Centurion Law Group’s Oneyka Cindy Ojogbo receives African Legal Awards’ Private Practice Rising Star award
September 24, 2020 | 0 Comments
|Presented by Legal Week, the annual ceremony aims to celebrate Africa’s legal talent and recognize the legal community’s achievements each year.|
South Africa, September 24, 2020/ — Centurion Law Group (Centurion) was also nominated in the categories International Law Firm of the Year and In-House Rising Star; Centurion attorneys have previously received awards and been nominated by the African Legal Awards.
Last week Centurion Law Groups (Centurion) Senior Attorney and Business Lead, Oneyka Ojogbo was named the Private Practice Rising Star by the African Legal Awards (ALA) 2020.
Presented by Legal Week, the annual ceremony aims to celebrate Africa’s legal talent and recognize the legal community’s achievements each year through presenting categories such as International Law Firm of the Year, African Law Firm of the Year, General Counsel of the Year and Legal Department of the Year.
“I am honored to be recognized in this category with the other nominees who are by all account heavy hitters. I am grateful for a firm that really allows one discover themselves and grow and for the most supportive team ever; they make all things possible. I can only hope to continue the good work that has brought us this far,” said Ojogbo.
“We are delighted once again to have one of our attorneys be recognized by the ALA, with a prestigious recognition” said NJ Ayuk, CEO of Centurion Law Group. “ While I am not surprised, this is yet another testament to the work Oneyka and her team does on a daily basis, we are extremely proud of Oneyka and I can’t wait to see where she will be in five years,” he added.
Oneyka Ojogbo is a Senior Associate Attorney at Centurion’s Equatorial Guinea, Nigeria and South Africa offices with significant experience in banking, energy, infrastructure and projects financing. She holds an LL.M. from the Columbia Law School and an LL.B. From the University of Ibadan.
View the full list of awards at The African Legal Award here
Headquartered in Johannesburg with offices in Equatorial Guinea, Ghana, Cameroon and Mauritius, Centurion is an all-African law firm transforming the way law is done on the continent.
Our internationally trained lawyers (the UK and the US) are renowned for advising governments, foreign investors, local companies, other law firms and the private sector, and are able to draft and negotiate deals in English, Spanish, French and German.
Our team has unrivaled oil and gas expertise across Africa – advising on a number of first-of-a-kind deals in our core jurisdictions and with our affiliate firms in South Sudan, Uganda, Chad, Congo-Brazzaville, Angola, Nigeria, Zambia, Gabon and Senegal.
Ask us about services: firstname.lastname@example.org
Leading international geophysical and drilling contractors join the African Energy Chamber to discuss African Exploration opportunities
September 24, 2020 | 0 Comments
|The webinar will be moderated by Verner Ayukegba, Senior Vice President (SVP) of the African Energy Chamber.|
The discussion will be centred on opportunities for companies involved in oil and gas exploration in Africa and operations in a post COVID-19 environment; panellists include Chuks Enwereji, Chairman, International Association of Drilling Contractors (IADC) Nigeria Chapter; Chijioke Akwukwuma, Managing Director, ODENL; Ross Compton, EAME Consultant, International Association of Geophysical Contractors (IAGC); Wole Oyetoran, Country Manager, PGS Nigeria; John Scott, Vice President, Western Hemisphere, Polarcus and Chichi Emenike, Head, Gas Ventures, Neconde Energy Limited; the webinar will be moderated by Verner Ayukegba, SVP of the African Energy Chamber ; the webinar will be held on 29 September at 15:00 – 16:30 CET/SAST. To attend, please register here Use #aecwebinars to join the conversation.
The oil and gas industry globally is currently going through a period of transition, during which the industry is re-adjusting itself to operate in a post COVID-19 environment with oil prices likely to stabilise between USD 35-50 Barrels per day. Despite these challenges, drilling activity in Africa according to African Energy Chamber projections is expected to drop in 2021 only slightly from projected 2020 levels. A total number of 800 wells are expected to be drilled this year, with that number expected to drop only slightly below 800 in 2021. These numbers, however, represent a drop of over 25 percent compared to 2019.
Similarly, capital expenditure is also expected to reduce by over 25% between 2019 and 2021. An estimated USD 28 Billion is expected to be spent on upstream capital expenditure projects in 2021, with over USD 10 billion of that dedicated to field development projects. This continues to present significant opportunities for companies involved in the upstream value chain like drilling and geophysical contractors. “Those service providers, that are able to adapt to the new market conditions by implementing effective cost control solutions and streamlining processes, especially with the help of technology will thrive and grow at the expense of those companies that are slow to adapt to the new market realities,” said Verner Ayukegba SVP at the African Energy Chamber.
“The AEC position in Angola has not changed: we continue to see opportunities in Angola and believe it’s important to shine a light on these and bring industry players from across the globe to exploit these as we face this challenging situation together, and overcome. Angola’s oil and gas industry is a well-developed one, but it’s absolutely clear that we will need to always innovate and collaborate in order to remain relevant for the years to come. Our key role at the African Energy Chamber is to be the voice of the African energy industry and this is a prime example of how we do that. It’s a unique chance to make connections and hear more about the landscape of the African energy sector.” Concluded Sergio Pugliese, Angola President for the African Energy Chamber
The International Association of Geophysical Contractors (IAGC) and the International Association of Drilling Contractors (IADC) representatives on the panel will talk about emerging industry trends, technological developments in the industry, new standards and regulations that affect their members and possible changes in legislation that are likely to affect their members and the industry.
The panel also contains experienced professionals who will enrich the discussions with on the ground experiences on how they are steering their companies to take advantage of existing opportunities in the African oil and gas sector and what plans they have going forward.
As many African countries continue to bend over backwards to encourage exploration and drilling, especially of new licenses, what other concessions are companies looking for, to take up new exploration activity? Nigeria for example is currently going through a marginal field bidding round, which will lead to the award of numerous licenses in 2021. What incentives need to be availed, to the new license holders, to enable them to deploy exploration capital in the quickest and most effective manner possible?
Finally, the webinar will also examine how Africa currently compares to other oil and gas producing regions and what African countries need to do to develop and grow their competitive edge vis-a-vis other oil and gas producing regions globally.
