ABOUT WAEE
Building West Africa’s Energy Market Infrastructure
Founded by energy professionals, technologists, and regional market veterans, WAEE exists to bring transparency, efficiency, and global standards to West African energy trading.
Trading Products
Transparent Markets. Regional Growth.
WAEE’s mission is to establish a world-class energy exchange that serves West Africa’s unique market structure. We connect producers, refiners, traders, and consumers through transparent price discovery, efficient clearing, and trusted market infrastructure. Every contract we list, every trade we clear, and every price we publish is designed to strengthen regional energy security and economic development.
Trading Products
Transparent Markets. Regional Growth.
By 2030, WAEE will be the reference price for West African energy commodities — from Nigerian crude differentials to LNG spot cargoes. We envision a fully integrated regional energy market where transparent pricing drives investment, efficient trading reduces costs, and standardized contracts enable new market participants to compete on equal terms.
Integrity
Market integrity is non-negotiable. Every trade is auditable, every price is verifiable, every member is accountable.
Innovation
We build technology that makes complex markets accessible. From FIX API to mobile trading, we remove barriers.
Regional Focus
West Africa’s markets have unique characteristics. Our contracts, pricing, and operations reflect local reality.
Global Standards
We operate to international best practices in clearing, risk management, and regulatory compliance.
OUR JOURNEY
Building the Exchange
Integrity
Market integrity is non-negotiable. Every trade is auditable, every price is verifiable, every member is accountable.
Innovation
We build technology that makes complex markets accessible. From FIX API to mobile trading, we remove barriers.
Regional Focus
West Africa’s markets have unique characteristics. Our contracts, pricing, and operations reflect local reality.
Global Standards
We operate to international best practices in clearing, risk management, and regulatory compliance.
LEADERSHIP
Meet the Team
AUWAL ABUBAKAR
Founder
Auwal Abubakar has over Two (2) decades of experience in Oil & Gas & other Sectors. He holds a Bachelor’s Degree in Management Technology from the prestigious Federal University of Technology,
M. U FAROUK
Executive Director Business Development
Previously led trading infrastructure at a European commodity exchange. Expert in high-frequency matching engines, FIX protocols, and market data systems. MSc Computer Science, MIT.
FANNY ALFRED
Head of cooperate communication
Extensive operations background in clearing and settlement. Former Head of Operations at a leading African financial exchange. MBA, INSEAD. Fellow of the Chartered Institute of Bankers.
SAROJ KUMAR MOHAPATRA
CHIEF FINANCIAL OFFICER
Former senior auditor at Big Four firm specializing in commodity trading and exchange audits. Chartered Accountant (ACA), CFA charterholder. Oversees clearing fund and financial controls.
GOVERNANCE
Accountable by Design
Board of Directors
The WAEE Board comprises independent directors with expertise in energy markets, financial regulation, technology, and regional economic policy. The Board sets strategic direction, approves new product listings, and oversees executive management.
Product Committee
Composed of senior representatives from member companies across all product categories. Reviews and approves contract specifications, delivery terms, and pricing methodologies. Ensures products reflect market needs.
Risk & Compliance
Independent Risk Committee oversees clearing fund adequacy, margin methodology, and default procedures. Compliance function reports directly to the Board with quarterly regulatory submissions to NUPRC.
REGULATION
Licensed, Compliant, Transparent
Nigerian Upstream Petroleum Regulatory Commission (NUPRC)
WAEE operates under NUPRC oversight for crude oil, natural gas, and petroleum product contracts. All exchange rules and member conduct are subject to NUPRC review and approval.
Petroleum Industry Act 2021
The PIA provides the statutory framework for WAEE’s establishment and operations. Exchange governance, member obligations, and market conduct align with PIA provisions for transparent petroleum trading.
Central Bank of Nigeria
Multi-currency settlement operations are conducted in partnership with CBN-regulated custodian banks. Foreign exchange transactions comply with CBN guidelines for commodity trading.
Securities & Exchange Commission (Planned)
WAEE is in advanced licensing discussions with SEC Nigeria. Full securities exchange licensing will extend regulatory coverage to financial derivatives and broaden product offerings.
WAEE maintains ISO 27001 certification for information security, undergoes annual SOC 2 Type II audits, and commissions external financial audits by a Big Four firm annually.