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Category: COVER

  • Africa must strengthen accountability and governance to prosper — Botswana President Duma Boko

    Africa must strengthen accountability and governance to prosper — Botswana President Duma Boko

    GABORONE, Botswana, November 25, 2024/ — Africa’s economic success and sustainability are intrinsically linked to accountable governance, Botswana’s President, Duma Boko, stressed at the opening of the 2024 African Economic Conference in Gaborone.

    “Peace and stability in Africa must be anchored on accountable and responsive governance,” the president said adding, “This is a fundamental human right for every African citizen. It sets the requisite bedrock for any form of measure for our economic development and its sustainability.” He also called on African countries to strengthen democracy and uphold the rule of law.

    The three-day conference, with the theme, “Securing Africa’s Economic Future Amidst Rising Uncertainty,” has brought together leaders, policymakers, and experts to address the continent’s economic challenges and opportunities. Organised by the Government of Botswana, the African Development Bank, the United Nations Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP), the event seeks actionable solutions for Africa’s economic growth.

    President Boko underscored that transparency, accountability, and respect for the rule of law are critical in attracting foreign investment and fostering sustainable growth. “Africa is at a crossroads,”  he said. “We must confront the obstacles facing our citizens and leverage our collective strengths to secure a prosperous future amidst a volatile global economic environment characterized by rising inflation, supply chain disruptions, and tightening monetary policies.”

    He also underscored Africa’s unique endowments, including its abundant natural resources and youthful population, which could drive transformative growth if governments prioritise education, skills development, and value addition for raw materials.

    Addressing Africa’s Economic and Social Challenges

    The United Nations Under-Secretary-General and Executive Secretary of ECA, Claver Gatete, said Africa faced several pressing issues, including climate change, unsustainable debt, and systemic global inequalities. The  global financial system is failing to serve Africa adequately and needs to be urgently reformed, he said.

    Gatete highlighted that the continent’s annual losses from climate disasters alone are as high as $440 billion, while the financing gap to achieve the Sustainable Development Goals in Africa has surged to $1.3 trillion annually. At the same time, Africa’s external debt surpassed $1 trillion in 2023, with unsustainable interest payments restricting development financing.

    “The human cost is equally staggering. Nearly 476 million Africans live in poverty today, with 149 million falling into this bracket recently due to cascading climate and economic shocks,” Gatete said.

    Regional reforms and integration are critical

    President Boko encouraged African nations to leverage the African Continental Free Trade Area to transform the continent’s economic landscape through increased investment, job creation, and industrialisation.

    “We must not allow the uncertainties of today to deter us from the opportunities of tomorrow,” he told participants.

    Chief Economist and Vice-President of the African Development Bank Prof. Kevin Urama,  urged African countries to adopt innovative, homegrown solutions tailored to its unique challenges. He advocated for strengthened fiscal policies and more resilient resource mobilization to address debt challenges.

    Innovative Financial Solutions for Growth

    UNDP Africa Bureau Director Ahunna Eziakonwa called for innovative and sustainable financial solutions to reduce borrowing costs and address credit rating biases, which cost the continent $76 billion annually.

    “We must take steps to ensure that Africa’s abundant resources finance its growth,” said  Ms. Eziakonwa, adding that, “Africa’s money must work for Africa’s people. We must stem illegal flows where $90 billion is lost. Tens of billions of pension funds, sovereign wealth funds, and insurance funds must work for the continent rather than elsewhere.”

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    For interviews and media inquiries, please contact:
    UNDP
    Eve Sabbagh
    Strategic Communications Specialist
    eve.sabbagh@undp.org

    African Development Bank
    Emeka Anuforo
    Communication and External Relations
    media@afdb.org

    ECA
    Sophia Denekew
    Media Relations
    denekews.uneca@un.org

    SOURCE
    African Development Bank Group (AfDB)

  • Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai Property Market sets new benchmarks with Over 50,000 Sales Transactions

    Dubai, United Arab Emirates, 20 November 2024: The real estate market in Dubai

    continues to grow at an exponential rate, driven by increasing demand as an investment

    destination, relaxing land ownership regulations, the increasing inflow of expats to the

    Emirate and convenient payment plans offered by developers.