For information on membership with the African Energy Chamber, please energychamber.org. To attend the webinar, register for free here
*Source Africa Energy Chamber
The Democratic Republic of the Congo – A change of perspective on Africa’s problem child
September 22, 2020 | 0 Comments
By Jessica Stang*
|According to the World Bank, just under 20 percent of the population in the DRC currently has access to electricity.|
Every time I take an Uber, the first topic of small talk is what my roots are. The reactions that I am half German and half Congolese differ greatly between Europe and Africa. Typically, when I mention the DRC in Berlin, I get the following response: a compassionate look and the thought of civil war, child soldiers and Ebola. In Johannesburg, on the other hand, the first associations are of beautiful nature and a country rich in mineral resources such as gold, diamonds and coltan.
These reactions, which could hardly be more different, reflect well the current situation in the DRC: a country with great potential, but also with great challenges. One of the biggest problems is the lack of infrastructure. According to the World Bank, just under 20 percent of the population in the DRC currently has access to electricity. This inadequate infrastructure is also a major focus of Congolese politics. Acting President Félix Tshisekedi tackled this major problem during his election campaign and promised the population that new roads would be built. This election promise even gave him the nickname “Béton” (concrete) and gave the population great hope that much will change. Because it is not complicated quantum physics: infrastructure is the basis of a functioning economy, be it power supply, road construction, education, or digital networking. All this is essential to get the economy going. But how do you manage to build a country both as diverse but also complicated as the DRC , sustainably and effectively?
It almost seems like a vicious cycle: many international companies are deterred from investing in the DRC because of the uncertain situation. However, such investments are inevitable necessary in order to reinforce the infrastructure and thus stabilize the economy. It is therefore important that steps are now being taken by German politicians to include the private sector, in particular, and also to support it in making investments. For instance, Compact with Africa (CwA) is an interesting way for the G20 states to make various African countries more attractive on the international market. Initiated under the German G20 presidency, CwA aims to promote private investment in Africa, including in the infrastructure sector. Even though the DRC is not (yet) a member state, it is a right step to break the vicious cycle aforementioned, which many other African economies are also experiencing. During his visit to Berlin, President Tshisekedi made the case for the DRC as a business location and called for greater investments in the DRC.
A first step towards the manifestation of German-Congolese economic relations is the construction of the Inga III Dam on the Congo River. The German government, led by Chancellor Angela Merkel’s Africa Commissioner Günter Nooke, wants to use German technology to combine Congolese energy supply and climate protection. The aim is to reuse the surplus hydrogen in Europe in order to achieve German climate targets. Nevertheless, in such international projects it is important to consider new approaches and turn away from classical development aid, to involve the private sector of all participating countries more strongly. For there is a fine line between economic promotion and market distortion or further dependence on Europe. The COVID-19 pandemic has shown us here in Europe how important a stable economy is to survive crises, but also international cooperation.
I look forward to the future results of the Inga III Dam. It is an interesting approach to strengthen German-Congolese economic relations and to integrate the German private sector into the Congolese market. It is highly hoped that this project will benefit both Germany and the DRC and that a sustainable partnership on equal terms can be developed from it.
With projects like these, I hope that the view of the Congo will change here in Germany as well. Hopefully, first association with the DRC will then be positive, even as far as in German Ubers. Undoubtedly, the DRC is a country with infinite wealth and great potential.
*Jessica Stang is Community Manager of the Germany Africa Business Forum, a private association that promotes socio-economic relations between Germany and Africa.
Mozambique LNG Project Could Be Transformational for Mozambique – If Western Environmentalists Don’t Interfere
September 22, 2020 | 0 Comments
By NJ Ayuk*
|Mozambique’s first onshore LNG plant would be creating tens of thousands of jobs – and contributing to sustainable, long-term economic growth.|
When Anadarko Petroleum Corp. confirmed last year it would be constructing a $20 billion liquified natural gas (LNG) plant in Mozambique, this was major news. Mozambique’s first onshore LNG plant would be creating tens of thousands of jobs – and contributing to sustainable, long-term economic growth that would impact millions of people.
Two additional LNG projects have been announced since then: the $4.7 billion Coral FLNG Project by ENI and ExxonMobil, and the $30 billion Rovuma LNG Project by ExxonMobil, ENI, and the China National Petroleum Corporation. While these two have been postponed by the COVID-19 pandemic, the original LNG Mozambique project has been moving forward.
French oil major Total acquired the project and finalized project funding in July, even in the face of recent terror attacks in northern Mozambique’s Cabo Delgado province, where Total’s LNG plant will be constructed.
That’s why it’s so disheartening to learn that a UK-based environmental group is pursuing actions that could jeopardize the project’s timely progression, all in the name of preventing climate change. Friends of the Earth has said it will initiate a legal challenge against the UK’s decision to provide $1 billion in funding for the Mozambique LNG project.
Never mind the project’s importance to everyday Africans. Never mind its potential to grow and diversify the economy. Never mind that projects like this are just what Mozambique needs to address its energy poverty, or that the Mozambique government has invested considerable time and resources into making this LNG project possible.
This is not the first time that not so well informed radical activist have attempted to interfere with Africa’s energy industry in ways that do not help poor Africans but serve their own interest. International organizations, including the World Bank, and private investors, under pressure by environmental groups, have been dropping support for African fossil fuel production. A lot of poor people are suffering from this and hundreds of millions more will if we to change direction.
I find it stunning that, during a time when much of the world is talking about the need to respect black perspectives, environmental groups seem to have no qualms about dismissing African voices.
As I’ve said in the past, I agree that climate change should be taken seriously. And I understand the risks it poses to Africa. The thing is, why are non-African organizations trying to dictate how African countries address those risks? The message in this case seems to be that “they know best.” That idea is insulting, and interfering with an African country’s efforts to build up its economy – simply because fossil fuels are involved – is completely unacceptable.
A ‘Missed Opportunity?’ Really?
UK Export Finance (UKEF) is one of eight export credit agencies to provide funding for Total’s Mozambique LNG project, which includes the construction of a two-train liquefaction plant with a capacity of 12.9 million tonnes per year.
UKEF’s $1 billion commitment includes awarding $300 million in loans to British companies working on the gas project and guaranteeing loans from commercial banks worth up to $850 million. The UK’s parliamentary under-secretary for the Department for International Trade, Graham Stuart, has pointed out that Total’s LNG project could be transformational for Mozambique and create 2,000 jobs in the UK as well.
But Friends of the Earth has said they will seek a judicial review into the UK government’s decision to help finance a project that, as they put it, will “worsen the climate emergency.” The group’s director, Jamie Peters, also expressed his disappointment in a letter to the UK government. The UKEF’s funding decision, Peters said, represents a “lost opportunity” for the UK to be a world climate leader.
