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Cameroon’s Caisse Nationale de Prévoyance Sociale (CNPS) and SBM in Mauritius invest in Africa Finance Corporation‘s impact infrastructure mission

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CNPS

SBM joins a long list of investment-grade rated shareholders of AFC and is the second investor from Mauritius, following a subscription from the National Pensions Fund and Savings Fund in 2022

LAGOS, Nigeria, June 20, 2023/APO Group/ — 

Africa Finance Corporation (www.AfricaFC.org), the leading infrastructure solutions provider in Africa, has received new equity investments from Caisse Nationale de Prévoyance Sociale (CNPS), Cameroon’s public pension fund, and SBM Capital Market Securities Ltd., one of the leading investment-grade financial services providers in Mauritius, further expanding its shareholder base.

The investments mark a trend of African institutional investors—including pension funds, insurance companies and financial institutions—diversifying their portfolios from traditional asset classes such as bonds and listed equities to work with AFC on closing the continent’s infrastructure gap and unleash prosperity.

CNPS is the biggest pension fund in Cameroon, tripling its profits over the last five years; while SBM Capital Market Securities is a subsidiary of SBM Holdings Ltd., one of the largest and most diversified financial services providers in Mauritius, with nearly US$8.3 billion in assets under management. SBM joins a long list of investment-grade rated shareholders of AFC and is the second investor from Mauritius, following a subscription from the National Pensions Fund and Savings Fund in 2022.

Institutional investors in AFC include Public Investment Corporation (PIC) of South Africa, the Seychelles Pension Fund and the National Pension Fund (NPF) and National Savings Fund (NSF) of Mauritius. AFC offers shareholders risk-adjusted exposure to African infrastructure, with strong returns, low correlation to traditional asset classes, long-term stable and predictable cash flows, inflation hedging properties, and low default rates. The Corporation recorded an outstanding performance in its latest financial year, growing total assets by 23% to US$10.5 billion and increasing profit by 36% to US$285.9 million.

Our investment will contribute to AFC’s efforts in fostering more robust pan-African collaboration to accelerate inclusive and sustainable economic growth across the continent

Diversifying the shareholder base with institutional investors like CNPS and SBM provides a significant boost to AFC’s capital profile, enhancing the Corporation’s capacity to deliver de-risked, transformational infrastructure projects. Recent projects include a joint development agreement with Trans Connexion Congo (TCC) to build mass transit in Kinshasa to improve mobility across the DRC, and the development of a Special Economic Zone (SEZ) with ARISE IIP and the government of Sierra Leone to maximize value capture and import substitution across core sectors.

In Cameroon, AFC has invested over US$300 million to date in infrastructure projects including the Nachtigal Hydro Power Company, a 420MW power station that will boost Cameroon’s installed capacity by 30% and slash the cost of power generation, and the modernization and expansion of Cameroon’s national refinery, Société Nationale de Raffinage (Sonara). Along with the equity investment, CNPS has signed an MOU with AFC to collaborate on identifying, developing and financing infrastructure and industrial projects in Cameroon.

The investment from SBM builds on existing ties between AFC and Mauritius, the domicile for subsidiaries AFC Equity Investment Limited and AFC Capital Partners. As of 2022, AFC Equity Investment Limited held more than US$1 billion of the Corporation’s equity investments, while AFC Capital Partners is the Corporation’s asset management company, focused on infrastructure and climate-resilient investments with an initial US$500 million target fund size.

The Director General of the CNPS, Noël Alain Olivier Mekulu Mvondo Akame, commented: “CNPS’s investment in AFC is in line with continued efforts to diversify our investment portfolio. We are proud to partner with a multilateral financial institution like AFC with an excellent track record of delivering transformational infrastructure projects with sustainable impact in Africa, whilst maintaining a prudent risk profile.”

Shailen Sreekeessoon, Executive Director and Chief Executive Officer of SBM (NBFC) Holdings Ltd., said: “We are delighted to partner with AFC, which has a proven history of leading innovative solutions for infrastructure and industrial development whilst creating strong values for its shareholders. Our investment will contribute to AFC’s efforts in fostering more robust pan-African collaboration to accelerate inclusive and sustainable economic growth across the continent. We are confident that this investment will help reinforce the partnership between our two institutions and look forward to a fruitful partnership ahead.”