    Breaking records in standard Dubai style, sales of real estate in the third quarter of 2024

    achieved an unmatched milestone, with a total value of almost AED 141.9 billion ($38.7

    billion). This surpasses the previous record of AED 124.07 billion ($33.8 billion) set in the

    second quarter of this year, a 14.4% QoQ increase, making this the largest quarterly sales

    amount ever attained. This strong performance record is a 30.1% value increase YoY, with

    first-sale properties taking the helm.

    The sustained demand for real estate in Dubai, especially from domestic and international

    investors, is demonstrated by this upsurge in activity which has been a consistent trend in

    the post-pandemic market. 50,423 sales transactions in the third quarter represented a

    16.6% increase QoQ and a 37.9% YoY increase in volume of sales.

    The apartment segment continued to lead the way, with 77% of all transactions in Q3

    recording an impressive 39,054 sales transactions valued at around AED 70.5 billion ($19.2

    billion). This number is a staggering 43.9% increase in volume compared to the same

    quarter in the previous year. Villa sales took the second spot with a substantial contribution

    of 8,156 units, sold for over AED 39.2 billion ($10.7 billion), demonstrating an increase of

    16.6% YoY and 18.4% over the Q2.

    Sales of land plots surged, AED 29.9 billion ($8.1 billion) recorded from 2,102 transactions,

    indicating a 45.9% YoY increase in volume and a 42.3% increase from the previous quarter.

    A 12.1% rise in volume over Q3 2023 was recorded in the commercial real estate sector,

    which also did strongly, recording 1,112 sales valued at almost AED 2.3 billion ($626 million).

    Palm Jumeirah continues to hold its position in the luxury property market, with an apartment

    in the neighbourhood selling for an astounding AED 275 million ($75 million) in Q3, making it

    the most expensive single property sold.

    Jumeirah Village Circle continued to top the list of the top five performing locations in Dubai

    in Q3 2024.

    1. JVC: 4,467 transactions valued at roughly AED 5.33 billion ($1.45 billion)
    2. Dubai South: 2,910 transactions valued at AED 8.25 billion ($2.25 billion)
    3. Wadi Al Safa 5 (AED 5.3 billion, $1.44 billion)
    4. Business Bay (AED 7.22 billion, $1.96 billion)
    5. Dubai Hills Estate (AED 7.38 billion, $2.01 billion)

    Overall, the larger portion of transactions, 31%, were houses priced between AED 1-2

    million ($272,000 and $544,000). Twenty-nine percent of properties were below AED 1

    million ($272,000), while 18% were between AED 2-3 million ($544,000 and $816,000). The

    trajectory for higher-valued properties continued, with 14% of all sales were for residences

    valued between AED 3-5 million ($816,000 and $1.36 million), and 8% were for properties

    priced beyond AED 5 million ($1.36 million).

    In light of the staggering growth in Dubai’s real estate market, the 21 st edition of IPS

    Congress, the leading international property sales event in the middle east, ramps up to

    bring together major stakeholders in this booming industry, from April 14 to 16, 2025. With

    an expected attendance of over 16,000 visitors and more than 150 exhibitors from over 45

    countries, this event aims to strengthen Dubai’s global leadership in this industry by fostering

    collaboration with the private sector and international firms aligning with Dubai’s Real Estate

    Strategy 2033.

    Key themes of IPS Congress 2025 will include IPS Real Estate: Highlighting the latest

    trends across the real estate sector; IPS Future Cities: Focusing on the development of

    sustainable urban environments; IPS Proptech Startups: Exploring technological

    innovations in the real estate space; IPS Design: Celebrating creativity in architectural

    aesthetics, and IPS Service: Elevating property management and hospitality standards.

    For more information about the exhibition, please visit: www.ipscongress.com

  • Africa Finance Corporation (AFC) Secures US$300 Million Loan, Expanding Investor Base with Indian Lenders

    Africa Finance Corporation (AFC) Secures US$300 Million Loan, Expanding Investor Base with Indian Lenders

    DUBAI, United Arab Emirates, November 18, 2024/ — Africa Finance Corporation (AFC) the continent’s leading infrastructure solutions provider, has successfully closed a US$300 million India-focused syndicated loan, marking a significant milestone in its ongoing strategy to diversify its international investor base. The transaction introduced a new group of lenders from India, further expanding AFC’s global partnerships.