My question to Mr. Peters is, what about Mozambique’s opportunities? To help everyday people improve their lives? To earn a decent living? To have a reliable source of energy? I’m talking about an opportunity to nudge the average life expectancy in Mozambique above 59 years, where it stands now.
The Mozambique LNG project is poised to make those things possible. As far as I’m concerned, losing that opportunity would devastating.
What Mozambique Stands to Gain
I can’t overstate the far-reaching implications and potential that Total’s Mozambique LNG project represents for local businesses, communities, and individuals.
Total estimates that its plant will generate about $50 billion in revenue for Mozambique’s government during its first 25 years in operation. That revenue can be directed toward much-needed infrastructure, educational programs, and economic diversification programs.
Consider direct foreign investment in Mozambique: Total’s US$25 billion investment in the LNG plant is more than twice Mozambique’s current GDP.
How about the plant construction project? Not only will it generate tens of thousands of local jobs, but it also will provide training opportunities for local people. Indigenous companies will be contracted to provide goods and services.
This pattern will continue once the plant is operational. Locals can train for and take a wide range of positions, including professional and leadership roles. Over time, subject matter experts who can share their knowledge in Mozambique, and with other African companies, will be cultivated. And, once again, the plant will be looking to local companies to provide products and services.
LNG Can ‘Em-power’ Mozambique
In addition to these far-reaching economic opportunities, the LNG produced at the plant will provide affordable energy for Mozambique.
The need is urgent. Only about 29% of the population has access to electricity today. Medical care is hindered. Education is impacted. And sustainable economic growth is an uphill climb.
Earlier this year, I praised the government of Mozambique for negotiating for part of the LNG production to be diverted to the domestic market, meaning it can be used for power generation. Since then, the government secured financing for a 400MW gas-fired power plant and transmission line to Maputo, the country’s capital, which will dramatically improve power reliability there.
By the way, when the Mozambique government ensured that some of the plant’s LNG production would be available for domestic use, it also laid the foundation for monetization and economic diversification. In Mozambique, LNG will be available to serve as feedstock for fertilizer and petrochemical plants. It can be exported by pipeline to neighboring companies. And that, in turn, can help Mozambique build even more infrastructure and contribute to even greater widespread prosperity.
Mozambique Has Been Working for This
I’d also like to point out the thought and preparation that the Mozambique government has put into making its natural gas operations beneficial for the country as a whole since approximately 180 trillion cubic feet of natural gas reserves were discovered there in 2010.
Mozambique’s national oil company, ENH, hired global energy research and consulting firm Wood Mackenzie to help it prepare for the responsibility of managing and selling its corresponding portion of the resources. Since then, ENH formed a consortium with international oil and gas trader, Vitol.
The government also has sought the support of more experienced energy producers and international partners. Earlier this year, President Filipe Nyusi met with Norway’s Crown Prince Haakon and signed an agreement for support on natural gas resource management.
But even before that, Mozambique laid the foundation for a successful oil and gas industry with the new Petroleum Law of 2014. And with that legislation in place, the country completed a successful bidding round for exploration blocks. These efforts, along with careful negotiations with international oil companies, is what brought Mozambique to where it is today: on the cusp of becoming a major LNG producer. And these efforts are what will make Mozambique’s LNG industry a success, not just in terms of government revenue, but also in improving the lives of everyday people.
We Must Put People First
Mozambique is not asking for aid to lift its people out of poverty. It’s attempting to capitalize on its own natural resources. The government isn’t trying to make a quick buck. It’s working to lay a foundation for long-term growth. And efforts like the Exxon and Total Mozambique Projects are more than an opportunity for international oil companies, or even Mozambique’s government. They have the potential to improve the lives of millions of everyday people.
I recognize the need to protect our planet and prevent climate change. But interfering with financing for Africa’s fossil fuel projects is not the right path. We must not dismiss the value of projects like these or their ability to make meaningful changes for the better in Mozambique. And we must not put environmental ideals ahead of the pressing needs that are facing people right now.
* Executive Chairman, African Energy Chamber
African Energy Chamber to Outline Post-COVID-19 African Energy Roadmap in New Book
September 19, 2020 | 0 Comments
|The book will contain data, insight, analysis and interviews, and will assess risks, opportunities and what is ahead for the African energy sector.|
The African Energy Chamber will launch the book “African Energy Road to Recovery: How the African energy industry can reshape itself for a post-COVID comeback” in December; The book will contain data, insight, analysis and interviews, and will assess risks, opportunities and what is ahead for the African energy sector; Leading voices in African energy and global oil markets will create a valuable resource for the continent’s post-COVID-19 rebound.
The African Energy Chamber is pleased to announce the launch of a pivotal publication – “African Energy Road to Recovery: How the African energy industry can reshape itself for a post-COVID comeback”’ – in December 2020. This important work will unpack how Africa’s energy industry can overcome the impact of the COVID-19 pandemic across the entire energy value chain.
Produced by Africa Oil & Power – the African continent’s leading investment platform for the energy sector – the book will highlight crucial aspects of Africa’s post COVID-19 energy industry recovery by harnessing the knowledge and expertise of the African Energy Chamber’s Advisory Board.
Made up of 35 seasoned energy professionals, the Advisory Board will be central to the Chamber’s policy advocacy and advisory efforts across the continent to provide an enabling business environment for investors and entrepreneurs.
The inaugural Advisory Board book will include interviews, moderated discussions, articles, resources, opinion pieces, round table discussions and vital data for moving beyond the pandemic. It will also provide a clear picture of how the African energy industry can not only recover, but make a strong comeback, offering a roadmap to create a strong and sustainable context within which energy companies can thrive.
“The onslaught of COVID-19 has impacted every country and every sector around the globe – the energy sector has not been spared. Moving forward, it is critical that the African Energy sector unites around a shared strategy and on a unified path toward recovery post-COVID-19,” says NJ Ayuk, Executive Chairman of the African Energy Chamber.
The publication will further emphasise how to create a competitive environment that will attract investment, pinpoint how African countries can tackle the energy transition while also addressing issues of energy poverty across the continent. Through its incisive content, readers will better understand the range of recovery strategies which can be applied to Africa’s energy sector value chain, from upstream oil and gas to the renewable energy transition, while key insights from industry leaders will provide a framework for moving forward.
