Cameroon: Foretia Foundation trains Business operators on Basic entrepreneur skills
September 20, 2019 | 0 Comments
Boris Esono Nwenfor
The Small Business and Entrepreneurship Center (SBEC), which focuses on equipping entrepreneurs and small business owners with organizational and business management skills that promote a free enterprise society, has trained participants on “Small Business Management and Entrepreneurial skills”.
During the event organized by the Denis and Lenora Foretia Foundation in partnership with the Canada International Development – Global Affairs Canada at the Mansel Hotel in Yaounde September 19, 2019, more than 100 small business owners in the formal and informal sectors, businesswomen association, Agribusiness persons and prospective business owners were trained on Business management, Tax requirement, registration, declaration procedures and access to finance.
SMEs in Cameroon face serious challenges (inadequate capital, lack of managerial skills, lack of knowledge on the tax system)-which affects their growth and sustainability. Thus, this training falls within the framework of the prime purpose of the Small Business and Entrepreneur Centre (SBEC) – to spur economic growth in Cameroon through the provision of tools to establish, expand and sustain private sector business.
The SBECtraining was the first of a series of six training to be held in Yaounde and Douala which is aimed at equipping Small and Medium Size Enterprises with basic managerial and entrepreneurship skills – with another scheduled for September 26 in Douala. The various modules taught include Business management, Tax requirement, registration, declaration procedures and access to finance.
Javnyuy Joybert, a Social Entrepreneur, Enterprise Development and Corporate trainer/consultant, Founder/CEO COSDEF group, speaking on Business Management educated the participants on how to manage teams, develop their business models and how to look in order to sell out their products or services. During the exchanges, he advised that as a Startup, it is always important to first go to the field before and learn basic things before proceeding with the development of a business plan.
On his part, Ngeh Edison Tamfu, Founder of ROVERS Cameroon, Coordinator of REGION Group International and a Small Business Consultant speaking on tax requirements, registration and declaration procedures edified the various participants on the various facilities that have been put in place to encourage those operating in the informal to move to the formal sector.
Participants were enlightened on the different mechanisms put in place by banks to assist small business owners. They were advised to try out other sources of funds like family, friends, groups before trying out the banks. The participants were cautioned that before the go to the banks, they should have collateral, be credible and trustworthy.
Small and Medium Size Enterprises (SMEs) contribute around 36% of Cameroon’s GDP, make up over 90% of businesses in Cameroon, and employ above 60% of the population. Yet, glaring realities indicate that enormous potentials inherent in this sector are unfortunately not fully harnessed — especially given that above 70% of SMEs still operate informally.
Looking at Fraser Institute’s 2017 Economic Freedom Report, for example, Cameroon is amongst the least business-free environs. Thus, for the creativity, innovation, growth, and sustainable development of SMEs in Cameroon, promoting economic freedoms and training in the right business/entrepreneurial skills are imperative.
Equatorial Guinea’s local services companies continue to attract best international partnerships
September 19, 2019 | 0 Comments
Apex Industries will partner with the Duscaff Organization for the supply of scaffolding products that comply with the best oil and gas industry and global norms
JOHANNESBURG, South Africa, September 16, 2019/ — As Equatorial Guinea prepares to host the Oil & Gas Meeting Day in Malabo on October 1st and 2nd, 2019, one of the country’s local services company has signed an international partnership with a $440m services conglomerate.
Apex Industries, an indigenous service company providing services in the oil & gas industry in Equatorial Guinea, has signed a deal with the Duscaff Organization, a joint international scaffolding supply company headquartered in Dubai.“Apex is determined to work with the oil sector and build alliances with international companies to add value to Equatorial Guinea’s economy. This partnership allows us to gain the know-how from a reputable industry leader like Duscaff and work with them to create jobs for our people,” said Apex CEO Leoncio Amada Nze
Under the agreement, Apex Industries will partner with the Duscaff Organization for the supply of scaffolding products that comply with the best oil and gas industry and global norms and can support several ongoing and future construction and industrial projects in Equatorial Guinea and the CEMAC region.
