A Recipe For African Success In NJ Ayuk’s Billions At Play
November 19, 2019 | 0 Comments
By Ajong Mbapndah L
Launched recently in South Africa at a heavily attended event, NJ Ayuk’s new book Billions at Play: The Future of African Energy and Doing Deals has received rave reviews.
“Africans are more than capable of making our continent a success,” says NJ Ayuk in an interview with Pan African Visions to discuss the book. Past deals have not worked for a majority of African countries and Billions At Play is a road map to the future we Africans want to build for ourselves, says NJ Ayuk.
“Oil only becomes a curse when it is mismanaged, and when extraction is done without proper supervision and regulations, without pragmatic solutions that promise sustainability,” says Ayuk.
Described by OPEC Secretary General Mohammad Sanusi Barkindo as a dreamer who has taken the time to develop a detailed roadmap for realizing that dream, Ayuk says he cherishes the battles he fights to get opportunities for fellow African to have a seat at the table.
“We are showing that we are not a helpless continent and we don’t want handouts – our future will not be based on aid,” says Ayuk in the interview which also discusses the role of the diaspora, women, alternative sources of energy ,and more.
Billions At Play is a roadmap to the future that we, Africans, can build for ourselves by getting a few things right. The biggest message that I seek to convey is that of our shared responsibility towards improving Africa and creating the Africa our future generations will thank us for. It goes beyond the African energy sector. I hope everyone can see how they can be part of the solution in a more practical, sustainable way. Africans are more than capable of making our continent a success.
In terms of doing deals, what is it that African countries have failed to understand, and what are some of the suggestions that you are offering?
It’s no secret that in the past deals have proven not to work for a majority of African countries – only benefiting a selected few. We see the repercussions of that daily, where African countries are rich in oil and gas, but their communities at large suffer from poverty and unemployment. My biggest recommendation? Better deal-making abilities and implementation of local content regulations. We need to learn how to negotiate better deals that benefit everyday Africans. We are getting smarter at building new models for managing petroleum revenue. Africans need to know the worth and value we bring into any oil and gas deals and be confident in that. Our laws must create an enabling environment for international investors who want to transfer technology and empower Africans, to be able to do business with us. As I write in Billions At Play, good deal-making is crucial. We need to negotiate deals that result in long-term benefits for the people, African companies need to negotiate deals that keep them on an equal playing field with their competition and empower them to grow, to create and sustain jobs, and to support the communities they are based in.
Looking at the continent we see some countries that have produced oil for decades unable to maintain a single functional refinery, in other countries the resources seem to benefit a few and not the broader interest of the people, how does Africa turn the resource curse to a blessing ?
Oil only becomes a curse when it is mismanaged, and when extraction is done without proper supervision and regulations, without pragmatic solutions that promise sustainability. Otherwise, it can be a true blessing. We need infrastructure – we need to build and own our own refineries, pipelines, urea, ammonia, and fertilizer plants, power plants etc. The same applies to setting up technology hubs! We have seen how some African countries have started taking steps in this direction, and that makes me really proud.
When we talk of energy, the immediate focus is on oil, could you talk on the potential of other forms of energy like wind and solar and how this could shape the future as well?
Africa will never fulfill its true potential until access to reliable power is widespread, and that can only be attained once we have functional, well-funded, transparent power utilities that make use of new technologies and solutions and that partner with the private sector to promote the continent’s ability to power itself in a sustainable manner.
Yes, most of Africa has solar exposure that is very adequate for power generation, not to mention wind, hydro, and other forms of clean power generation. The likes of Kenya, targeting a 100% clean energy mix is a good example.
“Africans are more than capable of making our continent successful,” you say in the book, looking at what is going on in the continent, what makes you so optimistic?
Take a look around you and across the globe and you will easily spot African brothers and sisters actively doing amazing things in their spheres of influence, each playing a role in transforming the lives of hundreds of thousands of Africans. Similarly, the biggest discoveries made in the world recently are in Africa. We are showing that we are not a helpless continent and we don’t want handouts – our future will not be based on aid. Good things really are happening across the continent, and the petroleum industry is a common denominator. You can find plenty of examples of natural resources contributing to meaningful changes for the better. I’ll forever be optimistic, and I know my hard work and optimism is contagious.
What role do you see for the African diaspora, especially those with the skills set that could make a difference on the energy future of the continent?
The diaspora can actively engage with foreign partners, which is essential to Africa’s growth, and contribute to spreading a more objective narrative on the promising future the continent has. Similarly, and as we seek to build better organizations and run better businesses, skills learned and acquired abroad can be highly beneficial to the continent.
“Africa needs companies that are willing to share knowledge, technology and best practices, and businesses that are willing to form positive relationships in areas where they work,” you say, what leverage do African countries have to compel companies from China, Europe, the US and other parts of the world to implement this?
We need foreign oil and gas companies to continue operating in African communities and to continue hiring African people, purchasing from African suppliers, and partnering with African companies. Like I said, foreign partners are essential to Africa’s growth, we need to push ahead, and we cannot live and prosper in isolation. We can also benefit from the companies working on the continent for investment collaborations and to build the infrastructure necessary for industrialization.
You also talk about the paucity of women in the energy sector, what accounts for this and how important is it for the trend to be reversed?
I sit in a lot of boardrooms, I speak at a lot of conferences, and I am always faced with how few and far in between women executives are in these spaces. It’s a fact that amongst African oil firms, women in leadership only account for only about 2-3%. So who is going to push the agenda for women, if not me? Not us? I know and work with a lot of amazingly hardworking, innovative, strong women that I believe need to take their spaces in executive roles. Women have a great deal to offer, and good jobs for women contribute to a more stable, more economically vital Africa. We have to do more to ensure that women and men receive equal compensation, whether it’s wages, community programs, or property royalties, etc. If I can do my part to put pressure, I’ll be happy.