“At the African Energy Chamber, we know the African energy sector can make an incredible rebound and that the opportunities for investment and growth will be exponential, but the energy industry must first be reshaped for a post-COVID-19 comeback — to be ready to spring into action once a recovery is possible,” Ayuk adds.
Be Part of Africa’s Energy Revolution:
To advertise or be featured in the African Energy Chamber’s “African Energy Road to Recovery,” out in December 2020, contact email@example.com.
About the African Energy Chamber:
The African Energy Chamber is the voice of the African energy industry, representing all facets of the African oil and gas sector. The Chamber was created out of a need to ensure a strong, united voice advocating for the African continent on the global energy stage. It is now the leading chamber of successful networks, transactions and partnerships at the helm of Africa’s growing energy industries. The Chamber’s work funnels into four key pillars: advocacy and campaigning; community building and networking; capacity building; and investment outreach. The African Energy Chamber’s passion and core tenets are that of creating jobs, free market policies and limited government, because we know that is the recipe for prosperity.
Chancellor Merkel’s Africa Envoy, H.E. Günter Nooke, leads discussion on German investments in Africa
September 15, 2020 | 0 Comments
|The discussion will be centred on the topic: Investment and Trade for Africa’s Economic Development.|
The webinar will be moderated by Sebastian Wagner, Executive Chair of the Germany Africa Business Forum and Gugu Mfuphi, Presenter of Kaya FM’s prime time business show, Kaya Bizz; the discussion will be centred on the topic: Investment and Trade for Africa’s Economic Development; panelists include NJ Ayuk, Chairman of the African Energy Chamber and Rene Awambeng of the African Export-Import Bank; the webinar will be held on 23 September at 3PM CET. To attend, please register here.
With German visibility and participation on the rise in Africa’s energy industry, the Germany-Africa Business Forum (GABF) will host its second instalment of its Germany-Africa cooperation focused webinar series.
The webinar will facilitate the discussion on how FDI can sustainably strengthen the development of the African continent on September 23rd at 15:00 CET. Anchored by the topic Investment and Trade for Africa’s Economic Development, the webinar will highlight key efforts to mobilise German funding for African energy markets as a means to advance the German-African cooperation which can already be seen in Equatorial Guinea, Angola, South Africa, Nigeria, Egypt, Congo DRC, Senegal and recently, through the expression of interest by German investors in the DRC’s Inga III Dam.
The webinar, moderated by Sebastian Wagner, Executive Chair of the GABF and Gugu Mfuphi, Presenter of Kaya FM’s prime time business show, Kaya Bizz, will be opened by H.E. Günter Nooke, personal Africa representative of the German Chancellor Angela Merkel.
“We are honoured to announce that H.E. Günter Nooke will spearhead our webinar. With his vast and unmatched knowledge in both the German and African markets, he will be able to bring many interesting aspects of the discussion,” said Sebastian Wagner.
Joining the panel discussion will be NJ Ayuk, Chairman of the African Energy Chamber and Rene Awambeng, Vice President at the African Export-Import Bank. “With their expertise in the African finance and energy sector, we look forward to a high-ranking and diverse panel. Especially the energy sector is an important cornerstone of any African economy, and we are looking forward to the outcome of the discussion,” said Mr. Wagner.
German interest in Africa as an investment destination has continued to grow and we hope to see a more diversified investment beyond energy and sales of German products to Africa. Africa is and will continue to be an investment market with the potential for significant growth post Covid and superior returns.
While South Africa and Egypt have seen a huge part of German investment, Ghana, Nigeria, Tanzania, Congo DRC and Zambia are considered hotspots for potential investors from Germany. Projects in the financial services, climate change, energy poverty, health care, energy transition, manufacturing, retail and consumer goods have seen a huge increase.
This event is in collaboration with the Africa Energy Chamber and Africa Oil and Power
The webinar will be held on 23 September at 3PM CET. To attend, please register here https://bit.ly/2ZAFbAU
*Source African Energy Chamber
Senegalese President Macky Sall is right about African Debt Relief – and the G20 shouldn’t stop there
September 14, 2020 | 0 Comments
By NJ Ayuk
The Senegalese leader urged members of the G20 group of countries to continue helping African nations balance their obligations to creditors with their obligations to their own citizens in the face of a deadly pandemic.
“Flatten the curve.” Do you remember that phrase? It was on everyone’s lips back in the spring, when the novel coronavirus (COVID-19) pandemic began rampaging across the world in earnest.
At the time, the idea was that the best way to combat the germ known as SARS CoV-2 was to go home and stay there long enough for hospitals, clinics, and other medical facilities to build up the capacity needed to handle the expected flood of new patients. Most of us expected that this departure from routine would be a temporary thing. We hoped it wouldn’t last long — that we’d be able to return to our normal routines after a brief disruption, with confidence that all necessary safeguards were in place.
Of course, it didn’t turn out that way. We spent far more time than we expected sheltering in place, unable to visit friends and family, attend school, or go to work in the usual manner. Many of us lost our jobs and saw our businesses fail, and the cumulative result of all these individual disasters was that the global economy took a sharp downward turn.
We Still Need To ‘Flatten the Curve’ … But How?
Along the way, of course, we’ve learned quite a bit more about SARS CoV-2 — how it makes people sick, how to treat it more effectively, what kind of resources our medical providers need most, and so on. But we’ve also stopped talking about “flattening the curve.” Even in places where hospitals and clinics have been able to build up their stocks of personal protective equipment (PPE), ventilators, and other necessities, we’ve moved on to other topics.
In my view, this is a mistake. I’d like to explain why I think so.
It’s not because our understanding of the virus has changed over time.
It’s not because we’ve seen infection rates rise after the lifting of lockdown orders.
It’s not because we don’t have a vaccine yet.
It’s not because the idea of “flattening the curve” seems callous when more than 900,000 people out the nearly 28 million infected around the world have already died of COVID-19.
It’s because we need to rethink the idea of what “flattening the curve” means.
And I believe President Macky Sall’s call for African debt relief is a good place to start that rethinking.
The President’s Perspective
First, let’s look at what President Sall has to say.
In late August, the Senegalese leader urged members of the G20 group of countries to continue helping African nations balance their obligations to creditors with their obligations to their own citizens in the face of a deadly pandemic. Speaking to a group of business leaders at the French Entrepreneurs’ Conference, he noted that the group had taken up his call for a moratorium on the collection of debt from impoverished countries in Africa and elsewhere in April. He suggested that this moratorium be extended into 2021 rather than allowed to expire at the end of 2020.
