Secrets Reporters
Sophia Horsfall, the general manager of external relations and sustainable development at Nigeria’s Liquefied Natural Gas (NLNG), has emerged as a director and significant shareholder of a privately registered energy services company, Trackion Energy Limited, raising questions over corporate governance, conflict of interest, and compliance with the laws of the federal republic of Nigeria.
Paragraph 2(b), Part I, Fifth Schedule to the Constitution of the Federal Republic of Nigeria, 1999 (as amended) for the Code of Conduct for Public Officers provides that “A public officer shall not, except where he is not employed on a full-time basis, engage or participate in the management or running of any private business, profession, or trade…”
Paragraph 6 provides that “A public officer shall not put himself in a position where his personal interest conflicts with his duties and responsibilities.”
Rule 030424 (Outside Employment) generally provides the following: A full-time officer shall not engage in any other business or employment except farming without prior approval of the government.
However, a review of Corporate Affairs Commission (CAC) records by SecretsReporters shows that Trackion Energy Limited was incorporated on 11 August 2023 as a private company limited by shares with a stated principal business of energy services and supply, which is the same line of business as NLNG.
The records further indicate that Sophia is listed as one of the company’s directors, owns 300,000 ordinary shares representing 30 percent of the issued share capital, and is recognized as a Person with Significant Control (PSC) within the company.
The remaining 70 per cent shareholding is held by another director, according to the same records.
The discovery has prompted questions among governance observers about whether employees occupying senior management positions in strategic organizations should simultaneously serve as directors and substantial shareholders in private companies operating within related sectors.
SecretsReporters sent out inquiries to obtain the position of the company and the executive regarding the disclosed directorship and shareholding, but no response was received.
Source: Secretsreporter