Billions at Play is also hitting the stands at a time of great excitement and growing optimism with the African Continental Free Trade Agreement, AfCFTA, how does this factor in into the vision you share?
The AfCFTA like in every other industry or sector, can yield great results for the oil industry. I love unity! I love making money together! I have Centurion Law Group offices in South, West, and East Africa already – I’m glad the entire continent is catching up. I continue to embrace strong regional economy give the continent a competitive edge in the global economy and it will make a lot of pan-African work easier. Lets’ win together.
In his foreword, OPEC Secretary General Mohammad Sanusi Barkindo describes you as a dreamer who has “taken the time to develop a detailed roadmap for realizing that dream,” how far is NJ Ayuk willing to go in rallying Africa and friends of Africa towards the fulfilment of this dream?
That’s what I live for every day. Opening opportunities for fellow African to come and have a seat at the table. It is an honor for me to be able to do that and call it my work. to open doors for other people, the same way as doors were open for me and knowledge imparted. That is what it is all about.
Cameroon:“We are tired, Want to be simple people and Move on with our lives” – Bishop Andrew Nkea narrates
November 19, 2019 | 0 Comments
By Boris Esono Nwenfor
His Lordship Andrew Nkea, Bishop of the Mamfe Diocese has reiterated the need for peace to return to the two English speaking regions while indicating that the people are tied and just want to live their normal lives as before.
He was speaking recently during the launching of the Regional Post Dialogue Sensitization Caravan at the Buea Council chamber.
He said, “Whatever politics is involved, we want our children to go back to school without us trembling. Our economy is in bad state, many IDPs everywhere. For how long can we continue? We are tired. Violence breeds violence and we need to sit and discuss problems we are facing and look for solutions to them.”
Narrating his personal story, the Bishop said , “Mamfe is going through trouble times as many have been dehumanized, killed, maimed while others have ran into the bushes. Businesses have melted due to the crisis and Cocoa, Palm plantations are now turning into bushes.” “Every time I leave my house I have to say my last prayer as I do not even know if I will come back or not. Even today, I had to pray my last prayer as I don’t know if I will go back. That is the situation we are currently facing”, He added.
The Bishop equally called on the delegates to strive for collective and not personal success. “The caravan should not be politicized. We should forget about our political linings, churches or social groups. We should use inclusive and not exclusive language.”
“In one way or the other, all of us have contributed to the crisis. We should not judge or apportion blame to people when we go to the field. It is a collective effort and everybody must join in seeking solution to the crisis. We need peace.”
Speaking to the media, Bishop Andrew Nkea said, “We cannot solve the crisis that has been going on for three years in one day. We are reaching out to the solution of the problem and I think that it is most important for the people to understand what we discussed in Yaounde towards a solution to the crisis.”
“We went to the dialogue from different Divisions yet the discussions from the dialogue have not reached the grass root population. We are sending out the divisional caravans to go out to the various divisions and subdivisions to explain to the people what was discussed and the expectations.”
Speaking during the event, Minister Paul Tasong indicated that various efforts are being put in place to see to it that the affected regions’ economy is brought back to normal. “CDC and PAMOL have been greatly affected by the socio-political crisis in the South West Region,” He said
He however cautioned the delegates not to make promises when they cannot keep. “Do not make false promises and invent things which are difficult to achieve – like deep sea port in Lebialem when there is no sea, while indicating that the Limbe deep sea port is to be given attention within 10 years.
On his part, Governor Bernard Okalia Bilai reiterated the need for everyone to join the train, and join hands together in educating those in the bushes to come out and share in the message of peace. “After the Grand National Dialogue, the population still waits on its leaders to know what was said as many important issues were agreed upon,” Governor Okalia said.
What is the substance of the “Special Status?
One of the fallouts of the Major National Dialogue was the granting of the special status to the North West and South West Regions – Section 62, paragraph 2 of the constitution gives provisions of a special status.
To Minister Philip Ngwese, the question of the substance of the present special status granted the Anglophone regions are still undetermined. “It is a question that does not have a definitive answer at the moment. We should not come up with things that we are not sure. What the special status means is what we are still expecting”, He said.
He added that the President during the Paris peace forum did indicate that the special status has been granted the Regions and it will be implemented. “The President and the House of Assembly are in charge of proposing and debating bills and I am sure they will know the substance or what entails in the special status.”
The Regional caravan which has been launched is expected to hit the ground running in educating the population about the substance of the National Dialogue and to look for solutions to the present crisis. The report from the various delegations to the six divisions is expected to be harmonized, with the final report to be presented to Prime Minister Head of Government Chief Dr. Dion Ngute by November 27, 2019.
The present caravan is in its informative phase and the next step that is expected within the coming weeks is the implementation phase.
Kenya:Alleged corruption involvement costs Wako his travel to US
November 18, 2019 | 0 Comments
By Samuel Ouma |@journalist_27
The Government of the United States of America on Monday 18 imposed a travel ban on former Kenyan Attorney General and the current Senator Amos Wako over what it described as involvement in ‘significant’ corruption during his tenure.
In a statement issued by the US Secretary of State Michael Pompeo, the ban was issued under Section 7031(c) of the Department of State, Foreign Operations, and Related Programs Appropriations Act, 2019 (Div. F, P.L. 116-6) and Continuing Appropriations Act, 2020 (Div. A, P.L. 116-59).
Section 7031 (c) states that in any case the Secretary of State has tangible evidence indicating that foreign government officials have been involved in significant corruption, the individuals and their immediate family members are barred from entering US.
The ax has also fallen on Wako’s wife Flora Ngaira and his son Julius Wako. The trio are not allowed to enter and conduct business with the one of the super power countries in the world.
“The law also requires the Secretary of State to publicly or privately designate such officials and their immediate family members. In addition to the designation of Mr. Wako, the Department is also publicly designating Wako’s wife, Flora Ngaira, and son, Julius Wako,” stated the statement.
