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Angola Oil and Gas (AOG) 2022 Unpacks How to Privatize and Finance Growth for Africa’s National Oil Companies (NOCs)

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3 years ago

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AOG

A strategic panel featuring regional stakeholders evaluated how Africa’s leading NOCs can access financing and become more competitive on the global energy stage

LUANDA, Angola, November 30, 2022/APO Group/ — 

Key stakeholders from Angola and Namibia evaluated the current role and future potential of Africa’s national oil companies (NOCs) during a strategic panel on the second day of Angola Oil & Gas (AOG) 2022 (http://bit.ly/3UyBCpP), as NOCs take concrete steps across the continent to increase efficiencies, cut costs, boost profitability, and transform into competitive, agile, and integrated energy companies.

Moderated by Manuel Mota, Partner – Assurance, EY, the panel comprised Patricio Vilar, Chairman of the Board of Directors, IGAPE; Baltazar Miguel, Executive Board Member, Sonangol; and E.P. Immanuel Mulunga, Managing Director, NAMCOR.

One of the most important reforms in Angola’s oil and gas (http://bit.ly/3AX1Wln) sector has been the Regeneration Program of national oil company Sonangol, which refocused its activities on the primary E&P value chain and repositioned the NOC to serve as a competitor to international operators. Concluding its final phase in June 2021, the program has achieved several key successes – including raising its operating revenue year-on-year, completing new seismic acquisition, and launching several refining and storage projects – with its comprehensive restructuring serving as a model for other African NOCs.

“Within this process of restructuring the sector, we had a vision that Sonangol (http://bit.ly/3H1TmW6) should focus on its core activities and improve its performance. The assets that were not core, we put aside,” said Miguel. “We have opened privatization up to 30%, evolving to IPO. This process has started. We have launched an international tender where over 17 foreign institutions participated.”

“Our national oil company was not a parastatal – it was a state within another state,” noted Vilar. “We have already privatized 84 state-owned companies. Out of 60 industry units, we have practically privatized them all.”

We have launched an international tender where over 17 foreign institutions participated

The panel identified how NOCs can assess market readiness for privatization and how they can better compete with international operators in the free market.

“How ready is Sonangol for an IPO? The practices of organizations listed on stock exchanges and the gaps that Sonangol has in its own practices have been identified, and a roadmap for the implementation of processes has been defined. We are currently starting this implementation,” added Miguel.

For many African oil- and gas-producing countries, NOCs serve as the bridge between private and public sector interests and account for the lion’s share of government revenues. However, African state oil firms continue to face financial constraints – often subsidizing government budgets – and require enhanced access to financing to catalyze their growth. 

“Now that we have finally made discoveries and looked to find producing assets outside of Namibia (http://bit.ly/3VGCXuy), we have to go back to our roots and focus on our upstream. We are talking to Afreximbank and other financial institutions to make sure we have the necessary capital required for investments in the upstream space,” said Mulunga. “Traditionally, our revenue and asset base has been very small, but thanks to the discoveries and producing assets we are going after, there is an appetite to invest in Namibia.” 

The panel concluded by exploring the future contributions of African NOCs in the sector and their leading role in nation-building and economic diversification. In view of the global energy transition underway, panelists discussed how African NOCs can build more diversified and sustainable energy portfolios.

“We’re already producing 150 MW of clean energy,” said Miguel. “We have been engaged in green hydrogen (http://bit.ly/3EOYavo) production with two companies. We have a carbon project that has been coordinated with a local NGO. We have several other initiatives that we have been able to implement within the energy transition. The global banking system is requiring that we show via our projects what precisely Sonangol is doing on decarbonization and environmental protection.”

“If we don’t have a strong narrative on what we will do, then we won’t get financing,” stated Vilar. “Let us not abandon what sustains us. Let us continue maximizing what we have, while minimizing the ecological impact. That should be our concern.”

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

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As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

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2 days ago

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February 6, 2026

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Debate

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

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Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

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2 days ago

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February 6, 2026

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CLG

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

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The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

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2 days ago

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February 6, 2026

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ITFC

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

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