Nigeria’s Energy Transformation: Market Competition Drives Policy Shift
5th November 2025 Nigeria is signalling its willingness to sell state-owned refineries as the government seeks to stimulate competition in the downstream sector—marking a notable shift in the country’s broader energy strategy. The development follows President Tinubu’s approval of a 15% import duty on refined petroleum products, aimed at safeguarding recent multi-billion-dollar investments in domestic refining. The Dangote Refinery now reports production of more than 45 million litres of petrol and 25 million litres of diesel per day, surpassing Nigeria’s internal consumption requirements. A Strategic CrossroadsThe Nigerian National Petroleum Company’s four state-owned refineries—despite a combined capacity of 445,000 barrels per day—have processed virtually no crude for decades, even after billions were allocated for repairs. Key stakeholders, including the Manufacturers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association, are calling for full privatisation to enhance efficiency and reduce recurrent government expenditure. Critics argue that the state-owned facilities remain “a pure drain on the Nigerian economy”, stressing that private management would curb corruption, ensure accountability, and foster healthy competition with the Dangote operation. The Monopoly DebateFuel traders caution that, if mismanaged, the new tariff regime could stifle fuel imports and create a de facto refining monopoly—potentially exposing Nigeria to fresh rounds of fuel scarcity. Policymakers therefore face the delicate task of protecting domestic refiners while preserving competitive dynamics in the market. For Gapuma Group, which operates extensively across West Africa’s energy landscape, this policy shift highlights the scale and speed of transformation within Nigeria’s downstream sector—presenting both opportunities and complexities for regional fuel trading and logistics. The outcome of Nigeria’s privatisation debate will shape energy flows across West Africa for generations.
Côte d’Ivoire at the Polls: Stability or Stagnation?
21st October 2025 As Côte d’Ivoire approaches a decisive presidential election, the stakes for regional trade and investment are considerable. President Alassane Ouattara’s bid for a fourth term — unprecedented and heavily contested — has heightened political tensions in a country long regarded as West Africa’s model of post-conflict stability. For investors and commodities traders, Côte d’Ivoire represents far more than electoral drama. It is a critical hub in global supply chains: the world’s leading cocoa producer, a major source of cashews, and an increasingly influential player in hydrocarbons and fertiliser imports. Continuity in governance may offer short-term predictability, yet underlying institutional fatigue and democratic strain have the potential to challenge that stability, dampen long-term investment appetite, and raise borrowing costs across the region. At Gapuma Group, our engagement with African markets is shaped by a clear principle: sustainable commerce relies on political credibility. Côte d’Ivoire’s next chapter will shape not only its democratic future but also the confidence of global markets that depend on its exports.
Strengthening Ties in West Africa: A Strategic Visit to Côte d’Ivoire and Ghana
22nd July 2025 Gapuma Group Managing Director, Jack Bardakjian, recently completed a high-level visit to two of our key West African markets — Côte d’Ivoire and Ghana — accompanied by our Senior Biofuels Trader, Rafael Fraletti. The visit reaffirmed our long-standing commitment to building sustainable partnerships, supporting local infrastructure, and reinforcing operational excellence in the region. As our global portfolio evolves in line with the energy transition, West Africa is playing an increasingly vital role in our biofuels and logistics strategy. With Rafael based in Gapuma’s Swiss Office — the nerve centre of our biofuels operation — this mission combined executive leadership with commercial expertise on the ground. From strategic meetings with clients to warehouse visits in Abidjan and Accra, the trip served to deepen relationships, assess new opportunities, and ensure our growth remains aligned with local realities and regional ambitions. These in-person engagements also reflect Gapuma’s operational philosophy: that reliability in global supply chains is built not just on trade routes and systems, but on trust, presence, and long-term commitment. By maintaining close contact with partners across West Africa, we continue to enhance the resilience of our operations — from Geneva to Ghana, and every step in between. As the world shifts toward cleaner, more responsible energy sources, Gapuma remains at the forefront of ethical trading and sustainable innovation. This visit marks another meaningful milestone in our shared journey toward a smarter, more inclusive global energy future.
A Journey of Trust and Growth: Yanish’s 10 Years with Gapuma
This month marks a significant milestone for Gapuma Group as we celebrate the tenth anniversary of our highly valued Business Development Manager, Yanish Bhageerutty. Since joining Gapuma in 2015, Yanish has made major contributions to the company’s commercial success, particularly in Côte d’Ivoire and Ghana. From Pharmaceuticals to Pan-African Trade Yanish’s journey to Gapuma has been both unconventional and inspiring. Coming from a background in pharmaceuticals, he quickly adapted to the intricacies of the African mining and industrial sectors, demonstrating a strong capacity for learning and applying new knowledge. His flexibility, commitment, and customer-focused approach have made him a vital contributor to Gapuma’s sustained growth. Supporting Growth and Building Relationships in West Africa Throughout his time at Gapuma, Yanish has been instrumental in strengthening the company’s brand and commercial volume across key West African markets. In Côte d’Ivoire and Ghana especially, his dedication to building strong, lasting relationships with clients and partners has played a crucial role in expanding Gapuma’s footprint. His in-depth knowledge of customer needs and market dynamics has helped shape Gapuma’s approach in these regions, ensuring responsiveness, trust, and mutual success. Engaging with Regional Opportunities In addition to his day-to-day contributions, Yanish has represented Gapuma at important regional events and forums, helping to build the company’s visibility and reputation as a trusted and forward-looking partner. His understanding of emerging opportunities, including major economic developments across West Africa, continues to inform Gapuma’s growth strategies. A Decade of Dedication and Contribution Over the past decade, Yanish Bhageerutty has been a key member of Gapuma’s journey in West Africa, bringing dedication, insight, and professionalism to every initiative he has been part of. His efforts have helped strengthen Gapuma’s position as a respected and reliable partner across the region. As we mark this anniversary, we extend our heartfelt thanks to Yanish for his outstanding contributions and look forward to seeing his continued impact in the years ahead.