According to Pompeo Wako’s sanction indicate that the US is working closer with Kenyan government in its effort to eradicate the menace. He reconfirmed Trump’s administration commitment in joining hands with government in anti-graft fight which has slowed development in the East African country.
“Economic prosperity for all Kenyans is only possible by defeating the scourge of corruption, which also requires a functional, fair, and transparent criminal justice system,” the State Department said.
Senator Wako served as Kenyan fourth and long serving Attorney General from 1991 to 2011.
StartUpAfrica rallies top entrepreneurs in Washington DC for 8th entrepreneurial conference
November 18, 2019 | 0 Comments
By Amos Fofung
Not fewer than two dozen trailblazing entrepreneurs who are making a mark in their respective domains answered yes last Saturday at the Howard University’s Center for African Studies in Washington DC to share their story and stirrup entrepreneurial spirit among young entrepreneurs.
The top executives in IT fields, diplomacy, and governance, finance, energy, defense, healthcare, consultancy, and law among others, constituted part of the panelist who shared institutes into what it takes to be a successful entrepreneur and mitigating risk.
In its 8th edition, the StartUpAfrica entrepreneurship conference had as theme; “partnership for entrepreneurial success.”
Shelvin D. Longmire, chair of the Advisory Board of StartUpAfrica pointed out that the gathering sought to advance entrepreneurship among Africans thus mapping a fresh path for the continent.
“Such gatherings seek to invest in building an entrepreneurship community of tomorrow’s business leaders through training, mentoring and access to capital,” he said in a chat with this reporter on the networking session.
With panel discussions focused on; innovation and entrepreneurship, artificial intelligence-inevitable change business need to embrace, fostering global entrepreneurship through exchange programs and the role of government in building effective entrepreneurship ecosystem, the panelist where all unanimous that it is time good enough to spur entrepreneurial spirit and rally innovation for the next generation of African leaders.
The cross-section of panelists ranged from; Sibyl Edwards – CEO of Black Female Founders, Franklin J. Miles – Founder and Director AWE African Development, Rahama Wright – Founder and CEO at Shea Yeleen Health and Beauty, Adebisi Adebowale – Founder UPLIFTOLOGY, Rowan Fernelon – owner of Fine Royale, and Naomi A. Burrell – CEO and Founder of Be Inspired among many others.
Together, they each took turns to share their experiences, answering questions from attendees who were eager to grasp and tap from their wealth of experiences.
President and Chief Executive Officer of StartUpAfrica, Erastus Mong’are recounts that “for years now, such conferences have been geared towards bringing entrepreneur’s and aspiring entrepreneurs in one setting – one platform where they can share their stories, best practices, what has worked for them, and what they need to do if they are looking at getting into business.”
“Looking at the attendees, we have young university students who are here; why are we doing this, because we want to inspire the next generation of job seekers not just for the US but for Africa as well,” he said during an interview session with Pan African Visions reporter.
On the path covered so far, he remarks that they have indeed seen some great successes, citing one of the programs former attendees who benefited from the foreign exchange program and had come back to talk about the successful business venture he now manages between Kenya, US and the Caribbean.
South African women demand Death penalty for rape
November 18, 2019 | 0 Comments
By Amos Fofung
A petition spearheaded by women in South African which demands the introduction of death penalty for rape perpetuators and other offenses against women is gaining momentum and has garnered more than 600,000 signatures.
This follows the conviction in August this year of Luyanda Botha, who raped and murdered 19-year-old student Uyinene Mrwetyana when she went to pick up a parcel at the Cape Town post office where he worked.
He was handed three life sentences but women in South Africa say its not enough. They are requesting that for taking one’s life, Luyanda Botha and others like him should pay with their lives.
The petition tabled to the office of the president seeks to punish perpetuators so as to deter violence and Crimes against women in South Africa which they say is “an uncontrollable, vicious cycle where women and children are sexually assaulted and murdered with little to no justice for the ones that are left behind to pick up the pieces.”
The petition which seeks to hit one million signatories so as to advance their demand insist its time to joined forces “to bring back the death sentence for crimes against women and children in the Hopes of saving this great country”
South Africa rates of femicide –intentional killing of women and girls — is one of the highest globally when compared with other countries where data is available, according to Professor Rachel Jewkes, director of the What Works to Prevent Violence Against Women and Girls global program.
“We have three women killed every day by a husband or a boyfriend in South Africa, and this is much higher than in many countries. It’s much higher than it is in Europe or Australia,” she said.
Africa Investment Forum 2019 – Promises made, promises kept: Champions share why investments benefit women
November 18, 2019 | 0 Comments
|We are looking at the value chain of businesses and asking how do we support women across the value chain…from the factory floor all the way to the boardroom? – Tokunboh Ishmael|
|JOHANNESBURG, South Africa, November 18, 2019/ — 60% of Mara phones’ 400-450 employees are women: This is why our quality is better than anyone else’s – Ashsish Thakkar; We are looking at the value chain of businesses and asking how do we support women across the value chain…from the factory floor all the way to the boardroom? – Tokunboh Ishmael|
Challenged a few years ago at an investment forum about the number of women-owned businesses she invested in, Tokunboh Ishmael, co-founder of Aliethiea IDF, faced the realization that after 15 years of private equity investing in businesses in Europe, Asia and North America, the answer was: none.
It was a turning point for the former investment banker, although her partner and co-founder, South African Polo Leteka, had been doing exactly that for years.
“We realised that we were meeting many women entrepreneurs who were running formidable businesses…Africa is full of lots of female micro entrepreneurs, but they were not receiving any finance,” Ishmael told a packed plenary session at the Africa Investment forum which closed Wednesday 13 November, in the South African capital Johannesburg.