Samaila Zubairu President & CEO, Africa Finance Corporation said: “African institutional investors play a critical role in mobilising the capital urgently needed for the continent’s development, so we warmly welcome CNPS and SBM Capital Market Securities as equity investors in AFC. This milestone is proof of AFC’s role as the partner of choice for infrastructure investment on the continent to deepen economic integration, enable import substitution, and develop Africa’s manufacturing and industrial capacity.”

AFC has been profitable every year since inception, growing from the initial seed capital of US$1.1 billion to a balance sheet size of about US$10.5 billion today. The Corporation’s A3 investment-grade rating from Moody’s has been reaffirmed nine years in a row, making AFC one of the highest-rated financial institutions in Africa. The Corporation has 40 member countries and has disbursed US$11.5 billion in critical infrastructure projects across Africa over the last 16 years of operation.

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

Business

SLB commissions new fluids systems plant in Pemba to support Mozambique’s offshore energy development

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Mozambique

New facility expands in-country drilling and completion fluids capability, advancing the next phase of SLB’s growth in Mozambique

PEMBA, Mozambique, October 9, 2026/APO Group/ –SLB (NYSE: SLB) (www.SLB.com) announced the opening of a new fluids systems plant in Pemba, Mozambique. The new facility strengthens in-country capacity to prepare, store and deliver drilling and completion fluids for offshore operations, reinforcing the infrastructure needed as Mozambique’s offshore activity grows and its role as a strategic energy hub for East Africa continues to expand.

The commissioning of the plant, also known as a liquid mud plant, coincides with SLB marking 70 years of operations in Mozambique. It reflects the company’s long-term commitment to investing in people, infrastructure and capability that support the country’s long-term offshore energy development plans.

 




  

With an initial storage capacity of 21,000 barrels, the liquid mud plant provides a scalable platform for future growth, supporting multiple customers and rising offshore activity while improving logistics and enhancing operational flexibility.

As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions

“As SLB marks 70 years in Mozambique, this investment reflects our confidence in the country’s future and our commitment to supporting its energy ambitions,” said Miguel Baptista, Central, East and Southern Africa, Managing Director, SLB. The new liquid mud plant strengthens local energy infrastructure, expands opportunities for local content development, and enhances our ability to support customers as they deliver some of Africa’s most significant offshore energy resources.”

The liquid mud plant project was delivered with strong local participation and that momentum is expected to continue into operations. During project delivery, more than 100 jobs were created in Pemba with nationals representing 80% of the workforce, reflecting a focus on building local capability.

The project was delivered with a strong focus on safety, operational integrity, and quality, achieving more than 67,000 hours worked without a recordable safety incident.

This key infrastructure strengthens SLB’s ability to support consistent service quality and enhance supply chain readiness for increasing offshore activity across Mozambique, supporting customers execute safely and efficiently while developing local skills and expertise.

Key Points:

  • SLB has commissioned a new fluids system plant in Pemba, expanding in-country drilling and completion fluids capability for offshore operations.
  • With an initial storage capacity of 21,000 barrels, the facility provides a scalable platform to support growing offshore activity in Mozambique.
  • The investment marks the next phase of SLB’s growth in Mozambique, strengthening local capability and supporting long-term offshore energy development.

Distributed by APO Group on behalf of SLB.

 

 




 

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South African Energy Storage Association (SAESA) welcomes 4,600 MW battery storage prioritisation and calls for integrated energy planning

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Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply

JOHANNESBURG, South Africa, October 9, 2026/APO Group/ –The South African Energy Storage Association (SAESA) (www.SAESA.org.za) welcomes the prioritisation of 4,600 MW of battery energy storage under the first Integrated Resource Plan (IRP) 2025 Section 34 determination.

 




  

The timing is significant. Recent Integrated Energy Plan (IEP) modelling and assumptions discussions highlighted a fundamental shift that South Africa’s energy planning now needs to capture: we cannot plan the future power system by counting megawatts of generation alone.

We must plan for when energy is available, where it is available, how it moves through a constrained grid and how it is stored and dispatched when the system needs it most.

The announcement reinforces that shift. Battery energy storage systems (BESS) are becoming critical system infrastructure, supporting flexibility, reducing avoidable curtailment, shifting energy into periods of demand and strengthening security of supply.

For SAESA, the message for the IEP is clear: storage, flexibility and system services must be modelled as integral components of South Africa’s future electricity architecture, with their contribution considered from the outset of generation planning.