    This landmark transaction, commemorated in Dubai, underscores AFC’s robust standing as an investment-grade rated development financial institution with a unique ability to attract diverse global investors, furthering its pivotal mission to catalyse infrastructure development across the continent.

    Underlining AFC’s strong position in global capital markets, Bank of Africa UK PLC (BOA UK) acted as the sole mandated lead arranger and bookrunner, assembling a syndicate of seven leading Indian banks. This group included five new lenders—State Bank of India, Canara Bank, Bank of India, Indian Bank, and UCO Bank—alongside two returning lenders, SBI (Mauritius) and Indian Overseas Bank. The lender group behind the transaction reinforces AFC’s strategy of diversifying institutional partnerships and its pivotal role in advancing Africa’s economic growth and industrialization.

    This latest transaction which was oversubscribed by 50% builds on AFC’s fundraising momentum this year, including a landmark US$1.16 billion debt facility that attracted lenders from the Middle East, Europe and Asia. These transactions reflect the Corporation’s growing capacity to mobilise global capital, supported by its A3 credit rating from Moody’s, reaffirmed recently with a stable outlook, which underscores AFC’s sound creditworthiness, strategic positioning in global capital markets, and enhanced capabilities to finance transformative infrastructure projects across Africa.

    “We are very pleased to have achieved this historic milestone with the Indian debt markets,” said Banji Fehintola, Executive Board Member & Head, Financial Services, AFC. “This transaction is a remarkable feat in our efforts to mobilise global capital for development impact.

    With the backing of our A3 credit rating and proven track record of mobilising capital, we remain committed to delivering high-impact initiatives that unlock Africa’s potential. Through transactions like this, we expand transformative opportunities, foster economic resilience, and pave the way for sustainable growth across the African continent. We are grateful to our lenders for their confidence in our mandate and their support for our development goals.”

    Said Adren, Chief Executive Officer, Bank of Africa UK PLC, emphasised the significance of this new chapter in AFC’s fundraising strategy: “We have always believed that there is an appetite for Africa risk in previously unexplored lender geographies like India provided it is presented in the right manner. We hope that this deal paves the way for more capital inflows into Africa.”

    “Indian lenders are unique in their requirements, and we are glad that we could leverage our expertise and successfully execute this landmark transaction for AFC,” said Zineb Tamtaoui, General Manager, Bank of Africa SA, DIFC Branch, and Head Middle East & Asia for Bank of Africa.

    The funds raised through this syndicated loan will be deployed to support transformative projects that will drive long-term positive change across Africa, further cementing AFC’s leadership in advancing impact development.

    Distributed by APO Group on behalf of Africa Finance Corporation (AFC)

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  • Kulkpiniduli market Establishment Issue brought to rest

    Kulkpiniduli market Establishment Issue brought to rest

    Story: Abdul Razak Mohammed

    The reported near stand-off between Dagomba and Konkomba youth group opponents and proponents to the planned establishment of a new market on the 23rd August at Kulkpiniduli in the Yendi Municipality and Mion District in Ghana’s Northern Region, has been brought to rest as the  Dagbon Traditional Council(DTC) intervened  and stamped its authority on the matter.

    This yet another undesirable  development nearly took the shine out of a pragmatic Dagomba-Konkomba peace restoration, building and conservation initiative pursued following the 6th August,2024 community violence at Zobgei, also in the Yendi Municipality and Mion District.

    Both communities are found in Mion and traditionally under His Royal Highness, the Mion-Lana (Mion Paramount Chief),

    In a ban notification letter by the Dagbon Traditional Council, dated 23rd August,2024, and addressed to the Chairman of the Yendi Municipal Security Council, the King of the Dagbon Kingdom, His Royal Majesty, ndan Yaa-Naa Abukari II, directed the announcement of a ban on the establishment of the Kulkpeniduli Market and any other place within the Mon Traditional area until further notice.