“The Africa Energy Chamber welcomes such agreements. This is tangible evidence that African services companies can attract the best international agreements, when they position themselves as strong and credible local partners in their market. This contributes to building local capacity and to the growth of the industry. We want to see African companies making money and profiting from oil and gas in Africa,” declared NJ Ayuk, Executive Chair of the African Energy Chamber and CEO of Centurion Law Group.
Andela Restructures Talent Pipeline to Meet Global Market Demand
September 17, 2019 | 0 Comments
Lagos, Nigeria. Tuesday 17 September 2019. Andela, the company that builds distributed engineering teams with Africa’s top software engineers, is announcing the departure of approximately 250 junior engineers and staff from its Nigeria and Uganda hubs with another 170 potentially impacted in Kenya. The move comes as the company looks to restructure its talent pool to more closely align with global market demand.
Andela is now working with all impacted and potentially impacted employees and is committed to providing a holistic professional and financial support package.
In addition, the company is partnering with CcHUB (Nigeria), iHub (Kenya), and Innovation Village (Uganda) to help connect impacted developers with opportunities in their local ecosystems. Together, they have identified over 60 companies who are looking to hire top quality junior engineering talent. These hubs will also offer impacted engineers the opportunity to use their co-working spaces free of charge for the next three months.
Jeremy Johnson, Andela co-founder and CEO says: “As the talent world has evolved, we have as well, and over the past few years it’s become increasingly clear that the world needs what Andela provides: high-quality engineering-as-a-service. It has also become clear, however, that the majority of the demand is for more experienced talent, and to keep up with it, we need to grow our senior talent base even faster.
“This shift in demand also means that we now have more junior talent than we are able to place. This is a challenge for the business, and for these junior engineers who want, and deserve, authentic work experiences that we are not able to provide.”
Beyond this restructure, Andela continues to grow rapidly with plans to hire an additional 700 experienced engineers by the end of 2020. Today’s announcement will not affect Andela customers’ operations, as the company evolves to deliver even stronger engineering support for their teams.
Seni Sulyman, Andela VP of Global Operations says, “Our immediate priority is to ensure that our colleagues who are affected by this change are well supported to succeed in their next career moves. We are in talks with tech leaders across Africa, who have been very supportive in exploring opportunities for these talented Andelans. We are also focusing our attention on providing adequate support for the rest of Andela during this period, as we continue to build a world-class engineering organization.”
Moving forward, the company will continue to invest in the Andela Learning Community (ALC), which has already introduced over 30,000 learners from across the continent to software engineering. Over the next three years, the company expects over 100,000 engineers from across the continent to take advantage of programs within the community.
Johnson concludes, “Five years ago, we launched Andela to solve a global challenge: Brilliance is evenly distributed, but opportunity is not. To succeed in our long-term mission, we have to make tough decisions to continue growing a company that we know will change the way the world thinks about talent.”
Andela is a global technology company that builds distributed engineering teams with Africa’s top software engineers. In five years, Andela has hired more than 1,500 software engineers, with its largest engineering centres in Lagos, Nairobi, Kampala, and Kigali, a growing presence in Cairo and Accra, and offices in NYC, SF, and Austin. Backed by Generation Investment Management, Chan Zuckerberg Initiative, GV, and Spark Capital, Andela is powering global engineering teams while catalyzing the growth of tech ecosystems across Africa.
US Firm Pioneer Energy Exec says “Billions at Play” gives a roadmap for attracting US Investment to Africa
September 17, 2019 | 0 Comments
|Africa is one of the few investment frontiers left where large margins can still be realized|
JOHANNESBURG, South Africa, September 9, 2019/ — Leading African energy attorney NJ Ayuk is confident that a more equitable and prosperous Africa is within reach. He outlines the avenues individuals, companies and governments can pursue to realize that future in his new book, Billions at Play: The Future of African Energy and Doing Deals.