Ishmael was speaking as part of a panel session dubbed “Promises made, Promises kept,” which included Ashish Thakkar, CEO and founder of Mara phones, and Masai Ujiri, President of the Toronto Raptors. Ishmael and Thakkar were on stage to share their testimonies. Ujiri, made a second appearance at the Africa Investment Forum to show off the National Basketball Association (NBA) championship trophy which he had promised to secure during the 2018 Forum, while urging investors to look at sports.
Aliethiea IDF – a private equity fund focusing on women, was able to raise tens of millions of dollars in boardrooms conducted during the 2018 Africa Investment Forum
“We had about 10 percent of funds raised. This week we are closing on over 70% of funds raised to reach our target of a $100 million,” Ishmael declared to thunderous applause. The Bank provided anchoring seed fund of $12.5 million to the fund.
The panelists agreed that increasing up support for women across the different economic sectors in which they participate is crucial.
“We are seeking out those women to build scalable businesses…from the factory floor all the way to the boardroom” Ishmael said.
Thakkar, who also sought out investors at the 2018 Forum, said he made a promise to build two Mara phone factories in Africa.
Thakkar’s Mara phones – quality, mobile phones “made in Africa, by Africans,” opened its first factory in October 2019 in Rwanda and a second later in the same month in Durban, South Africa, in keeping with his promise. 60% of his 400-450 employees are women – the highest gender ratio in the world, of any mobile phone manufacturer.
The interest the phones have received is directly tied to their quality, which Thakkar believes is connected to the input of women.
“This is why our quality is better than anybody else’s. We have state-of the art facilities…it’s not just assembly, this is making the motherboards, putting over 1,000 pieces together,” he said.
Responding to a question about how to get more women involved and whether women stood to benefit, Ujiri answered that putting women in leadership roles only made sense.
When he took over the Toronto Raptors in 2013, there were no women at all, except for one secretary.
“And it really offended me…Women run our homes, they are incredible but when it comes to the workplace, we don’t want to give them that power to show their abilities, ’Ujiri said.
Africa’s infrastructure financing reaches an all-time high in 2018, surpassing $100 billion – Infrastructure Consortium for Africa (ICA)
November 18, 2019 | 0 Comments
|This years’ report shows the role ICA continues to play in institutional and policy reform as well as its consistent financial contribution within the infrastructure space|
|JOHANNESBURG, South Africa, November 18, 2019/ — The Infrastructure Consortium for Africa (ICA) on Tuesday announced a 24% leap in infrastructure financing in Africa in 2018, surpassing $100 billion for the first time, but significant financing gaps remain.|
Launched on 12 November at the Africa Investment Forum (https://AfricaInvestmentForum.com/), the ICA’s Infrastructure Financing Trends in Africa 2018 report shows that financing of infrastructure in Africa reached a new high of $100.8 billion in 2018, a jump of about a quarter on 2017 and 38% up on the 2015-2017 average.
Mike Salawou, ICA Coordinator, and Manager of Infrastructure Partnerships, at the African Development Bank, commented: “Over the years the Infrastructure Financing Trends in Africa report has become an important document for presenting, in a consistent manner, how funding is being mobilised to develop the continent’s infrastructure.
“The report’s publication during the Africa Investment Forum is extremely timely. While the increase in financial commitments in 2018 is very welcome, the report also serves to highlight the size of Africa’s infrastructure financing gap – one of the key issues addressed during the forum,” Salawou said.
This years’ report shows the role ICA continues to play in institutional and policy reform as well as its consistent financial contribution within the infrastructure space. This, along with a 65% and 33% increase in commitments over the previous 3-year average by China and African Governments respectively, and the role of other multilateral organisations resulted in the 24% increase recorded in infrastructure financing for 2018.
Among the key findings of the report was an increase in financing commitments across all sectors, with a notable increase in the energy sector, which attracted financing commitments worth $43.8 billion, an all-time high and a 67% increase on the 2015-2017 average. The ICT sector also saw record commitments in 2018 of $7.1 billion, mostly from the private sector.
Even with the significant increase in commitments in 2018, there remains a total financing gap of $52 billion to $92 billion per year. Yearly estimates of Africa’s financing requirements range from $130 billion to $170 billion. Water and sanitation has the largest financing gap of all the sectors, based on annual financing needs of $56-$66 billion and a 2016-2018 average commitment of $13 billion.
Panellists Dr. T. Nyirenda-Jere, Dr. B. Ben Yaghlane, Dr. I. Urua, Mr. C. Kirigua and Mr. P. Guislain, addressed key messages highlighted in this year’s report, which includes, the need to increase both public and private sector financing, strengthen governance and improve the quality of infrastructure services.
The Africa Investment Forum took place from 11 to 13 November 2019 in Johannesburg, South Africa, and offered a platform for sourcing funding for bankable African projects, brokering infrastructure deals and providing innovative financial solutions.
The event attracted key global companies, financial players, and public officials who addressed the continent’s critical infrastructure investment gaps.
Springfield Oil Discovery is Historic for Local Content in Africa
November 18, 2019 | 0 Comments
|As much as 1.2bn barrels of oil could be held within the deposit, with up to 35% recoverable according to Springfield|
|JOHANNESBURG, South Africa, November 18, 2019/ — The soon-to-be-announced deep water oil discovery offshore Ghana by independent Springfield Group is historic for Ghana and Africa’s local content. Not only does it mark the first deep water oil discovery made by an African oil company, but it could also be a bigger find than Ghana’s Jubilee Field, which remains the biggest oilfield in the country.|
While figures are still temporary and several additional assessments need to be conducted, the discovery is the result of the drilling of two wells over the past 40 days, which both struck oil. As much as 1.2bn barrels of oil could be held within the deposit, with up to 35% recoverable according to Springfield. Equally important, commercially viable quantities of gas were also discovered.