    It also disclosed that the establishment of the Kulkpeniduli market was being pursued without the knowledge of the traditional authorities of both Mion and Gbewaa Palace.

    ‘Justification’ for Kulkpiniduli Market Establishment

    The establishment of the Kulkpiniduli market the notice disclosed, was based on fears that Konkombas would be attacked by Dagombas, at the Sambu market, at Mion.

    Independent investigations it added, conducted by the Dagbon Traditional Council(DTC)  however, established for a fact that, Konkomba traders who patronized the Sambu market on Friday,23rd August,2024  did so without any confrontation with any one or group of persons.

    His Royal Majesty, also further directed that; security be provided on Sambu market days for all traders irrespective of their ethnic identity.

  • Dagomba-Konkonba Peaceful Co-Existence Spans 300 Years

    Dagomba-Konkonba Peaceful Co-Existence Spans 300 Years

    Story: Abdul Razak Mohammed

    His Royal Majesty, ndan,Ya Naa Abukari I, the King of Dagbon (Dagomba Kingdom), Northern region of Ghana, says Dagombas and Konkombas have an age-long  good neighborliness, mutual respect and peaceful co-existence track record.

    This, he noted, spans a period of three hundred years until sadly and from nowhere, bad blood crept into their midst since the 1990s resulting into the first ever Dagbamba-Konkomba armed conflict.

    His Royal Majesty said humans as they are, cannot once a while, escape misunderstandings and conflicts and should they happen to encounter such, it takes cool and level headedness employing dialogue not use of arms, in other to find a resolution and restore peace once again.

    He therefore advised more interactions, and networking between Dagbamba and their Konkonba brethren in their efforts to repair the damages and reactivate the age-old peaceful co-existence they had once enjoined for centuries. Exposing of trouble mongers and enemies of peace from both sides for the law to take its course would also be prudent under the given circumstances he added.

    Dagbon’s King, also reminded the security authorities about his previous call on them to arrest and prosecute youth using social media to make posts content of which is intended to offend other ethnic groups, beat false war drums, create fear and panic and to heighten ethnic tension.

    Dagbamba and Konkonbas he noted, were one people, eat same food have similar cultural norms and values and should therefore build upon that to ensure sustainable peaceful co-existence between the two ethnic groups.

    The Ya Naa was speaking during the visit of a Konkonba-Dagomba peace delegation to the Gbewaa Royal Palace in Yendi the seat of Dagbon Kingship on Saturday.

    The delegation comprised members of Saboba, Wapuli and other Konkonba communities headed by His Royal Highness, the Paramount Chief of Saboba in the company of other Dagomba Paramount chiefs. The visit was as the byproduct of mutual consultation between the Konkonba side led by Saboba Paramount Chief,Saboba Naa Ubor Bowan John Sakojim IV.

    and the Dagomba side the Paramount Chief of Karaga,Naa Bakpema Kari-Naa Abdulai Natogmah

    His Royal Majesty appreciated the Paramount Chief of Saboba for the affirmative action that sought to nib in the bud the Zogbie menace which he said claimed seven lives, so it doesn’t escalate into another Dagbamba-Konkonba war.

    Touching on the issue of land the source of the Zogbie incident, His Royal Majesty didn’t mince words in saying that by the laws of the country he as King of Dagbon is the custodian of all lands in Dagbon which he holds by trust on behalf of the people of Dagbon.

    This, he said, had been categorically stated in the 1996 Kumasi Peace Accord signed between Dagombas and Konkombas after the most unfortunate first ever armed conflict between the two age-old neighbours.

    The various paramount chiefs are responsible for the oversight responsibility of lands under their various jurisdictions.

    His Royal Highness, Na Yeb Kug Na on his part, said that if a Dagomba and a Konkonba picks up a quarrel it should be treated as a quarrel between one Dagomba individual and another one Konkonba individual but not to be taken as a fight between the two tribes such that members from one tribe would just simply pick up guns and start killing each other leading to an inter-ethnic war as has become the sad practice today.

