments: Advises on land acquisitions and development requirements for data centres, manufacturing facilities and other industrial investments, including title, zoning, regulatory and development considerations.

Relevance to Assignment

Adeleke will support the assignment primarily through the legal and regulatory workstream.He will also provide transaction-structuring and legal input to D3, D5 and D6, including corporate and regulatory considerations, Delegation of Authority, investment approval procedures, conflicts of interest, arm's-length arrangements and structures for co-investment. His extensive Board, infrastructure, financing and investment transaction experience provides practical input into the legal and institutional requirements for establishing JBIL as an active investment company.

Position: Analyst

Education / Qualifications

Work Relevant to Assignment

Experience

Belema Harrison is a strategy and finance analyst with experience in research, financial modelling, policy assessment, stakeholder engagement, and project reporting. At Vista Advisory Partners, she has contributed to national-level studies, sector viability assessments, investment appraisals, and renewable energy projects, combining desktop and field research with data analysis and evidence-based recommendations. For the JBIL engagement, she will support research, information gathering, financial and market analysis, documentation, and preparation of project outputs.

Relevant experience includes

• Research, Market Assessment and Strategic Analysis: Conducted market and sector research to inform strategic and investment decisions across public- and private-sector engagements. For a market viability assessment for a Nigerian campus of a UK-based premium private school, undertook end-to-end research covering market sizing, customer segmentation, demographics, competitor analysis, location assessment, stakeholder interviews, and financial projections. Also contributed to the National Telecommunications Sector Sustainability Study, examining sector economics, market dynamics, regulatory challenges, affordability, and the implications of tariff reforms to support evidence-based policy recommendations.
• Financial Modelling and Investment Appraisal : Developed financial models to assess business viability, investment requirements, scalability, and potential returns across consumer businesses and energy projects. This includes preparing valuation and capital-raising models that supported a ₦450 million fundraising round for a consumer brand, as well as developing financial models for independent power plants and solar projects. The work involved assessing project economics, developing cost-reflective tariff assumptions, and preparing investment cases to support financing and investment decisions.
• Policy Research, Data Collection and Stakeholder Engagement: Supported policy assessment and structured data collection for the National Electrification Strategy and Implementation Plan, a nationwide programme focused on advancing universal electricity access by 2030. Led the policy readiness assessment and coordinated engagements with ministries, regulators, and energy agencies across all 36 states and the Federal Capital Territory. The work involved gathering and validating information, identifying policy gaps, and developing insights to inform readiness assessments and intervention priorities aligned with the Electricity Act 2023.

Relevance to Assignment

Belema will support the engagement team through research, analysis, information management, and preparation of deliverables, working closely with the PMO Lead and relevant workstream leads.