“What a year for Africa’s exploration!” declared Nj Ayuk, Executive Chairman of the African Energy Chamber (https://EnergyChamber.org/) and CEO at the Centurion Law Group. “Springfield and its CEO Kevin Okyere represent the African spirit of defying unsurmountable odds and sticking to it when everyone counts you out,” he added. “Africa is a burning exploration frontier where the most significant oil & gas discoveries are being made not only by international explorers, but by our own companies. The Ghana discovery is the result of efforts made by African entrepreneurs, in a country where first discoveries were made only 12 years ago. More importantly, it was made within a block that was relinquished by US explorer Kosmos Energy, known to be a front-runner in making massive discoveries across Africa and opening up new frontiers. It speaks volumes to the value that local content development can create when African companies and entrepreneurs are given an opportunity to contribute to their industry.”
In only a decade, Ghana went from not producing oil to becoming sub-Saharan Africa’s fourth-biggest oil producer, with current production averaging about 195,000 barrels of oil per day (bopd). The country has been spearheading transformations within the continent’s energy sector, providing the right market-driven policies and environment for African companies to acquire world-class assets from international counterparts, such as Springfield’s acquisition of Kosmos Energy block, or Chrome Resources and Rockefield’s acquisition of the West Keta block operatorship from Hess Corp after its exit in 2014.
Since the discovery of the Jubilee oilfield by Kosmos Energy in 2007, Ghana has managed to bring three offshore projects on stream, resolve its maritime border dispute with Cote d’Ivoire and position itself as a key hydrocarbons province in the Gulf of Guinea. Oil is now being produced from Kosmos Energy’s Jubilee field, Tullow Oil’s Twenneboa, Enyenra and Ntomme fields and ENI’s Offshore Cape Three Points Integrated oil and gas development project. Production is expected to reach 250,000 bopd next year, and most optimistic expectations put output at half a million barrels a day by 2025.
The African Energy Chamber calls on the government of Ghana to incentivize the full development of the block. We believe such development will create jobs for Ghanaians, and opportunities for Ghanaian companies and entrepreneurs to service one of West Africa’s largest upcoming offshore development. Such a discovery has the potential to spur considerable economic growth for Ghana, already the world’s fastest-growing economy this year.
*Africa Energy Chamber
Africa Has All Ingredients for a New Era of Success
November 18, 2019 | 0 Comments
|African countries need to monetize their natural resources and use the resulting revenue to build much-needed infrastructure and diversify economies|
|JOHANNESBURG, South Africa, November 18, 2019/ — If you follow news about Africa, it’s easy to find disheartening headlines about the continent’s struggles. But those stories do not paint a complete picture. Every day, I read encouraging news about African entrepreneurs and business leaders who are making a positive impact.|
A few examples:Kola Karim’s Shoreline Natural Resources has grown its upstream business through the acquisition of OML 30 a world class asset from Shell in 2010. OML 30 is onshore Nigeria, located less than 50 kilometers east of Warri. The lease covers 1,097 square kilometers with eight producing fields. OML 30 has 2P reserves of 1.2billion barrels of oil and 2tcf of gas reserves. Current production averages 70,00 bopd with potential to significantly increase to c. 300,000 bopd in the long term.Nigerian oil tycoon Arthur Eze of Atlas Oranto Petroleum recently closed, alongside Noble Energy and Glencore, a $350 million deal on pooling supply from stranded gas fields in Equatorial Guinea and the Gulf of Guinea to replace declining output from the Alba field.Benedict Peters, chairman and CEO of energy conglomerate AITEO Group will serve on the Board of Advisors for the U.S.-Africa Business Center. There he will be able to provide relevant insights that lead to valuable economic opportunities for Americans and Africans.The Nigerian Natural Gas Association, which just celebrated its 20th anniversary, is thriving under the leadership of President Audrey Joe-Ezigbo, the association’s first female president.Sahara Group, an energy and infrastructure conglomerate, has teamed up with the United Nations Development Programme to create the Africa Renewable Energy Forum. Sahara Group, which is under the leadership of Executive Director Temitope Shenube, says the forum’s objective is to provide access to sustainable energy for 10 million African households through alternative energy initiatives and interventions.
The point is, exciting things are taking place in Africa.
When I wrote Billions at Play: The Future of African Energy and Doing Deals, my goal was to help readers envision a new future for Africa, a future they could help shape. I want people to see that Africa doesn’t have to be subject to a resource curse, and with the right strategies and policies, Africa can reap the full benefits of its oil and gas resources.
But that’s only part of the story. I also want people to understand that Africa has more than petroleum resources going for it: the continent also is rich in people who refuse to give up on Africa, people who are working to guide the continent toward a more stable and prosperous future. We have energetic entrepreneurs and government leaders committed to the African dream of stability and prosperity; increasing numbers of female professionals and leaders bringing their talents to the table, and successful petroleum sector leaders who want to channel their expertise and resources into Africa’s future.
When you combine the people working for a better African future with the steady flow of opportunities we’re seeing in oil and gas — including several major discoveries in the last few months alone — great things can happen.
Committed to Africa
Long before Nyonga Fofang took the helm of private equity firm Bambili Group in South Africa, the Harvard-educated financier made a name for himself on Wall Street. I quoted him in my book to help make a case for the importance of foreign investment in Africa. But in addition to being a source of valuable finance insights, Fofang is an example of Africans who are sharing the benefits of their Western educations and career experiences with their home continent. These Africans are harnessing the insights and ingenuity they have gained abroad and putting them to work for the good of Africans.
Another excellent example of that dynamic is Gabriel Mbaga Obiang Lima, the Minister of Mines and Hydrocarbons of the Republic of Equatorial Guinea. Lima earned his bachelor’s degree in International Trade from Alma College in Michigan before going on to build a successful career in Equatorial Guinea. Today, this highly respected OPEC Minister is known for his effective leadership in Equatorial Guinea and around the world, where he plays a critical role in the country’s increased petroleum exploration and production activity.