Among other things, Ayuk believes Africans need to have better control of their resource wealth—specifically the riches that lie in the continent’s largely unexploited oil and gas basins. At the same time, he knows Africa is not completely ready to go it alone: the knowledge and technical prowess of American multinational energy companies are essential to both exploration and production. In recent years, however, as those businesses turned their attention to prolific U.S. shale, they’ve pulled out of opportunities they consider riskier, and that includes Africa. However, recent market trends based on regulatory political decisions have proven risky in US markets. Africa is one of the few investment frontiers left where large margins can still be realized, and it’s time America started taking these opportunities seriously.
In Chapter 17, American Ingenuity and African Oil and Gas Potential, Ayuk analyzes those risks, separates fear from reality, and puts forth strategies for attracting American investment, including more lucrative production sharing contracts. The result is a formula Ann Norman, Pioneer Energy’s General Manager for Sub-Saharan Africa, supports.
“Like me, Ayuk sees opportunity all around him, and he realizes that appropriate development will solve many of the continent’s challenges, including power generation,” Norman said. “In his chapter about American ingenuity, he recommends a number of thoughtful approaches Africa can take to foster American oil and gas investment. For one, Ayuk advocates looking at investments from the American point of view. Is the government stable? Has it always honored foreign contracts? Ayuk knows there are too many competing interests for American dollars for Africa to be able to overlook any details and still win.”
Ayuk also makes a strong case for more women to join the leadership in Oil and Gas. “He marks this as a priority when it comes to making Africa taking its true place in the world,” Norman said.
Colorado-based Pioneer Energy is working on solutions to help curb gas flaring in Nigeria and Equatorial Guinea, as well as other markets in Africa. These efforts have largely been spearheaded by Norman, who moved to Nigeria to play a more active role in the country’s energy industry. Throughout her career, Norman has been instrumental in introducing U.S. companies into emerging African markets, as well as showcasing and driving foreign direct investment in Africa, particularly in the healthcare, energy and infrastructure spaces.
NJ Ayuk is founder and CEO of Pan-African corporate law conglomerate, Centurion Law Group (https://CenturionLG.com/); Founder and Executive Chairman of the African Energy Chamber (https://EnergyChamber.org/); and co-author of Big Barrels: African Oil and Gas and the Quest for Prosperity (2017).
He is recognized as one of the foremost figures in African business today.
Billions at Play: The Future of African Energy and Doing Deals is now available for pre-order on Amazon. Order your copy today.
In Central Africa, a revolutionary driller is teaching us a lesson about oil
September 14, 2019 | 0 Comments
As drilling activity picked up, production increased, and so did revenues
By Mickael Vogel*
JOHANNESBURG, South Africa, September 13, 2019/ — By Mickael Vogel, Director of Strategy, African Energy Chamber
Chad’s rigs count has been surprisingly high for a year now, in a country that produces only about 100,000 bopd. With seven rigs deployed on its territory since September 2018 accoridng to Baker Hughes GE, Chad counts more rigs than most African petroleum provinces. It is more than Angola, sub-Saharan Africa’s second largest producer of oil. It is almost more than Congo, sub-Saharan Africa’s third largest producer. The list continues: it is more than Gabon, Cameroon, or even Equatorial Guinea.
The reason: Chad is drilling. In efforts to expand exploration and boost domestic production, the land-locked Central African nation is proving that focusing on basics is a recipe for success. Drilling efforts have translated in increased production and oil revenues, despite several industry setbacks.
The recovery of Chad’s economy and petroleum sector after the recent plunge in oil prices has indeed not been a smooth journey to say the least. Chad has Africa’s 10th largest proven oil reserves but its output has been slipping in recent years due to maturing fields and disruptions caused by the conflict with Boko Haram in the southwest. Lower commodity prices added another layer of complexity to an already very intricate situation, and put the economy in jeopardy. Hopes brought by the renegotiation of the country’s debt with Glencore and the rebound in oil prices were short lived. In 2019, both ExxonMobil, which produces a fourth of the country’s oil and Glencore, which represents about 9% of Chad’s production, announced their intention to sell their assets in the country.
