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Zenith Energy Ltd. is an international oil and Akinkugbe-Filani, Managing Director, Energ-
gas production company, listed on the London yInc Advisors and Senior Africa Advisor, IFU
Stock Exchange and the Merkur Market of the Danish Investment Fund; Abongwa Ndumu,
Oslo Stock Exchange. Former Oil Executive and Energy Consultant;
Zenith’s development strategy is to identify Robert Erlich, Partner and Executive Director –
and rapidly seize value-accretive hydrocarbon Upstream, Cayo Energy LP; Folarin Lajumoke,
production opportunities in the onshore oil and Vice President – Africa, ION; Nosizwe Nok-
gas sector, specifically in Africa. The Company’s we-Macamo, Executive Chairman & Founder,
board of directors and senior management team Raise Africa Investments; Rachelle Yayi, CEO,
have the experience and technical expertise to Afara Solutions.
develop the Company successfully. Members of the Investment Committee serve
Zenith Energy, August 07 2020 in their personal capacity and gather a wide
range of expertise in finance, legal and consult-
ing. Together, they will play a key role in support-
FINANCE ing the African Energy Chamber’s investment
outreach initiatives.
US-Africa Energy Committee to upgrade its energy infrastructure and fight
With billions of dollars required every year
makes capital markets energy poverty, the continent needs to suc-
cessfully mobilise a wide variety of capital and
access its priority Members highlighted several issues and solu- financing.
In doing so, African energy markets should
The US-Africa Committee of the African Energy tions. A key one pertains to expanded partner- be engaging with a broader range of capital pro-
Chamber held its first Meeting this week to ships, with the need to increase engagement viders, from traditional lenders to global insti-
discuss the future of energy co-operation and with a broader range of stakeholders, including tutional investors and private equity firms to
investments between the US and Africa after public and private institutions, energy investors venture capitalists. The energy resurgence of the
COVID-19. in North America seeking an interventional continent following the Covid-19 will require
The US-Africa Committee gathers top pri- venture, and universities. More importantly, all stakeholders to come together and find new
vate and public industry experts and executives all agreed that the future of US-African energy ways to structuring deals and raising capital for
from both sides of the Atlantic, all committed co-operation will need to open up to SMEs the benefits of local economies and jobs creation.
to fully exploiting the potential of US-African and entrepreneurs and not be limited only to “Our Investment Committee is central to
energy co-operation. The meeting identified key large and traditional corporations. The need to the African Energy Chamber’s objective of
areas and priorities to increase the level of capital encourage African investments into the US was providing a bridge between investors and the
and technology flows and address the challenge also brought to the table as a way to further sup- continent’s energy industry. Africa has limitless
of accessing US capital markets. port a win-win relationship that would support investment opportunities across energy sources
Committee Members especially highlighted further capital flows going both ways. and across value-chains, and there is a pressing
the challenge of raising capital for exploration Similarly, Environmental, Social and Gov- need to communicate better with financiers and
and development projects in upstream oil and ernance (ESG) criteria and Know Your Cus- investors to increase investments in the conti-
gas, coupled with a lack of understanding of tomers (KYC) requirements were brought to nent,” stated NJ Ayuk, Executive Chairman at the
Production-Sharing Contracts (PSCs) mecha- the discussion as key factors African companies African Energy Chamber. “The African Energy
nisms and structures. This challenge is now set to need to embrace to further attract US investment Chamber has made it its mission to boost capital
increase further given current market dynamics and technology. Such criteria and requirements and technology inflow on the continent, from
and conditions, and increasing lack of appetite should not be seen as obstacles for investments engaging with new capital providers interested
for fossil fuels from traditional investors or lend- but as true enablers of successful joint-ventures in Africa to advising on the structuring of better
ers. Beyond just upstream, participants agreed and partnerships between US and African and future deals,” he concluded.
that Africa offers the most attractive energy companies. Landmark gas projects across Africa have
investment opportunities for American inves- African Energy Chamber, August 05 2020 managed to attract regional and global capital
tors, stakeholders and entrepreneurs but the in recent months and years. From Senegal to
issue around messaging and perceptions of the New Investment Committee Mozambique and Equatorial Guinea, Africa has
continent continues to hinder investment. demonstrated its ability to attract funding. How-
In addressing perceptions of Africa in the to provide solutions to ever, investment is still falling short of market
US, participants highlighted the significant lack needs. While Nigeria’s ongoing Marginal Fields
of adequate and objective messaging on African finance Africa’s energy Bidding Round stands to be a success, access to
opportunities and African markets in the US. financing the development of such fields will
Addressing such issue of perceptions has been resurgence remain a key challenge for the operators. Afri-
identified as a major priority for the Chamber can Energy companies in Nigeria, Cameroon,
and the Committee in order to properly com- The African Energy Chamber is delighted to Gabon, Ghana, Mozambique and South Sudan,
municate the opportunities of doing business announce the nomination of its Investment Uganda and South Africa continue to see capital
in Africa as opposed to focusing solely on often Advisory Committee, the last body to serve as their biggest obstacle when it comes to devel-
exaggerated security and safety issues. on its Advisory Board for 2020 and 2021. Its oping African natural resources or even compet-
To unlock future growth potential in the members include: René Awambeng, Global ing for service contracts.
US-African energy co-operation, Committee Head, Client Relations, Afreximbank; Rolake African Energy Chamber, August 05 2020

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