Fofang and Lima are not isolated cases: a recent survey by pan-African equity firm Jacana Partners found that 70 percent of African MBA students at the top schools in American and Europe planned to return home after graduation. And in a survey by the Association of Commonwealth Universities, 400 doctoral students from Africa said they intended to return to their home country after completing educations abroad. Many Africans are committing to playing a role in their continent’s success, and that bodes very well for the continent’s future.
I would like to add, though, that Africa also benefits from people who have left the continent, but continue to find ways to support their home communities and countries. The African diaspora, comprising more than 30 million people around the globe, can make significant contributions to Africa’s socioeconomic well-being. That can take the form of knowledge and technology sharing, investments, and participation in civil society and advocacy efforts. We do see that happening now, and I hope to see an even more engaged Africa diaspora going forward.
Fully Capitalizing on Africa’s Talent
As I wrote in Billions at Play, female leaders excel at what they do. When women are given the opportunity to lead, we see the businesses, governments, and organizations under their guidance reap the rewards. That’s why we all should be excited when we hear about woman rising to positions of power and influence in Africa.
One of the women featured in my book, for example, has been transforming Africa’s tech sector. Rebecca Enonchong is an innovator who not only thinks outside of the box, she is developing better boxes altogether. Enonchong is the founder and CEO of AppsTech, which provides solutions for businesses and organizations around the globe, and of the I/O Spaces incubator for members of the African diaspora in the U.S. She also is the chair of ActiSpaces (the African Center for Technology Innovation and Ventures) and of AfriLabs, a network organization of more than 80 innovation centers across 27 African countries. And she is a founding member of the African Business Angel Network. Earlier this year, she was among the tech trailblazers featured in the augmented reality art experience “Nyota,” in Lagos, which was created to honor those who have contributed significantly to the growth of innovation and the technology ecosystem in Africa. Enonchong continues to innovate, to lead, and to create meaningful economic opportunities for Africans.
And she is one of many examples I have written about. Another is Catherine Uju Ifejika, Chairman/Chief Executive Officer of Nigerian energy services company, Brittania-U Group. Under her effective leadership, Brittania-U Group creates business opportunities for other indigenous companies, along with training and full-time jobs.
Another African leader to follow is Audrey Joe-Ezigbo, whom I mentioned earlier in this piece. In addition to her role with the Nigerian Natural Gas Association, she is the co-founder of Falcon Corporation Limited, an indigenous midstream and downstream gas outfit. She also is an author; on the Executive Council of Women in Management, Business & Public Service; is the founder of The Barnabas Widows Support Foundation; and provides business and relationship-building training to couples that are in business together.
Lets not forget, Elizabeth Rogo – Founder & Chief Executive Officer Tsavo Oilfield Services. Elizabeth’s trailblazing path includes being the first woman to lead American oilfield service company Weatherford’s Sub-Sahara division to hold country and regional management roles when she was appointed Country Manager (Kenya) then East Africa Area Manager (Kenya, Uganda, Tanzania, Mozambique and Ethiopia) from 2015 until 2017 before starting her own oilfield Services company – another first for a woman in the region.
I am not saying women have more to offer Africa than men, both have a great deal to offer Africa. Why shouldn’t our continent benefit from all of its talent? I am excited to see more women contributing to economic development and innovation in Africa, and I know the continent will continue to benefit as more determined business leaders, male and female, join their efforts.
Movers and Shakers
Arthur Eze is another powerful example of African business leaders working for a better African future. Eze, usually referred to as Prince Arthur Eze because he is descended from tribal royalty, is the founder of Atlas Petroleum International and Oranto Petroleum. He is known not only for his business successes, but also for his philanthropy. Last year, Oranto started building two primary schools in South Sudan, where the company has an exploration license for Block B3. Oranto also has committed to a five-year teacher training program in South Sudan.
Petroleum industry leader Benedict Peters has a strong track record of impactful business and charitable activities as well. He has been recognized for helping Nigeria develop its energy industry, and for transforming Aiteo Group from a small downstream operation to an integrated energy conglomerate. Aiteo is a regular support of organizations like FACE Africa, which provides clean water to sub-Saharan Africans. Peters’ organization, the Joseph Agro Foundation, addresses unemployment and water shortages by creating job opportunities for farmers.
Then there is Sahara Group. Under the leadership of Executive Director and co-founder Temitope Shenube, the Nigerian energy and infrastructure conglomerate empowers the communities where it works. The company’s charitable arm, Sahara Foundation, supports health, education and capacity building, environment, and sustainable development initiatives.
What we are seeing in Africa is a pattern of African petroleum-sector leaders taking meaningful steps to make life better in Africa.
Endless Energy Opportunities
Africa has no shortage of people determined to improve its future, and it has what it needs to fuel their efforts: enormous stores of oil and gas resources. The last 12 months have been an exceptionally exciting time in terms of discoveries.
In offshore Mauritania, Kosmos Energy recently announced a massive natural gas discovery that could yield as much as 50 trillion cubic feet of gas. Total discovered what could amount to 1 billion barrels of oil equivalent offshore South Africa’s Brulpadda field. BP and Kosmos Energy announced a discovery in the Yakaar-2 appraisal well, offshore of Senegal.
We are also seeing tremendously promising activity in Mozambique. Earlier this fall, ExxonMobil announced a $33 billion enlargement of Mozambique’s Rovuma liquid natural gas (LNG) complex. Total, meanwhile, says it will expand its Mozambique LNG project it recently acquired from Anadarko. Both projects are likely to create tens of thousands of jobs, bolster the economy, and raise everyday people’s standard of living.
And these are only a few examples of Africa’s many petroleum-related opportunities. Of course, we need to act thoughtfully and decisively to capitalize on them and make sure that everyday Africans benefit from them. African countries need to monetize their natural resources and use the resulting revenue to build much-needed infrastructure and diversify economies. We must insist on governance that encourages exploration and production, effective local content policies, and an end to corruption. We need to be making better deals and developing new models for managing oil revenue.