    Dagombas and Konkombas he intimated, were like the twin halves of  one splitted calabash in other words they are one and the same people

    His Royal Highness  also observed that land acquisition in Dagbon had laid down procedure which those interested in acquiring and utilizing land for any purpose, had to follow like all others do. Land acquisition through guns and spears are no more acceptable in this modern era.

    The District Chief Executive(DCE) of Yendi, Hon Abubakar who represented government said President Nana Akufo Addo’s government was following the peace efforts with keen interest the efforts being made towards addressing the Zogbie incident.

    The President he says also appreciates the peace efforts being pursued by  His Royal Majesty,ndan Yaa Naa Abukari I,since his coronation up till date.

    Hon Abubakar said President Nana Addo says he takes cognizance of the fact that, His Royal Majesty’s peace efforts is not limited to Dagbon alone,but it extends as  far as Nanum and Kpandai.

    The President,Hon Abubakar assed,also highly appreciates  His Royal Highness,the Paramount Chief of Saboba for his untiring and selfless efforts  to ensure that the Zogbie incident  doesn’t   escalate into another inter-ethnic war.

     

     

     

     

     

     

     

     

     

     

  • Treat Zogbie’s Incident as Localized and Isolated

    Treat Zogbie’s Incident as Localized and Isolated

    Story: Abddul Razak Mohammed

    His Royal Highness, Ubor Bowan John Mateer Sakojim IV, The Paramount Chief for Saboba Traditional Area, has called  for peace to prevail in Zogbie, Mion District, Northern Region of Ghana following the resent reported eruption of violence in the said community.

    He has also called on all Dagombas and Konkonbas to at this difficult times, treat the  most unfortunate  incident as localized and isolated and  never  as  war between the two ethnic groups.

    “It is with deep regret that I, Ubor Bowan John Mateer Sakojim IV, Paramount Chief of the Saboba Traditional Area, address the recent clashes between Dagombas and Konkombas in the farming community of Zogbie, in the Mion District of the Northern Region of Ghana.

    “These clashes, which took place on Tuesday, August 6, 2024, over a parcel of land, have unfortunately led to the loss of precious human lives.

    “It is crucial that the youth refrain from making inflammatory comments that have the potential to escalate the situation. Furthermore, I urge everyone to refrain from posting falsehoods and unverified information on social media, as these actions can only serve to worsen the conflict.

    ‘Adherence to the rule of law is essential during these trying times. The Northern Region requires a peaceful and stable environment to foster development. I implore the security services detailed to restore peace to act with firmness and fairness towards all individuals involved.

    “A thorough investigation must be conducted to bring the perpetrators of these acts to justice. I also call upon the chiefs and opinion leaders within the affected areas to take active steps to initiate dialogue between the feuding factions.

    “Open communication and understanding are key to achieving lasting peace in our communities. Dagombas and Konkombas must not view each other as enemies. Instead, we must unite to combat our common adversaries: poverty and underdevelopment. By working together, we can build a better future for our people”

    These were contained in a Press Release issued at the Palace of the Paramount Chief in Saboba,Thursday.

    In its 0fficial  statement issued and signed by its Director of Communications earlier in Tamale, Wednesday, the Dagbon Youth Association (DAYA) on its part had also observed with sadness, a rising tension in the Mion Traditional Area.

    “We understand the tensions are due to a land dispute between Konkombas and Mion Palace. This has fast become a Konkomba-Dagomba issue according to social media commentators.

    “Unconfirmed report, the statement noted, has it that this has resulted in loss of lives and injuries from both Konkombas and Dagombas. There has however been a deployment of heavy security from REGSEC to contain the situation.

    “DAYA wishes to urge everyone living around the area as well as travelers along Sang-Yendi stretch of the Tamale-Yendi Road to be circumspect but remain calm and cooperate with the security personnel.

    “We also wish to caution social media commentators to avoid discussing the issue and calling for social media war between Dagombas and Konkombas” the statement added.