But as two of its biggest operators prepared their exit, Chad welcomed new ones and did not loose focus on bringing out what former minister Me Béchir Madit had then called a “second golden age of oil between the end of 2019 and 2025.” To ensure the growth of its industry, Chad launched the construction of the mini Rig-Rig refinery in 2017 to address crying domestic shortage of petroleum products, granted several new fields to the CNPCIC in the Bongor Basin, welcomed new operator United Hydrocarbons, and renegotiated its debt with commodity trading giant Glencore in 2018.
As oil prices started rebounding, good news came along. Taiwan’s Overseas Petroleum and Investment Corporation completed its exploitation platform and connection pipeline to the Komé centre, while Petrochad developed its Krim-Krim wells. The Société des Hydrocarbures du Tchad (SHT), the country’s national oil company, also made progress on the development of its Sedigui field by signing a contract with a Sino-British consortium for the construction of a gas pipeline, gas treatment facility and gas terminal in Djarmaya.
In two months alone, between July 2018 and September 2018, rigs deployed in Chad went up from only one to seven, according to Baker Hughes GE. That’s a considerable jump in such a short time, while most of its neighbours were still dealing with a drilling syndrome. For a year now, Chad has had more rigs deployed on its territory than most other African markets, revealing sustained drilling activity which has now translated in numbers. As drilling activity picked up, production increased, and so did revenues.
According to the latest reports of the Ministry of Finance and Budget, Chad’s oil production and oil revenues have witnessed considerable increase in 2019 so far. In the first quarter, oil revenues increased by over 64% compared to the same period last year, led by an increase in production by over 18%, most of it due to the CNPCIC, and thanks to a better foreign exchange rate. The second quarter confirmed the trend. During this period, oil revenues increased by another 38.6% while oil production increased by 23%, again led by the CNPCIC which has witnessed a growth of production by over 45% this year so far. Between January 2019 and June 2019, Chad produced 22,791,749 barrels. On a daily basis, that’s an average of 126,000 bopd, a very healthy figure for a state whose revenues come at 70% from oil exports.
Improved situation in Chad explains why the acquisition of ExxonMobil’s 40% stake in the Doba Basin has become a source of intense bidding and negotiations. It also explains why the country’s economic forecast are bright. In 2019, the IMG predicts Chad’s economy to grow by 4.5%, well above the world’s average of 3.3%. When many African oil nations struggle with a slow recovery, Chad reminds us that a successful energy strategy is a no brainer, and drilling must be a part of it.
*Director of Strategy, African Energy Chamber
Deloitte Africa honoured for efforts towards increasing representation of women
September 13, 2019 | 0 Comments
Johannesburg, 06 September 2019 – Deloitte Africa has been honoured with second place in both the Empowerment of Women in the Community and the Women on Boards categories at this year’s Gender Mainstreaming Awards, held at Gallagher Estate, in Johannesburg, last night.
Managed by Business Engage, these awards aim to encourage private sector buy-in to achieving more meaningful representation of women in the mainstream of business and to serve as a springboard for further achievement for companies that are still starting out on their gender diversity journey.
Deloitte Africa was this year also awarded two further accolades in the individual categories, with the chairman of Deloitte Africa, Trevor Brown, winning the Trailblazer award in the Inclusive Leadership category; and the leader of Diversity and Inclusion for the company’s Africa operations, Eshana Manichand, being named the second place finalist for the Positive Role Model: Management award.
Deloitte Africa was also selected as a finalist for the Mainstreaming Gender and Disability award.
Justine Mazzocco – Managing Director of Talent and Transformation, Deloitte Africa –
says the company is immensely proud to be recognised for its efforts to increase the representation and retention of women on their staff.
“We are working hard to ensure that our talent pool is diverse and reflects the make-up of our society. Operating a diverse and inclusive organisation is also fundamental in this area and we seek to leverage our differences as a strength that makes our organisation better,” Mazzocco says, “Some of the initiatives we’ve implemented include focusing on creating an environment that enables women to achieve their ambitions and embraces generational diversity. To date, we have a record 33% female representation on the Africa board, and a 31% women ownership as of 1 June this year, which further highlights our commitment to elevating women at strategic levels”.
On winning the award for Inclusive Leadership, Brown says, he has always had a natural affiliation towards gender equality, even before it became a corporate imperative.