Instead of looking to foreign aid, we need to develop strategic partnerships with foreign companies willing to share knowledge. And while we are capitalizing on petroleum resources, we also need to embrace sustainable energy sources and plan now for Africa’s energy transition. I cover all of these topics in great detail in my book.
The African Dream is Within Our Reach
Africa is home to infectious optimism and tenacity. We’re seeing it in Africans who’ve achieved success and now work to help other Africans do the same. We are seeing it in women who are overcoming gender stereotypes and obstacles to take their rightful place as industry leaders. And, we are seeing it among petroleum executives who are offering meaningful support and opportunities to African communities.
Africa is an exciting place in an era of huge potential. That’s why the time is right to join the fight for its future. Whether you are an African entrepreneur, a member of the diaspora, or a foreign investor, your efforts today have more potential than ever to make a positive impact.
NJ Ayuk is the CEO of Centurion Law Group and the Executive Chairman of the African Energy Chamber. His experience negotiating oil and gas deals has given him an expert’s grasp of Africa’s energy landscape. He is the author of “Billions at Play: The Future of African Energy and doing deals.
*Source African Energy Chamber.
Africa Investment Forum 2019: African Development Bank signs $250-million risk participation agreement with ABSA, to address Africa’s trade financing gap
November 18, 2019 | 0 Comments
|The Bank’s trade finance operations aim to facilitate inter and intra Africa trade by reducing the trade financing gap on the continent|
|JOHANNESBURG, South Africa, November 18, 2019/ — The African Development Bank (https://AfDB.org/en) has signed an unfunded $250-million Risk Participation Agreement (RPA) facility with ABSA – a pan-Africa financial institution with a solid presence in 12 African countries.|
The 3-year RPA facility was signed November 12, on the sidelines of the Africa Investment Form through its trade finance operations. Under this 3-year RPA facility, the Bank and ABSA will share default risk on a portfolio of eligible trade transactions originated by African Issuing Banks (IBs) and confirmed by ABSA.
Leveraging the Bank’s AAA rating, ABSA will underwrite trade transactions issued by African issuing banks across key sectors like agriculture, energy, and light-manufacturing with a special focus on Small and Medium Sized Enterprises (SME’s) in fragile and low-income African countries. The Bank’s commitment under the RPA is to assume up to 50% (and 75% in special cases) of every underlying transaction issued by the IBs, while ABSA will confirm such a transaction and bear not less than 50% of its underlying risk.
Working with strategic partners like ABSA, the Bank’s trade finance operations aim to facilitate inter and intra Africa trade by reducing the trade financing gap on the continent. Since 2013, the Bank’s RPA program has supported over 16 issuing banks with about US$650 million limits in Southern Africa alone, with special focus on SMEs and local corporates in manufacturing, agribusiness, import/export and energy sectors.
In the same period, the program supported over $4billion in trade volumes across Africa, with $938 million of that being intra-Africa trade. Other trade finance instruments employed by the Bank include: (i) Trade Finance Line of Credit (TFLoC) (https://bit.ly/2CRVxcv) – funded line provided to banks for the financing of exclusively trade-related transactions in Africa; and (ii) Soft Commodity Finance Facility (SCFF) (https://bit.ly/2CRVxcv) – funded instrument meant to support the financing of exports of soft commodities across the continent.
“The RPA facility is one of the tools employed by the African Development Bank to alleviate poverty and achieve robust economic growth and sustainable development on the continent through: increased trade facilitation of import-export activities of African local corporates and SME’s; enhanced inter and intra-Africa trade; and regional integration,” said Pierre Guislain, Bank Vice President for Infrastructure, Private Sector and Industrialization, “This is consistent with the Bank’s High 5s focus to Industrialize Africa, Light up Africa, Integrate Africa, Feed Africa and improve the living standards of Africans,” he added.
Africa Investment Forum 2019: Masai Ujiri urges African leaders to invest in sports, commissions two new “players”
November 18, 2019 | 0 Comments
|We need to invest in sports; African talent is like gold and diamonds – Masai Ujiri|
|JOHANNESBURG, South Africa, November 18, 2019/ — Masai Ujiri, President of the Toronto Raptors, made his second appearance at the Africa Investment Forum, renewing his call for African governments to invest in sports.|
Ujiri, the only President of National Basketball Association (NBA) of African origin in franchise history, has worked hard over the past year to scout talent and raise awareness about the success and growth of sports on the continent.
“We should be supporting teams here in Africa, that should be our vision. Sports is the next big thing in Africa,” Ujiri said, calling on investors to pay “close attention.” With all the talent in sports, there is no way it should be ignored, he said, reeling off a list of players from Africa on the Raptors team.
The sports ecosystem should be the biggest thing on our continent and has the potential to create jobs and improve livelihoods. African players are in top leagues worldwide and a former footballer is even president of an African state, Ujiri stated.
Ujiri, joined Ashish Thakkar, CEO and founder of Mara phones, and Tokunboh Ishmael, co-founder of Aliethiea IDF for a panel session dubbed “Promises made, Promises kept.”
Ishmael and Thakkar were on stage to share their testimonies, while Ujiri urged investors to look at sports and showed off the NBA championship trophy which at the 2018 Forum he had promised to secure.
Ujiri said President Paul Kagame of Rwanda had heeded his call and was providing support and a “push” for sports. In one year only, Kagame had built an incredible arena in the capital Kigali.
“We need to invest in sports, it should be the greatest ecosystem in the planet,” Ujiri said.
Responding to a question about how to get more women involved and whether women stood to benefit, Ujiri answered that putting women in leadership roles only made sense.
When he took over the Toronto Raptors in 2013 as executive vice president and general manager, there were no women at all, except for one secretary.