“The IEP must plan the power system we are becoming, not simply model the power system we have inherited,” says SAESA.

The IEP must plan the power system we are becoming, not simply model the power system we have inherited

Partnership with C&I Energy + Storage Summit

SAESA is an association partner of the C&I Energy + Storage Summit, created by VUKA Group, taking place on 28–29 October 2026 at The Maslow Hotel, Sandton, Johannesburg.

The summit brings together commercial and industrial energy users, project developers, financiers, regulators and solution providers to explore practical approaches to energy security, procurement and storage deployment.

For businesses assessing how storage can support their operations, the event offers an opportunity to meet SAESA and engage with the wider energy community on the decisions shaping South Africa’s evolving electricity system.

Commercial and industrial energy decision-makers are invited to apply to attend as hosted buyers. Qualifying buyers receive complimentary summit access and curated opportunities to engage with industry partners.

 

Meet SAESA at C&I Energy + Storage Summit: Join the Hosted Buyer Programme

The Hosted Buyer Programme connects commercial and industrial energy decision-makers with solution providers shaping South Africa’s evolving private energy market.

Qualified energy buyers receive complimentary access to the summit and curated engagement with industry partners exploring energy procurement, storage deployment and project development.

Apply for the Hosted Buyer Programme (https://apo-opa.co/4ehLijJ)

Distributed by APO Group on behalf of VUKA Group.

 




 

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Afreximbank welcomes launch of Africa Credit Rating Agency as an important step in strengthening Africa’s financial architecture

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Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets

PORT LOUIS, Mauritius, October 8, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) welcomes today’s launch of the Africa Credit Rating Agency (AfCRA), an important milestone in strengthening Africa’s financial architecture and expanding the continent’s capacity to generate credible, independent analysis of African credit risk.

 




 
 

Credit ratings play an important role in determining access to capital, influencing investor perceptions and shaping the cost at which governments, institutions and businesses can finance development. It is therefore essential that assessments of African credit risk are independent, rigorous and evidence-based, while reflecting a complete understanding of the structures, institutions and economic realities being assessed.

The establishment of AfCRA adds an important African-led source of credit opinion to the market. Its value will not be measured by whether it produces more favourable ratings, but by the credibility of its analysis, the quality of its data and transparency of its methodology, and its ability to deepen understanding of African sovereigns, sub-sovereigns and corporate credit.

This is particularly important given that many African issuers remain unrated, while local-currency and sub-sovereign markets continue to have limited rating coverage. Expanding credible rating coverage can improve the information available to investors and support the development of deeper domestic and regional capital markets.

AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans

Alongside fellow members of the Alliance of African Multilateral Financial Institutions (AAMFI), Afreximbank has consistently maintained that African Multilateral Financial Institutions should be assessed on the basis of their fundamentals, performance, legal frameworks, mandates and operating models. Ensuring that these institutional characteristics are properly understood is essential to achieving informed, balanced and credible assessments of African risk.

Commenting on the uniqueness of the African market, and need for AfCRA’s rating methodology to reflect this, Mr Denys Denya, Senior Executive Vice President, Afreximbank, said: “The rating methodology AfCRA develops must recognise the uniqueness of our environment and its institutional structures. The Agency must set its own standards and not follow those set elsewhere — it must build a unique identity that conforms to an ‘African best practice.”

Highlighting the need for the autonomy of the Africa Credit Rating agency as it takes off, Mr Denya added: “Most importantly, AfCRA must set a new benchmark for the continent, maintain its independence, and remain wholly owned and controlled by Africans. We must all use it, and in return expect a complete assessment of where we (Africa) stand: the strengths the market has ignored, and the weaknesses we still need to fix.”

AfCRA should therefore be seen as complementary to existing international and regional rating agencies, broadening the range of credible analysis available to investors and issuers while strengthening competition, transparency and analytical capacity within Africa’s credit markets.

As Africa seeks to mobilise the scale of capital required for industrialisation, trade, infrastructure and economic transformation, credible African institutions that improve information, strengthen market confidence and deepen the continent’s financial markets will become increasingly important.

Afreximbank congratulates the African Union, the African Peer Review Mechanism (APRM) and all those involved in bringing AfCRA from concept to launch, and looks forward to the contribution the Agency will make to deeper, more transparent and more efficient African capital markets.

Distributed by APO Group on behalf of Afreximbank.

 




 

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