     

     

     

  • Morocco Earmarks One Million Hectares of Land for the Construction of Green Hydrogen Projects and Real Estate

    Morocco Earmarks One Million Hectares of Land for the Construction of Green Hydrogen Projects and Real Estate

    Morocco has pledged to award one million hectares of land to facilitate the construction of its green hydrogen projects. Furthermore, the government plans to allocate this vast land to develop real estate projects as part of its “Morocco Offer” initiative.

    Prime Minister Aziz Akhannouch highlighted that this enormous land allocation will support integrated green hydrogen projects, enhancing Morocco’s competitiveness in the global market. In addition to the land allocation, the government is implementing measures to streamline the real estate sector. This includes simplifying administrative procedures, reducing required documents, and establishing regional urban planning agencies.

    The goal is to create jobs, attract investment, and improve access to public services. These initiatives demonstrate Morocco’s commitment to sustainable development. It also highlights the country’s ambition to become a global leader in green hydrogen production while fostering a thriving real estate market.

    The State of Affairs Regarding Morocco’s Green Hydrogen Projects

    With the allocation of the vast land in check, the implementation of Morocco’s green hydrogen projects is all but assured. The authorities will allocate 300,000 hectares to be divided into lots of 10,000 to 30,000 hectares, depending on the size of the planned projects.

    The government said it will assign the land to private investors and track the project development. It has reportedly received several expressions of interest from around 100 national and international investors. It said the first preliminary contracts could be signed by the third quarter of 2024.

    Laila Benali, the minister of energy transition, noted the importance of private investments for the country, which needs to triple its annual investments in renewable energy and multiply its investments by five. Benali said that Office Chérifien des Phosphates (OCP) recently launched an investment plan worth $14.2 billion.

    The plan seeks to promote the manufacture and development of various projects. These include the manufacture of green fertilizer, the launch of renewable energy production, and the development of seawater desalination projects.

    SOURCE

    CONSTRUCTION REVIEW

  • African Petroleum Producers Organization (APPO) Executive Retreat Explores Africa’s Oil & Gas (O&G) Future in the Age of the Energy Transition

    African Petroleum Producers Organization (APPO) Executive Retreat Explores Africa’s Oil & Gas (O&G) Future in the Age of the Energy Transition

    JOHANNESBURG, South Africa, July 11, 2024/ — African intergovernmental organization the African Petroleum Producers Organization (APPO) held an executive retreat to discuss the future of the African oil and gas sector amidst the ongoing energy transition on July 8-9.
    The retreat was in preparation for the opening ceremony of APPO’s 18th Executive Board Meeting which will be held today, Thursday June 11, where the Republic of the Congo’s Minister of Hydrocarbons Bruno Jean Itoua and APPO’s Alternate President will give an opening address.

    During the retreat, APPO member nations discussed strategies for embracing the energy transition, including leveraging centers of excellence, seminars and training programs to combat gas flaring, improve local content and promote research and development.

    Former Nigerian Minister of Petroleum Resources Emmanual Ibikaichuku; Chief Academic Officer of Maarifa Education Olubayi Olubayi; and Executive Chairman of the African Energy Chamber (AEC) NJ Ayuk led thought-provoking conversations on African petroleum development and sustainable energy during the meeting.

    Building on its long-standing role in Africa’s oil and gas industry, APPO has been instrumental in pioneering financial solutions for the sector. APPO has played an integral part in Africa’s oil and gas industry since its establishment in 1987.

    The organization – alongside pan-African financial institution the African Export-Import Bank (Afreximbank) -established the newly formed African Energy Bank (AEB) – an institution that will provide finance for African oil and gas projects.
    The organization recently announced that the banks headquarters will be situated in Abuja Nigeria, a decision that followed a meticulous review process. The goal of establishing the AEB was to support oil and gas projects that have been struggling with financing due to the ongoing energy transition as global financers shift investment towards alternative energy sources.
    The establishment of the AEB will also support Africa’s energy security by ensuring a reliable supply of energy from both traditional and renewable sources, contributing to a more diversified African energy sector.

    Continuing its collaborative efforts, APPO has strengthened its alliance with the AEC to further bolster Africa’s energy landscape.