“For the most part, and for all African countries, internal efforts will not be enough to lessen the shock of COVID and revive economic growth,” he said. “We need more financial capacity, which is why, with other colleagues, I have made a plea for substantial relief of Africa’s public debt and private debt on terms to be agreed upon.”
What the President’s Words Mean
Sall’s statements reflect the fact that the emergence of SARS CoV-2 was not a one-off event that sparked a short-term crisis, but rather the start of a struggle that will take a long time to resolve. They recognize that the outbreak is likely to be a drag on the world economy for years to come — and that the countries battling COVID-19 outbreaks need time to build up their capacity to fight back.
What’s more, the president’s words advance the idea that African states will be in a better position to meet their financial obligations in the future if they take the time and the trouble to address the public health situation first. Indeed, he made a point of stressing that Africa takes its financial commitments seriously, since he mentioned debt relief and not debt forgiveness. (He also suggested that members of the G20 group offer debtors the same kind of breathing room they have granted themselves, such as temporary exemption from rules limiting debt to 3% of GDP or less.)
In other words, Sall is asking the G20 group to give Africa time and space to flatten the curve. He may not have used those exact words, but that appears to be his goal. He is hoping creditors will agree to suspend business as usual so that African states can build up their capacity for economic growth, just as regular citizens of many countries around the world agreed to disrupt their usual routines of work and school and leisure activities so that hospitals could build up their capacity for patient care.
Sall also understands that this flattening of the economic curve is not a simple process. He knows it will take more than one round of deferred payments to compensate for the economic consequences of the pandemic, and that is why he has now asked the G20 to extend the debt moratorium, which was originally due to expire at the end of 2020, into next year.
Compensating for the Setbacks of the Last Six Months
And make no mistake: Africa needs that extra time. The continent has suffered enormously over the last six months.
On the economic front, the pandemic has triggered a global recession that has caused millions of salaried African workers to lose their jobs. Meanwhile, many more millions have seen their livelihoods dwindle or disappear because restrictions on movement have stifled the informal sector and forced the closure of small businesses. Additionally, the continent has experienced shortages of fuel and other essential goods as a result of disruptions in the supply chain.
Some parts of Africa have also weathered political disruptions. Mali suffered a coup in mid-August, following more than two months of anti-government demonstrations. Libya’s civil war, pitting the UN-backed Government of National Accord (GNA) in Tripoli against Khalifa Haftar’s Libyan National Army (LNA), has continued to grind on, effectively crippling the country’s lucrative oil industry. Investors in liquefied natural gas (LNG) projects in Mozambique have grown more nervous since a militia with ties to the Islamic State group, also known as Daesh, seized control of a key port in Cabo Delgado state.
Under other circumstances, African fossil fuel producers might have been able to use their reserves to help build up the cash needed to cope with the consequences of COVID-19. After all, as I explained in my latest book, Billions at Play: The Future of African Energy and Doing Deals, the oil and gas industry has the potential to serve as a springboard, amplifying and accelerating economic growth. It can create opportunities for economic diversification and — through petroleum companies’ research and investments — help pave the way to the creation of a renewable energy sector.
Unfortunately, though, world oil prices crashed earlier this year, partly because of the competition between Russia and Saudi Arabia for market share and partly because the pandemic undercut energy demand. Prices hit historic lows in late April. And since they have yet to recover completely, African producers will need more than oil and gas to compensate for the setbacks they have experienced this year.
A Necessary Step: Debt Relief
That’s where debt relief comes in.
Debt relief will help African states weather the storms caused by the pandemic.
Debt relief will help African states take the steps needed to help people go back to work or build up their businesses.
Debt relief will help African states re-establish stability following political disruptions.
Debt relief will help African states make up for the sharp decline in oil and gas revenues and begin building renewable energy sectors.
Debt relief is necessary to flatten the curve. It’s what will give Africa time and space to start carving out a path towards recovery — to take the steps necessary to bring new investment to the oil and gas industry, to build Africa’s sustainable energy sector, to expand business and residential consumers’ access to electric power, to revive small businesses, to promote innovation and entrepreneurship, to foster job creation, and to remove red tape and regulatory obstacles.
Asking for More: Debt Forgiveness
Senegal’s president understands this — and I hope the leaders of the G20 group’s members do, too. I hope they can see how reasonable it is for impoverished countries in Africa and other regions to ask for what they need to flatten the curve.
But I’d also like to take it a step further. I’m going to ask for more.
I’m going to ask for debt forgiveness.
I’m going to suggest that members of the G20 group agree to forego payments from African debtors — specifically, from eligible African debtors. And by eligible debtors, I mean countries that commit themselves to a forward-looking agenda that includes wide-ranging and market-oriented reforms, as well as safeguards for economic freedom, good governance, free trade, and investment in education.
All of these points are in line with the ideals that have helped most G20 member states achieve so much with respect to economic growth. What’s more, they are exactly the sort of things that African states ought to do in order to maximize their chances of building up the momentum lost as a result of the pandemic — and to extend their recovery far into the future, beyond the point when vaccines, cures, and more effective treatments remove the threat of COVID-19.
I hope that G20 lenders to Africa will see it my way. I hope they will agree to help Africa do as much as it can to flatten the curve.
*NJ Ayuk is Executive Chairman, African Energy Chamber
CenturionPlus to support Mozambique’s Economic and Energy Boom with In Country Presence
September 7, 2020 | 0 Comments
|CenturionPlus will especially focus on supporting new joint-ventures and partnerships in Mozambique to build domestic capacity.|
JOHANNESBURG, South Africa, September 7, 2020/ — Centurion Law Group is delighted to announce the launch and opening of its lawyers-on-demand service CenturionPlus in Mozambique. Despite the Covid-19 pandemic, Mozambique remains in the top 15 of the fastest growing economies this year, and is expected to grow by almost 5% next year. On the back of massive LNG projects under-development that represent billions of dollars, the Mozambican economy is set to be one of the world’s most dynamic in the coming years.
CenturionPlus will especially focus on supporting new joint-ventures and partnerships in Mozambique to build domestic capacity, assisting foreign investors to work in country, helping state entities to build an enabling environment, supporting local content development for national companies, and empower local Mozambican lawyers. The upcoming gas revolution in Mozambique will notably create tremendous growth opportunities for the local services industry, opening up the door to new regional and international partnerships that can create jobs and nurture the development of a strong local industry in Southern Africa.