“Mutual respect and the belief that all people should be treated with dignity must underpin organisational culture,” he says, “The tone at the top, when it comes to gender equality, drives the ethos throughout the organisation. Being intentional about diversity and driving gender equality is of utmost importance to Deloitte, and especially key to me in my leadership role.”
Manichand said of her achievement, “With our global ALL IN strategy we have reinforced our commitment to maintaining an organisation where everyone has an equal opportunity to grow, develop, and succeed; to be their truest selves, both professionally and personally.
She says Deloitte Africa aims to increase the representation and retention of under-represented groups across all levels of the organisation, with a particular focus on women.
“Investing our time, effort and energy in people and witnessing their moment of success is extremely rewarding and purposeful,” she says.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights and service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 264,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn or Twitter.
Nigeria:Enyo Retail Promotes Healthy Living for Its Customers
September 13, 2019 | 0 Comments
–… Offers NULI at service stations
Lagos, Nigeria – In line with the brand commitment in enhancing customer experience, ENYO Retail and Supply has partnered with NULI, Nigeria’s leading farm-to-table food chain, to enhance customer experience by providing Nuli’s fast-casual healthy food and drink café.
Commenting on the initiative, Abayomi Awobokun, the Chief Executive Officer, Enyo Retail and Supply said, “We are excited to announce our new feature, incorporating NULI stands at select Enyo stations. At Enyo, we are extremely committed to the health and overall wellbeing of our customers and we are constantly seeking out innovative mediums that will enable our customers live their best lives. As a customer-focused business, it is also important for us to provide channels that are meaningful to people’s needs, passions and lifestyle, hence this strategic provision of NULI products.”
By providing these products, including all-natural juices, smoothies and a variety of freshly-made hot meals, Enyo is not only encouraging wholesome lifestyle but also promoting local businesses. With more customers dealing with Enyo and in turn patronizing NULI, the technology driven brand hopes to foster the importance of well-being in the country. This will empower individuals to have access to cleaner meal alternatives at an affordable price and encourage a healthier and happier generation.
Also speaking on the alliance, Ada Osakwe, Founder and Chief Executive Officer, NULI said, “At Nuli, having the right associations really matter to us. ENYO’s Leadership team convinced us of their bold vision to transform the lifestyle of Nigerians, and we knew they were the best partners to work with. As a proudly Nigerian company, serving only locally-grown food, working with Enyo, another world-class Nigerian firm, was essential.”
With this exemplary initiative, Enyo has once again positioned itself as the front – runner in the downstream oil industry by being the first fuel retailing company in Nigeria to feature a farm-to-table wellness café at its service station.
Kenya:Huawei’s new approach in involving more women in Technology
September 11, 2019 | 0 Comments
By Samuel Ouma | @journalist_27
Huawei Kenya has committed to support women in the IT via charitable aid through an initiative called Women In Technology Huawei (WITH) aimed at doing away with a notion hold by majority that only men can do well in technology sector. The program targets 4,000 girls and women within one year.
Through WITH women in technical careers will be empowered, connected and supported to develop their careers, interest and leadership skills especially in Science, Technology and Mathematics. They will also be provided with role models and opportunities.
The initiative will see doubling of the number of young girls mentored and trained through Cooperative Research Centres (CRC)program, promotion of one third of Huawei employees and training of one half of employees in 2019, increasing trained females students by 10 per cent and female lecturers by 5 per cent from 10 per cent. Other targets are partners with their women, at least 7 customers and women-owned suppliers.
“I am personally driving this Women In Technology Huawei initiative as a boost for the women in Technology. The data for Huawei is about average for the ICT industry in Kenya which is too low, thus the need to improve into a more strategic and ambitious strategy. Huawei has in the best done quite a lot to its staff and interns as well as to its charity and University partner, but still finds more things. We have set some plans and targets and we will do our best and try to improve,” said CEO of Huwai Kenya Stone He.