    APPO continues to work hand-in-hand with the AEC, supporting existing initiatives and driving new ones forward. In January, APPO and the AEC signed a MoU in the Republic of the Congo to enhance Africa’s energy security and support local content development.
    This collaboration seeks to target African companies in the oil, gas and broader energy sector and encourage them to undertake larger projects. The collaboration further aims to stimulate technology-focused investments and partnerships across the industry, address obstacles and create an enabling environment for investors through the utilization of private sector potential and intra-African energy commerce.

    Moreover, APPO has also established a strong partnership with the Organization of the Petroleum Exporting Countries (OPEC). The collaboration between these two organizations aim to advance African oil and gas projects though shared expertise, coordinated efforts in market stabilization and investment opportunities.

    Recently, OPEC held the OPEC-Africa Energy Dialogue, in which APPO attended. The third High-Level Meeting of this dialogue emphasized the importance of cooperation between OPEC, APPO and the African Union Commission to cultivate a sustainable intra-African oil and gas industry. This partnership demonstrates APPO’s commitment to engaging in collaborative action to address Africa’s energy needs as well as advancing sustainable development on the continent.

    “APPO been a steadfast advocate for the continent’s oil and gas industry. Through its strategic initiatives and partnerships, such as the collaboration with Afreximbank to establish the AEB, APPO is not only addressing the financing challenges faced by the sector but also ensuring Africa’s energy security.

    By prioritizing traditional energy sources, APPO aims to support the continued development of oil and gas projects while simultaneously facilitating a balanced energy transition in Africa,” states NJ Ayuk.

    With major oil and gas projects underway in Africa –  such as the Greater Tortue Ahmeyim, Mozambique LNG, Uganda’s Lake Albert Development, Senegal’s Sangomar Field Development and others – APPO stands ready to support these initiatives by ensuring access to necessary financing.

    Additionally, the organization aims to facilitate technology-driven solutions while promoting practices that align with the continent’s energy transition goals.
    Distributed by APO Group on behalf of African Energy Week (AEW).

    SOURCE
    African Energy Week (AEW)
  • West Africa Set for Downstream Boost with African Refiners and Distributors Association (ARDA) Participation at MSGBC 2024

    West Africa Set for Downstream Boost with African Refiners and Distributors Association (ARDA) Participation at MSGBC 2024

    DAKAR, Senegal, July 10, 2024/ — In support of the development and deployment of liquefied petroleum gas (LPG) solutions throughout the continent, pan-African downstream organization the African Refiners and Distributors Association the UN-backed Global LPG Partnership have mobilized $1 billion in financing for clean cooking solutions in Africa.
    As such, the participation of ARDA Executive Secretary Anibor Kraghan as a speaker at this year’s MSGBC Oil, Gas & Power 2024 conference – taking place in Dakar from December 3-4 – will showcase the role downstream expansion has in delivering an inclusive energy future in Africa.

    Representing the only pan-African organization for the continent’s downstream sector, ARDA’s mandate to become a voice for all African downstream stakeholders is becoming more effective. At a time when disruptions in global supply chains continue to cause price shocks and instability worldwide, many African countries continue to rely heavily on refined product imports.

    In this context, ARDA advocates the need to improve investment across the downstream sector so that Africa can improve energy security and self-reliance with upgrades to existing refineries, the construction of new facilities and the establishment of regional distribution networks.

    Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region’s oil, gas and power sector. Visit www.MSGBCOilgGsandPower.com to secure your participation at the MSGBC Oil, Gas & Power 2024 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    Having recently joined the ranks of oil-producing nations from its first shipment of crude oil from the Sangomar field development this month, Meanwhile, in May 2024, Senegal’s Saint-Louis Region Governor Alioune Badara Sambe announced that the country will build a new 250 MW gas-to-power plant near Saint-Louis, which will leverage gas from the country’s flagship Greater Tortue Ahmeyim (GTA) field – due to start production by the end of this year.

    Senegalese energy company West Africa Energy plans to open the country’s first and largest combined cycle gas power station in December 2024. The Cap des Biches plant will have an initial estimated capacity of 160 MW and leverage sizeable gas reserves to be brought online by large-scale projects underway in the region.