As a tailored legal service offering, CenturionPlus is adapted to respond to a growing need for flexible and bespoke legal services in Mozambique. As the country develops, the need to build legal capacity domestically while bringing in world-class regional and international expertise in key areas such as oil & gas or energy infrastructure is growing. By leveraging on its network of carefully vetted African and international lawyers and consultants, CenturionPlus can both inject know-how and expertise into the local industry while offering best-in-class legal solutions to the country’s rapidly developing economy.
“Our clients have made so much progress in Mozambique thanks to our work. They value our great insights of the country’s legal framework. Mozambique will be Africa’s next growth success story on the back on upcoming LNG projects and increasing domestic monetization and valorization of natural gas. Such activity will have positive effects across all sectors of the economy, offering a unique opportunity for CenturionPlus to make a difference for its growing base of clients in the country, but also for the legal industry of Mozambique,” stated, Zion Adeoye, Managing Director of Centurion Law Group.
“CenturionPlus is now ready to take the lead on any projects in Mozambique. Our dedicated pool of commercial and corporate lawyers both in and outside of Mozambique offer the best blend of local anchorage and on-the-ground presence with the best global practices in the legal industry. We truly look forward to bringing new legal solutions that benefit both investors coming into Mozambique, and the country’s local economy as a whole,” added Keseena Chengadu, Director of CenturionPlus.
Launched by pan-African energy and corporate law conglomerate Centurion Law Group in 2018, CenturionPlus has become one of the fastest-growing on-demand legal service on the continent. Having recently expanded across Western Europe, CenturionPlus is now globalizing a new approach to the practice of the law, combining flexibility of service with cost-efficiency without compromising on quality. With a pool of over a 100 carefully-vetted lawyers on demand, CenturionPlus is able to answer to any legal needs or requirements with agility and speed, ensuring that the needs of both clients’ short and long-term legal services are met.
Liquidation Proceedings in South Africa Post-COVID: how to respond to creditors unjustified attempts to liquidate a business
September 2, 2020 | 0 Comments
|To circumvent liquidation, proactive engagement with creditors at the early stages of financial distress is imperative.|
It is well documented that the COVID-19 pandemic is taking its toll on businesses. Commerce in most sectors are fighting to keep their doors open, grappling with creditors to avoid winding up proceedings and its far-reaching implications.
In the past few months our offices have experienced a significant increase of queries relating to creditors threatening with liquidation proceedings. In this article we explain what can be done in these situations.
The impact of COVID-19
In a recent survey by Stats SA, the national statistical service of South Africa, conducted during the lockdown, they asked a total of 707 businesses in the formal sector how the current crisis is affecting their business operations. In their response to the survey, the businesses outlined the pandemic’s detrimental impact on turnover, trading, workforce, imports and exports, purchases and most importantly, the business survival.
The outcome is an unfortunate indicator of Businesses being confronted with insolvency and many critics believe the impact is much greater. Here are some of the key findings:
Four in ten businesses conveyed that they cannot continue to operate:
42.4% of the respondents indicated that they will not have the financial resources to continue with their operations, with 54% confirming that they will only be able to survive without a turnover for one to two months.
Almost half of responding businesses have temporarily closed their doors:
The hospitality, construction, manufacturing, trade and mining reported the highest percentages of temporary closure.
Five in six businesses have experienced a drop in turnover:
85.4% of the participants indicated that during the period of March to April 2020, turnover was below the normal range.
Almost two-thirds of businesses feel that this pandemic will be worse than the 2008/09 recession:
The recent findings published by the National Dynamics Coronavirus Rapid Mobile Survey, reported that approximately three million people lost their jobs over the lockdown period in South Africa.
The pandemic forced businesses to enter into unforeseeable and unplanned commercial loan agreements in an attempt to keep the boat afloat and to settle burdensome overheads. Creditors are now implementing legal proceedings against their debtors to save their own businesses through relying heavily on liquidation proceedings. But is this the right legal avenue to follow?
Action of motion proceedings?
To understand the possibility of a creditor instituting legal proceedings, it is important to shortly address the difference between action and application proceedings. A creditor can either institute legal proceedings by application on notice of motion supported by affidavits, or by summons initiating action or trial proceedings. Liquidation proceedings are in the form of motion proceedings.
The most salient distinction is that action proceedings envisage the presentation of facts and evidence verbally in court during a trial, whereas application proceedings envisage the presentation of facts and evidence in affidavits that will be read by a judge before hearing arguments in court on the issues raised in the affidavits.
It is imperative to note that application proceedings are usually heard in court shortly after their initiation, whereas action proceedings may be heard several years after their initiation. Application proceedings are usually disposed of more expeditiously than action proceedings. As a result, application proceedings are generally cheaper and lead to a relatively speedy resolution of disputes compared to action proceedings.
Liquidation proceedings are the easy way out for creditors in need of expeditious results. It may be for this reason that creditors are often advised by their legal representatives to follow this route.
Section 345 Notice of the companies act
The initiation of action proceedings usually commences with a letter of demand, demanding debtors to make payment, following with a summons if payment is not made.
Liquidation proceedings, initiated by creditors, usually originates by instructing the Sheriff of the relevant court to serve a Section 345 notice of the Companies Act on the registered address of the Company. Section 345’s effectiveness lies in the threat of a liquidation application based on the deeming provisions relating to commercial insolvency.
It is trite law that commercial insolvency, being the inability of a company to pay its debts as it becomes due and payable, justifies the liquidation of a company. When faced with a section 345 demand based on an amount that is allegedly due and payable, the options of a company are limited. The Company has 21 days to either pay, secure or settle the amount claimed to the satisfaction of the creditor or alternatively, show on a balance of probability that the alleged indebtedness is disputed on bona fide and reasonable grounds.
If the company neglects to adequately respond to a section 345 demand within 21 days it will run the risk of being deemed to be unable to pay its debts and ultimately face a liquidation application based on its deemed commercial insolvency.
If a company elects to dispute the alleged indebtedness it must send a detailed response within the three weeks allowed for under section 345 of the Act recording the basis upon which the alleged liability to pay is disputed, mindful also of the legal principles that will apply, if a liquidation application is to follow.
Liquidation proceedings are not intended to be used as a means of deciding claims which are bona fide and reasonably disputed. Its foundation lies in the fact that court will not entertain factual disputes in application proceedings because of the need to hear oral evidence to properly adjudicate the factual disputes. An application for liquidation will thus fail if the alleged liability to pay is disputed on bona fide and reasonable grounds.