Council for Renewable Energy Nigeria offers South Africa xenophobia returnees glimmer of hope
September 11, 2019 | 0 Comments
By Wallace Mawire
Anticipating the need to quickly integrate the disenchanted Nigerian victims of xenophobic attacks from South Africa into the fabric of society and give them hope for a better future; the Council for Renewable Energy Nigeria [CREN] offers free training to returnee Nigerians to learn all about renewable energy technologies and begin entry-level careers in the solar PV industry at the Asteven Renewable Energy Academy, a subsidiary of Asteven Energy Group..
Dr Sunny Akpoyibo, President of CREN, revealing this, said “Nigeria is richly endowed and we shall not allow our people to be cast adrift after losing all they have worked hard for over the years. In support of President Muhammadu Buhari’s next level vision to change the Nigerian story, a part of which is ensuring that all Nigerians have marketable skills, we are offering this opportunity to all interested returnees to come learn technical skills and participate in a business that is commercially viable, environmentally sound and has social importance. We at CREN guarantee that they shall be trained totally free of charge and also fully equipped to be active participants in this sector”.
Speaking further, Dr Akpoyibo has made a call for all likeminded advocates to support this programme; to ensure that the providing returnees are given the opportunity to immediately get back on their feet as fully trained technicians in the fast growing global renewable energy industry. Their training will be contributory to Nigeria’s green growth agenda and the country’s climate mitigation efforts.
The Council shall liaise with the House Committee on Diaspora and the Nigerian Diaspora Commission to ensure that the returnee Nigerians are contacted and provided this opportunity. It doesn’t just stop there. They will also be trained on setting up renewable energy businesses, provided with product loans, mentorship and partner support to enable them become fully proficient in the industry; expand their skills sets and business portfolios. This will enable them contribute to Nigeria’s Green Growth Agenda,
The Nigerian Government has stated that from Wednesday, September 11, 2019, the first batch of 600 returnees will be airlifted back to Nigeria. This is an opportunity for those returnees to quickly get back on their feet.
The CREN/ASTEVEN Group Photovoltaic Installer Level 1 (PVI1) certification course from Asteven Renewable Energy Academy is designed for beginners, so previous experience with electronics/electricity is not necessary but is helpful. The trainees will benefit from real world, hands-on experience.
Since 2007, CREN established under the purview of state and civil society institutions, is a private member based association that consistently and actively advocates for the promotion and deployment of renewable energy technologies in Nigeria; not just as a vehicle for power and energy security but a vehicle for social entrepreneurship and empowerment of the Nigerian people.
Former CEO of Efora Energy Limited (formerly SacOil), Dr Thabo Kgogo Agrees with Author: Africa Must Unbundle its Utilities
September 2, 2019 | 0 Comments
According to Kgogo, the answer to Africa’s utility woes can be found in Ayuk’s book, Billions at Play: The Future of African Energy
JOHANNESBURG, South Africa, September 2, 2019/ — Across Africa, state-run utility companies don’t just fail to provide reliable power to their customers—most of them snatch economic power from the people, with inadequate electricity supply costing GDP growth.
But energy attorney NJ Ayuk has a solution. And his solution has been endorsed by Dr. Thabo Kgogo who has served as interim CEO of a large construction and infrastructure company, Group Five Limited, an independent oil and gas company in South Africa, Efora Energy Limited (formerly SacOil), and Vice President of Operations for PetroSA, South Africa’s national oil company.
According to Kgogo, the answer to Africa’s utility woes can be found in Ayuk’s book, Billions at Play: The Future of African Energy.
“In Chapter 18, Lights Out: Reforming African Power Generation Monopolies and Transitioning to the Future, Ayuk advocates for unbundling the vertically integrated utility monoliths, which is not only the logical solution, it has been proven in countries all over the world,” Kgogo said.
That’s not to suggest it is a simple fix. Ayuk knows it will take time and considerable effort and he doesn’t mince his words when it comes to how long the journey may be. Being forthright is one of Ayuk’s key attributes—and it is something Kgogo admires most about him.
“Ayuk calls it like it is,” Kgogo said. “For example, not everyone is willing to assert that Africa will never achieve its full potential if it cannot power its industries, services, or households. He also makes it clear that the state-run utilities are so saddled by debt they can barely recover their operating and capital costs, much less make the kinds of infrastructure investments needed to bring electricity to the continent.
