Breaking News: Nigerian President named himself Minister of Petroleum, Kemi Adeosun in-charge of Finance …

Abuja, Nigeria, Capital Markets in Africa — The Nigerian President Muhammadu Buhari has finally announced the long-awaited portfolios of ministers, who were sworn in on Wednesday, at the Presidential Villa, Abuja.

President Buhari named himself Minister of Petroleum, while Ibe Kachikwu was named Minister of State for Petroleum (currently in charge of Nigerian National Petroleum Corporation).

The President also announced Kemi Adeosun (former Commission of Finance, Ogun State) to be in-charge of Finance Ministry. Adeosun faces an uphill task to shore up Africa’s largest economy, which has been battered by a 40% fall in the price of crude oil (which accounted for 70% of government revenue) couple with slow in the GDP growth to 4% this year. The country also is faced with increasing unease among business and investors community that currency restrictions imposed by the Central Bank of Nigerian are unpleasant activity. So, this may be disappointing to investors who had been hoping for more rapid liberalization of Nigeria’s FX market.

Okechukwu Enelamah (CEO, African Capital Alliance — an Africa-focused private equity firm) tasked with Trade, investment & Industry and Babatunde Fashola (Former Lagos State Governor) to look after the Ministry of Power, Works and Housing.

Below are some of the key ministers announced by the President Buhari:

Kemi Adeosun — Minister of Finance 
Ibe Kachikwu —  Minister of State, Petroleum 
Okechukwu Enelamah — Trade, Investment & Industry 
Barr James Ocholi —  Minister of Justice and Attorney General 
Dan Ali — Minister of Defence 
Udo Udo Udoma —  Minister of Budget & National Planning
Babatunde Fashola  — Minister of Power, Works and Housing
Adamu Adamu — Minister of Education 
Professor Isaac Adewole —  Minister of Health
Barrister Adebayo Shittu — Minister of Communication 
Lai Mohammed — Minister of Information 
Kayode Fayemi- — Minister of Solid Minerals 
Rotimi Amaechi — Minister of Transportation 
Audu Ogbeh — Minister of Agriculture 
Chris Ngige  —  Minister of Labour & Employment 
Muhammadu Bello — Minister of Federal Capital Territory 
Pastor Usani Uguru — Minister of Niger Delta
Abdulrahman Dambazau — Minister of Interior 
Aisha Alhassan —  Minister of Women Affairs
Ogbonaya Onu — Minister of Science and Technology
Sen Hadi Sirika — Minister of State, Aviation
Solomon Dalong — Minister for Youth and Sports
Prof Anthony Onwuka — Minister of State,  Education 
Aisha Abubakar  —  Minister of State, Trade & Investment 
Zainab Ahmed — Minister of State Budget and National Planning