Creditors frequently exploit the shortcut of utilizing liquidation application proceedings as debt collecting tool with an attempt to scare the debtor to pay immediately. This is a common tactic used by legal representatives to force debtors to pay unrealistic amounts purportedly due.
It has crystallised in numerous of case law that the unjustified attempt to liquidate is a clear abuse of court processes and to be deprecated. Such application will be mala-fide and courts easily grant punitive cost orders against such applicants.
Factual Dispute & Bona Fide Defence:
The question to consider is whether the specific matter can be argued on paper through application proceedings or if oral evidence and witnesses are required to properly adjudicate the matter.
Legal representatives of creditors should, before instituting liquidation proceedings, consider if there is real, genuine and clear factual issues at hand that cannot be realized on paper. Real issue of fact can be described as real, genuine bona fide dispute of fact that can only exist where courts are satisfied that the party who purports to raise the dispute has in his affidavit seriously and unambiguously addressed the facts said to be disputed.
Thus, it is imperative to ascertain and address the facts in dispute and the grounds upon which the dispute is founded.
To circumvent liquidation, proactive engagement with creditors at the early stages of financial distress is imperative. An open line of communication and the right legal team to provide advise and guidance are key.
Companies should immediately obtain legal assistance when faced with an application for liquidation in terms of Section 345 of the Companies Act.
The legal representative will identify if the application is a misuse of legal process or may even recommend alternatives like business rescue proceedings to save your business.
In Central Africa, Economic Recovery Must Go Through a Reform of Forex Regulations
August 19, 2020 | 0 Comments
In his latest analysis on the African oil sector, Leoncio Amada NZE, Executive President for the CEMAC region at the African Energy Chamber and CEO of APEX Industries argues that there will not be a recovery in Central Africa without addressing the region’s forex regulations first.
By Leoncio Amada NZE*
The health and economic crisis caused by the Covid-19 pandemic is devastating the productive, economic and financial systems throughout the entire planet: businesses went bankrupt, millions of people lost their jobs, economies went into recession and depression, small and medium-sized businesses had to close doors, and dreams and business ideas faded away without materializing.
In this context, the CEMAC zone is one of the most affected areas in the entire African continent due to its very limited integration and economic diversification. Its six countries: Cameroon, Equatorial Guinea, Gabon, Chad, the Central African Republic and the Republic of Congo share an economy mostly dominated by hydrocarbons, which represent 80% of exports revenues and 75% of fiscal income according to the World Bank and the International Monetary Fund.
Despite the CEMAC zone registering only a limited number of Covid-19 cases, it is estimated that the economic impact of the coronavirus pandemic will be of considerable proportions for its member countries. The fall in external demand, trade and economic activity, along with restrictions from its main trading partners (China and Western Europe) and the tightening of financing conditions weighs on already fragile economies, which suffer from inadequate health care systems, as well as serious challenges to an orderly and sustainable economic development.
Adding to the economic risks, is the falling oil prices amid continued short-term pressure. Although CEMAC member states have embarked themselves on programs to reduce public debt and debt accumulation since the Heads of State Summit in Yaoundé in December 2016, supported by IMF programs and significant financial support from partners to development, they have made little progress in diversifying their economies away from oil.
Of the six member states, only Cameroon is a net oil importer. However, Chad, Congo-Brazzaville, Equatorial Guinea and Gabon are more dependent on oil than Cameroon, which accounted for around 68% of CEMAC’s nominal GDP in 2019. In fact, the timid recovery of the CEMAC economies that began in 2017 after the previous oil price shock has been stopped due to the global recession, triggered by measures to contain the pandemic. A sharp deterioration in the budget and trade deficits in the region is expected.
For decades, governments of CEMAC countries have been talking about economic diversification programs that have not known the success we all expected. The reason? Excellent economic diversification plans and programs have been prepared on paper, but the private sector development has not kept pace. In fact, the development of a robust and vibrant private sector with access to finance, and that operates within an economic ecosystem where the rule of law guarantees the sanctity of contracts and protects investors, is something the CEMAC region is yet to witness.
One cannot speak of diversification and economic growth in the absence of a strong national or regional business fabric that generates employment and business opportunities for nationals and foreigners. Ultimately, the private sector must have the weight it deserves and must be the orchestra master in the design and articulation of any macroeconomic program in the medium and long term so that it has a minimum guarantee to prosper.
Despite all the difficulties caused by Covid-19, the CEMAC subregion must use its hydrocarbons sector as a catalyst to build a vibrant and solid regional business fabric through the implementation of coherent Local and Regional Content policies that are effective, responsible and consistent for the transformation, strengthening and diversification of economic activity across the bloc.
However, we observe with great concern the dynamics in the CEMAC area, where the implementation of counter-productive economic, monetary and fiscal policies of the pre-Covid19 pandemic era continues. Regulations that only accentuated the dependence on economic activity in the oil and gas sector and that in a transversal way prevented the financial resources obtained from the extractive industries from being reinvested in other economic sectors that were also or equally promising and possibly profitable. Policies that, if maintained, will further exacerbate the already difficult and deteriorating economic situation in the area.
Aggressive fiscal policies continue to be implemented in the CEMAC subregion in times of crisis, which is translated into a decrease in investments in oil exploration, cancellation of projects, etc.
The flee of capital from the CEMAC area through illicit methods, money laundering, and other illegal economic activities are acts that regional and national monetary authorities must pursue and combat; we do support those efforts. But this work must not be done to the detriment of legitimate economic activity that generates employment and national wealth.
The BEAC’s new foreign exchange regulation is causing considerable damage to the oil sector and is destroying the incipient local and regional private sector in the CEMAC oil industry, a sector on which the subregion depends for 80% of its GDP.
The new forex regulation is a blow to the attractiveness of the CEMAC region for Foreign Direct Investment (FDI), since it significantly prevents the free flow of capital and repatriation of profits. In addition, it also denies local companies in the countries of the subregion the possibility of competing on equal terms with Western services companies in the oil sector. The large factories and suppliers of all the machinery and materials used by the oil industry in CEMAC zone are not manufactured locally. If a local company cannot pay its supplier within the agreed terms due to the obstacles and blockages generated by the BEAC Forex Regulation, it will inexorably lose the contracts that it has been laboriously able to obtain with the large oil companies that operate in our economic zone, which will result in the closure of the local company, dismissal of employees, and ultimately less generation of national wealth.