    Currently in its construction phase, the project is expected to enter generate 2,390 GWh of electricity for consumers. Meanwhile, with a capacity of 360 MW, the Sandiara gas-to-power plant is slated to start construction this year in Senegal’s Special Economic Zone and will feature an annual production capacity of 2,900 GWh.

    West Africa’s oldest refinery, the Société Africaine de Raffinage refinery in Senegal is currently undergoing major upgrades. The country’s government is currently in discussion with financial institution the African Export-Import Bank to support $500 million in syndicated finance to increase annual production from 1.5 million to 3.5 million tons of refined petroleum products.

    With sizeable offshore oil and gas reserves, the MSGBC region’s abundance of natural resources is set to drive downstream investment while providing much-needed energy development to the West African region.

    In addition to the Sangomar and GTA developments, the MSGBC region is home to the Yakaar-Teranga field, offshore Senegal, which holds confirmed reserves of 25 trillion cubic feet (tcf) of natural gas. meanwhile, the BirAllah gas field offshore Mauritania is estimated to contain nearly 60 tcf of gas and is poised to commence production in the third or fourth quarter of 2024.

    In light of these developments, the MSGBC region’s downstream industry represents a highly attractive investment opportunity owing to rising regional demand, industry-focused policies and the introduction of local oil and gas to the market in 2024. As such, Kragha’s participation at MSGBC 2024 is set to examine developments across the regional downstream industry, challenges faced and strategies for expanding infrastructure.

    Distributed by APO Group on behalf of Energy Capital & Power.

    SOURCE
    Energy Capital & Power

  • NJ Ayuk Selected as Leading Practitioner in Who’s Who Legal: Energy 2024

    NJ Ayuk Selected as Leading Practitioner in Who’s Who Legal: Energy 2024

    JOHANNESBURG, South Africa, July 10, 2024/ — African Energy Chamber (AEC) (www.EnergyChamber.org) Executive Chairman NJ Ayuk has been selected as one of the world’s leading practitioners in the Who’s Who Legal (WWL): Energy 2024 report.

    Hosted by global legal intelligence platform Lexology, the WWL: Energy 2024 report is a comprehensive source of international legal updates, analysis and insights on law firms and in-house counsel.

    Ayuk’s selection not only underscores his expertise in the field of energy but his recognition as an authority in the African energy sector.

    The WWL: Energy 2024 report identifies private practice lawyers with a proven track record in representing and advising major and independent energy companies involved in the exploration, production, marketing and transportation of energy.

    The report highlights experts in the sector using a combination of extensive research, client feedback and expert insight. As such, this recognition underscores Ayuk’s profound impact on the global energy legal sector, specifically in advocating for investment and development across Africa’s evolving energy industry.

    Ayuk’s expertise spans various aspects of energy law, including oil and gas, renewables and power projects. Through his work as Founder and Executive Chairman of the AEC – an energy advocacy group which serves as the voice of the African energy sector – Ayuk’s efforts have not only elevated the profile of African energy on the global stage but also paved the way for innovative legal frameworks that support investment and growth in the sector.

    In addition to his role at the AEC, Ayuk is the Founder and former-CEO of CLG – previously Centurion Law Group -, a trailblazing legal firm renowned for its innovative and flexible approach to meeting the diverse needs of its clients.

    His extensive experience and leadership in navigating the complex legal landscapes of the energy sector have been pivotal in driving forward both the AEC and CLG’s mission to promote sustainable and inclusive energy development across the continent.

    Ayuk’s inclusion in the WWL: Energy 2024 report highlights his unwavering commitment to fostering a more equitable and prosperous energy future for Africa. This milestone is a testament to Ayuk’s dedication, vision and influential role in the legal field.

    “Being acknowledged by my peers in the legal community is a tremendous honor. It reinforces the importance of collaboration and the collective effort of lawyers in shaping the future of the energy sector.

    Energy is the backbone of economic development and as the sector continues to grow, I am committed to supporting and guiding its progress through sound legal practices and strategic advocacy. Together, we can drive sustainable growth and create opportunities for all,” stated Ayuk.

    Distributed by APO Group on behalf of African Energy Chamber.

    SOURCE
    African Energy Chamber