Kgogo is quick to point out though that Ayuk’s chapter isn’t all doom and gloom: “In example after example, he shows how utilities across Africa have successfully unbundled and privatized,” Kgogo said. “The result has been increased generation capacity and given more people access to electricity.”
In Chapter 18, Ayuk returns to one of the book’s continuing themes: how major oil and gas companies can ensure that Africans benefit from their continent’s resource wealth. But here, Kgogo said, he takes the point a step further, suggesting that it is no longer sufficient for E&P companies to limit themselves to fossil fuels.
“Ayuk believes that the majors need to begin thinking of themselves as energy companies, and acting accordingly,” Kgogo said. “That means no longer simply extracting oil and natural gas, but harnessing Africa’s ample wind and solar resources then turning it into energy for the Africans. I couldn’t agree more with his position.”
During his tenure with SacOil, Kgogo called for government policies that would help support a thriving natural gas industry in South Africa as well as a departure from the centralized model of power generation.
NJ Ayuk is founder and CEO of Pan-African corporate law conglomerate, Centurion Law Group; Founder and Executive Chairman of the African Energy Chamber; and co-author of Big Barrels: African Oil and Gas and the Quest for Prosperity (2017). He is recognized as one of the foremost figures in African business today.
Billions at Play: The Future of African Energy will be published on October 2019.
African Trade Insurance Agency (ATI), Nippon Export and Investment Insurance (NEXI) & Japanese banks pave the way for more Japanese investments into Africa
August 30, 2019 | 0 Comments
|ATI has a current pipeline of over US$1 Bn worth of transactions from Japanese banks|
YOKOHAMA, Japan, August 30, 2019/ — On the side lines of the Tokyo International Conference of Africa’s Development (TICAD7), ATI (http://www.ATI-ACA.org/) signed MoUs with Japan’s three largest banks and Nippon Export and Investment Insurance (NEXI), Japan’s export credit agency; ATI and NEXI announced at TICAD7 the launch of a Japan Desk to be based in ATI’s Nairobi headquarters in order to provide tailored risk-mitigation support to Japanese companies and investors; ATI has a current pipeline of over US$1 Bn worth of transactions from Japanese banks.
The Tokyo International Conference of Africa’s Development (TICAD7) concludes today. The event, which has grown into one of the largest Africa-focused international events, provided a platform for billions worth partnerships and transactions to be sealed. Among these newly formed agreements, the African Trade Insurance Agency (ATI) and Nippon Export and Investment Insurance (NEXI), Japan’s export credit agency, also announced the launch of a Japan Desk, which will be housed by ATI in Nairobi. The two institutions committed to strengthening risk mitigation cover to entice more Japanese companies and investors to enter the African market. The Japan Desk will facilitate this process.
ATI also penned agreements in the form of MoUs with three of Japan’s leading banks –
Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho Bank. Mitsubishi UFJ Financial Group (MUFG) signed an earlier MoU with ATI. The agreements signal to the world that Japan views Africa as a strategic investment destination, which will also provide an opportunity for Japanese companies and investors to more effectively capitalize on the current opportunities in the fastest growing continent in the world.
In the last three years, ATI has provided insurance to protect some of Japan’s largest lenders against the risk of sovereign default on transactions that have collectively brought close to US$1Bn to the continent. Some of this financing has helped countries to reprofile short-term, and often pricey local currency debt, into longer-term and more affordable structures. The financing has also supported a wide range of priority sectors and, in the case of two ground-breaking capital markets transactions arranged by Japan’s largest bank, ATI-backed financing has facilitated the crowding-in of a new class of institutional investors to the continent.
With a strong pipeline of transactions valued at over US$1 Bn along with these strengthened partnerships, ATI expects to support many more Japanese exporters and banks in deals across Africa in the coming years.
Mr. John Lentaigne, Acting CEO, African Trade Insurance Agency:
Our participation at TICAD7 has yielded great results. We’re excited about the prospect of providing greater levels of risk mitigation to Japanese companies and financiers, which we see as key to unlocking even more Japanese investments into Africa.
