About Us
Energy Market Consulting Associates Limited (EMCAL), established in 2024, is a specialist consultancy firm dedicated to the energy sector. We provide end-to-end advisory and capacity-building services across the power, oil & gas, water and renewable energy landscapes. Our core strength lies in bridging the gap between regulatory institutions and industry players. We work closely with regulatory bodies, offering expert support in capacity development, regulatory impact analysis, and the review of orders and regulations. For utilities and other licensees, we provide strategic advisory services to ensure seamless regulatory compliance, including the preparation and management of all regulatory filings. Our comprehensive expertise spans the entire energy value chain, from market design and tariff reviews to drafting power purchase agreements, network management, and investment in energy infrastructure. At EMCAL, we are committed to building a more efficient, compliant, and robust energy sector.
Our Team
Haliru Dikko. PhD
Director/Principal Consultant
Dr. Dikko has over 35 years working experience in the energy and banking industries. He was the former Commissioner for Economic Regulations at the ECOWAS Regional Electricity Regulatory Authority (ERERA) in Accra, Ghana, from 2017 to 2024. Before joining ECOWAS in 2017, He worked at the Nigerian Electricity Regulatory Commission (NERC) as the GM, Market Competition and Rates, Head of Tariff and Rates Regulations, and Head of the Renewable Energy, Research & Development.
Prior to joining the energy sector, Haliru worked in the banking industry for over seventeen years, handling System and Procedures, Risk Management, Corporate Finance, Corporate Banking, and Consumer Banking.
He holds a PhD in Economics and an MBA specializing in finance. He is a fellow of the Chartered Institute of Bankers and a Certified Regulation Specialist. He is an expert in Energy Tariff & Pricing, Market Reforms, Energy Market Regulation and Capacity Building.
Sharfuddeen Zubair Mahmoud. Bsc, MBA, FNIM,FCNA, FICA
CEO
He is a professional accountant, banker, and seasoned energy regulator and policy expert with a distinguished career at the heart of Nigeria's power sector reform. Prior to the commencement of his career in the Nigerian Power sector , Mr Mahmoud has had a 20 years distinguished carer in the Nigerian banking sector traversing investment banking, commercial banking and development banking. He started his banking career at ICON Ltd (Merchant Bankers) one of the premier investment banks in Nigeria then which was the local subsidiary of Morgan Guaranty Trust Co (now Morgan Chase), between 1987-1993. He was with Diamond Bank Ltd, a leading commercial bank between 1993-1998 and International Trust Bank (ITB) between 1999-2005 Plc before finally joining Nigeria's leading development bank, the Bank of Industry (BOI) in 2005 where he set up the risk management division and served as the pioneer Chief risk Officer before leaving in June 2007 to join the pioneering team of Nigerian Electricity Regulatory Commission as the pioneer AGM/Head of Market Analysis and Compliance.
As a former General Manager/Director of Economic Regulation (Market, competition and Rates Division) at the Nigerian Electricity Regulatory Commission (NERC) from 2017-feb 2024, he was instrumental in shaping the modern Nigerian electricity market. He led the development of critical frameworks, including the pioneering Service-Based Tariff regime, the Eligible Customer Regulation, Performance Improvement Plans for DisCos and TCN and the Partial Activation of Contracts in the power sector among others. He was also at various times, Head Finance and Accounts, divisional head Finance and Management Services Division and head of Regulatory Financial Analysis. Sharfuddeen was also a director on the special intervention board of Kaduna DisCo between January-July 2024 under the first regulatory intervention action of NERC in a DisCo.
Following his retirement from NERC in February 2024, he continues to drive change as the CEO of Energy Market Consulting Associates Ltd, Chairman of Regulatory Consulting Associates Ltd, and independent non-executive director in Royal Exchange Finance Company Ltd, subsidiary of Royal Exchange Plc. He remains a much sought-after resource for regulators, investors, utilities and governments, currently advising a number of states on their electricity policies and regulatory commission set up. With his deep expertise in tariff design, electricity market design, market competition, and sustainable sector development, he offers invaluable insights into building a stable and affordable energy future.
Sa’eed S. Zubair
Director/Consultant
Saeed is an Electrical Engineer at Ramboll in the United Kingdom, a global engineering, architecture and consultancy company with more than 18,000 experts that create sustainable solutions for governments and businesses.
He was also a veteran of the Nigerian Power sector having worked in NBET, Niglemech, FGN Power, and TCN between 2018 -2022 before joining Ramboll Uk in October 2023. Sa’eed is a non- Executive Director and Consultant at EMCAL.
Hauwa’u Dikko
Director
Mashood Sanusi
Principal Solicitor Mashood Sanusi and Co. Company Secretary
With over 20 years of legal experience, Mashood specialised in Energy Law, Dispute Resolution, and Corporate Law . He is a Principal Solicitor at Mashood Sanusi & Company. His practice focuses on providing customized legal solutions that help clients effectively navigate complex regulatory and legal challenges.
Barrister Mashood was also a former Assistant General Manager of Regulatory Compliance at Jos Electricity Distribution Plc. and has garnered significant expertise in regulatory policy, tariff preparation, and compliance strategies.He has been providing practical and impactful legal advice, empowering organizations to address regulatory complexities with assurance and precision over the years.