It is important that the economic decisions adopted in the CEMAC look after the economic interests of its member states in the first place before any other considerations. We must not be reactionary in the face of crisis, we must be analytical and strategic. We should not prioritize the opinions and recommendations from outsiders with whom we compete in the international arena, but rather prioritize the real needs of our economies and business fabric.
It is not Mr. Smith from North Dakota who comes to invest in the African oil and gas sector who wants to destroy local content, but Mr. Sisoko, Managing Director of an African bank who does not support the national private sector through financing of projects that are viable. It is not Mr. Nakayama from Tokyo who comes to bring the cutting-edge technology for the liquefaction of natural gas in an African country who wants to destroy local content, but the public institution that does not want or does not know how to implement its own regulation on the same matter. It is not Mr. Johnson from Houston who comes to an African country as Country Manager for a big oil firm who wants to destroy local content, but the African who occupies the position of Supply Chain Manager at the said oil firm and who continues to let Mr. Johnson brings his friends from Texas to win contracts that could have been awarded to local businesses. It is not Mr. Andrew from Alaska who comes to Africa as a drilling engineer for an offshore platform who wants to destroy local content, but the CEO of a Central Bank whose monetary policies impede the growth and internationalization of our national companies.
The development of local content policies in the African oil sector is the responsibility of all economic actors (public and private); it is time for Africans to lift their boot from the neck of African local content and let it flourish.
* African Energy Chamber.Leoncio Amada NZE, Executive President of the African Energy Chamber and CEO of APEX Industries SA
Stakeholders Engagement and Security Will be Key to Ensure the Success of Mozambique’s LNG Projects
August 17, 2020 | 0 Comments
By C. Derek Campbell*
The scale and enormous economic potential of Mozambique’s LNG projects constitutes a seminal effort with national, regional and global implications and visibility. In fact, Total’s Mozambique LNG project alone costs about $20bn and represents Africa’s single largest foreign direct investment to date. Led by French major Total, it gathers a wide range of private and state-owned entities including Mitsui, Oil India, ONGC Videsh, Bharat Petroleum Corporation, PTT Exploration and Mozambique’s ENH.
Given the stakes associated with this vital project, investors, government officials and all other stakeholders must be assured it will not suffer operationally due to security issues. An essential element of that assurance requires project stakeholder leadership to actively demonstrate its value to Mozambique’s citizens and simultaneously appreciate there is a regional and global audience to be addressed. In turn, those associated messages must be carefully crafted, and their content reflect cultural accuracy.
This engagement of Mozambique LNG’s stakeholders must also be active and well-constructed. While providing relevant information is critical, it must also be timely, and its substance reflect institutional credibility. Further, project leadership must be prepared to counter misinformation at all levels – ideally, this is accomplished by active assessment of information atmospherics and by staying ahead of any negative messages.
The current threat to the LNG project has elevated the need to institute measures that account for all domains of security operations. This increasing sense of urgency is demonstrated by the deadly 27 June 2020 ambush of a construction contractor’s vehicle near the Tanzanian border. The attack itself was meant to send a definitive message and the LNG project’s stakeholder leadership must understand how information-related activities could have provided indications and warnings that may have prevented/mitigated this attack. Simultaneously, the LNG project will realize improved protection of vital operational information.
It can realize those results by consciously establishing and resourcing a dedicated information entity within the Security directorate. Their key functions will include the ability to synchronize actions with the project’s senior leadership and they must be empowered to coordinate with the media, local populations, and law enforcement agencies at all levels. Additionally, due to the varied nature of Mozambique LNG’s infrastructure (offshore, coastal and interior facilities), security officials must account operational and administrative activities in and around facilities that potentially affect contested or culturally sensitive territory. Therefore, it is essential to define the most effective manner to present security-related messages to respective audiences in those affected areas.
For obvious reasons, the security of Mozambique’s LNG is an absolute. The development and implementation of capabilities that actively account for information’s impact on all related goals and activities, to include the local community, is critical to the development and deployment of modern security operations in Mozambique.
*African Energy Chamber.C. Derek Campbell is the CEO of Energy & Natural Resource Security, Inc. Article written with supporting information from ENRS Strategic Partner, Andy Vonada, CEO – JB Management, Inc
Democratic Republic of Congo Expresses Strong Political Will for Gas Monetization Projects
August 17, 2020 | 0 Comments
The administration of President Félix Antoine Tshisekedi has made energy security and investment its top priority, seeking to get massive hydropower projects off the ground.
Surrounded by major African oil & gas producers Republic of Congo and Angola, the Democratic Republic of Congo (DRC) has so far remained relatively absent of Africa’s league of hydrocarbons producers. In 2019, only French independent Perenco produced from the DRC, at an average rate of 25,000 boepd from 11 onshore fields.
In this context, the administration of President Félix Antoine Tshisekedi has made energy security and investment its top priority, seeking to get massive hydropower projects off the ground but also to diversify the country’s energy basket and create jobs in the process.
In yet another decision supporting the development of the DRC’s hydrocarbons industry, President Félix Antoine Tshisekedi requested its Minister of Hydrocarbons, Hydraulic Resources and Power and its Minister of Finance to fast-track legal processes and permits pertaining to the valorization of the natural gas produced onshore by Perenco. The decision was taken at the latest Council of Ministers last week in Kinshasa.
The move is expected to result in the monetization of natural gas through power generation, especially to address the DRC’s energy deficit and provide stable supply of power to its booming mining industry.
“We are extremely optimistic about the future of oil & gas in the DRC given current political support for the industry. While market-driven policies are needed to ensure investments in gas monetization, an enabling environment is key to unleashing the massive potential of the DRC and the energy industry is open to supporting the DRC,” stated NJ Ayuk, Executive Chairman at the African Energy Chamber.
“The DRC also offers 100GW of hydropower potential, and its upcoming hydroelectric stations are expected to require billions of dollars. It is a chance for investor and local players to participate and support the ambitious growth plans of President Felix Tshisekedi fighting energy poverty and boosting energy for industrial development that will create jobs and transform the economy with a post covid-19 recovery strategy,” concluded Ayuk.
The African Energy Chamber is encouraged by the governments decision as we believe locally available natural gas offers the perfect opportunity to build power capacity in the short-term and ensure a stable and cheaper power to DRC’s industries and mining companies.