Mr. Atsuo Kuroda, Chairman and CEO, Nippon Export and Investment Insurance (NEXI):
“Establishing the cooperation framework between NEXI and ATI is one of the most fruitful outcome which we have achieved during TICAD7. We are very pleased to announce that “Japan Desk” will be set up in ATI, a reputable multilateral financial institution which has a great track record to support African projects so that Japanese companies can obtain easy access to the reliable risk mitigation solution provided by ATI. As I promised in the TICAD7 official side-event, NEXI will closely work with ATI to facilitate Japanese businesses in Africa.”
Mr. Christopher Marks, Managing Director, MUFG:
ATI has established itself as a singular force for risk mitigation in Africa, leveraging the authority of its supranational status to make possible highly efficient private-sector financing for strategic development projects across the continent. ATI is an unequalled partner for high order innovation in this space.
Mr. Hiroshi Nagamine, Managing Executive Officer, Head of EMEA, Mizuho Bank, Ltd:
The signing of this MOU is an expression of Mizuho’s strong will and desire to develop further our African business. Our strategy in building our regional footprint is to work closely with undoubted local parties. Counterparties that have excellent reputation, specialist expertise, deep regional know how and experience.
ATI is an absolutely ideal partner given its reputation both as a regional champion and also as an institution at the very forefront of creating sophisticated funding solutions to meet the ever more complex needs of entities doing business in Africa.
Signing this MOU will provide Mizuho better flexibility; by availing ourselves to ATI’s sophisticated funding solutions, we will be better able to support our clients in Africa.
Tetsuro Imaeda, Managing Executive Officer & Head of EMEA Division, SMBC:
Cooperating with local financial institutions in Africa is indispensable for us to expand our Africa business and respond to customer needs.
By signing this MoU between one of our most important partners in Africa, ATI, SMBC will be able to support our client’s business to Africa through a wide range of coverage of ATI in the continent and expects to further strengthen the existing strong relationship.
About The African Trade Insurance Agency:
Clarion confirm creation of ICE Africa Champions
August 30, 2019 | 0 Comments
Ahead of the second edition of ICE Africa (2-3 October, Sandton Convention Centre, Johannesburg) event organisers Clarion Gaming has launched a new initiative designed to champion key gaming jurisdictions on the continent.
The ICE Africa Champions who will endorse their respective territories and drive co-operation across all of the continent’s regulated gaming economies comprise: Colin Udoh, Nigerian journalist and sports television presenter; Dolan Beuthin, CEO, BestBet; John Kamara, co-founder of the Global Gaming Africa consultancy; Judy Kiragu, Director, GoldenKey Casino; Olafadeke Akeju, Senior Partner, WYS Solicitors; Nassim Randeree; Philippe Vlaemminck, Partner, Pharumlega; and, Yahaya Maikori Partner, Law Allianz.
ICE Africa Brand Ambassador John Kamara, one of the most respected thought leaders across the pan-African industry, has praised the initiative as ‘an important step towards securing gaming’s future throughout the continent’. “As an ICE Africa Champion myself I am already excited at the opportunities that this important and ground breaking initiative will deliver” he explained. “It is humbling to see such high profile pioneers from across the industry who, like myself, will showcase what each region has to offer and provide informed insights on the market.”
He continued: “Gaming is an extremely dynamic sector which is shaped by a combination of advances in technology, changing demographics and, of course, regulation. ICE Africa represents an invaluable opportunity to cooperate and share knowledge and experience to better answer the question of how the various markets will develop and their likely direction of travel in the coming years. The ICE Africa Champions will work alongside the team at Clarion to identify, research and advise on industry topics and data to ensure the most up-to-date information is available to all ICE Africa visitors when the industry convenes in October.”
ICE Africa will feature a two stream conference comprising 60+ expert thought-leaders, regulators, investors and operators from both the pan-African and international gaming industry. The content-rich learning programme has been curated with the objective of driving the socially responsible advancement of gaming across the continent.
For more information on all of the opportunities available at gaming’s only B2B pan-African event and to register, visit: www.iceafrica.za.com