“And it really offended me…Women run our homes, they are incredible but when it comes to the workplace, we don’t want to give them that power to show their abilities, ‘Ujiri said.
“Now I have hired 15 women with my organization, and I think it’s important, they give us success. They make us make better decisions,” Ujiri said.
As a parting surprise, Ujiri announced that he had scouted two new players for the Raptors. Welcoming President Kagame and African Development Bank (AfDB.org) Akinwumi Adesina to the stage, he handed them red team gear with their names emblazoned on the back along with the number 19.
“They are going to be playing for the Raptors, I’m taking them back to Toronto with me,” Ujiri announced.
In earlier remarks, Ujiri thanked Kagame and Adesina for their support.
“We should be supporting teams in Africa…The talent in Africa is incredible, it’s like gold and diamond…we have to represent and believe in it.”
The Africa Investment Forum is a marketplace for project developers, investors, borrowers, lenders, policy makers and public- and private-sector investors to encourage investment in Africa. The 2019 edition, which ran from 11-13 November, closed Wednesday in Johannesburg, South Africa.
$1 Million Awarded to African Entrepreneurs in Grand Finale of the Jack Ma Foundation Africa Netpreneur Prize Initiative
November 17, 2019 | 0 Comments
|The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future|
|ACCRA, Ghana, November 17, 2019/ — Last night the Jack Ma Foundation hosted its first annual Africa Netpreneur Prize Initiative (ANPI) (https://www.Netpreneur.Africa/) grand finale awarding $1 million in prize money to 10 entrepreneurs from across Africa.|
The ANPI is a flagship initiative of the Jack Ma Foundation, created by Jack Ma after his first trip to Africa in 2017. The aim of the prize is to support and inspire the next generation of African entrepreneurs who are building a more sustainable and inclusive economy for the future. In its inaugural year, nearly 10,000 entrepreneurs from 50 countries across the continent applied. The Jack Ma Foundation has committed to running the competition for 10 years.
The finale event, called “Africa’s Business Heroes,” was held in Accra, Ghana, where the top 10 finalists pitched their businesses directly to four prestigious judges including Jack Ma, Founder of Alibaba Group and the Jack Ma Foundation; Strive Masiyiwa, Founder and Executive Chairman of Econet Group; Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group; and Joe Tsai, Executive Vice Chairman of Alibaba.
The specifics of the prize pool division is listed below. Each finalist is receiving a share of $1 million.
The top three finalists were:Temie Giwa-Tubosun, founder and CEO, LifeBank (https://LifeBank.ng/) ( Nigeria) – First Place, winning $250,000Dr. Omar Sakr, founder and CEO, Nawah-Scientific (https://Nawah-Scientific.com/) (Egypt) – Second Place, winning $150,000Christelle Kwizera, founder, Water Access Rwanda (https://www.WARwanda.com/) (Rwanda) – Third Place, winning $100,000
“It was an incredible honor to be named Africa’s Business Hero. I was truly inspired by my fellow winners at today’s Netpreneur Summit. The Africa Netpreneur Prize will give me the resources to grow LifeBank and expand our presence in Nigeria and throughout the rest of Africa. I look forward to continuing my journey to solve problems and make a significant impact on the future of Africa,” said Temie Giwa-Tubosun, Founder and CEO of LifeBank.
The remaining finalists, who each received $65,000, are listed below:Waleed Abd El Rahman, CEO, Mumm (https://www.getMumm.com/) (Egypt)Ayodeji Arikawe, co-founder, Thrive Agric (https://ThriveAgric.com/)(Nigeria)Mahmud Johnson, founder and CEO, J-Palm (https://www.JPalmshop.com/) (Liberia)Kevine Kagirimpundu, co-founder and CEO, UZURI K&Y (https://shop.UZURIKY.com/) (Rwanda)Dr. Tosan J. Mogbeyiteren, founder, Black Swan (https://bit.ly/2OjgHFY) (Nigeria)Chibuzo Opara, co-founder, DrugStoc (https://www.DrugStoc.com/) (Nigeria)Moulaye Taboure, co-founder and CEO, Afrikrea (https://www.Afrikrea.com/) (Cote D’Ivoire)
“The finalists who competed in ‘Africa’s Business Heroes’ should be an inspiration for Africa and for the world. Each of these entrepreneurs looked at big challenges facing their communities, and saw them as opportunities,” said Jack Ma, Founder of the Alibaba Group and Jack Ma Foundation. “It is my strong belief that entrepreneur heroes, like these finalists, will change the world – creating companies that drive inclusive growth and opportunity for the continent. Everyone is a winner tonight.”
“This competition demonstrates the overwhelming entrepreneurial talent that exists across Africa. I’m very excited about the future of industry and entrepreneurship for this continent,” said Strive Masiyiwa, Founder and Executive Chairman of Econet Group. “The top 10 truly show the limitless potential of African business.”
“What really struck me about the finalists was that they each addressed specific African problems with a specific African solution in a fresh way, leveraging technology that wasn’t available previously,” said Ibukun Awosika, Chairman of First Bank of Nigeria and Founder/CEO of The Chair Centre Group. “If this is an indication of the future of entrepreneurship on the continent, then Africa’s future looks bright.”
“Africa’s Business Heroes” will be televised in a two-hour special throughout Africa. The journeys of the finalists as well as their pitches and business insights from the judges will all be included in this exciting television event.
You can watch “Africa’s Business Heroes” on the following dates and channels:December 13, 2019 – ROK 3 on DSTVDecember 14, 2019 – NOVELA and Sports Focus on StarTimes
Check your local listings for specific channel and airing times.
The initiative will host a pitch competition where 10 finalists from across the continent will compete for $1 million in total prize money every year through 2028. All entrepreneurs across Africa, are encouraged to apply. Entries for next year’s prize will open in the first half of 2020.