Impact Investors Foundation (IIF) (https://ImpactInvestorsFoundation.org) is proud to announce the appointment of Kuramo Capital Management as the official fund manager for the Nigeria Wholesale Impact Investment Fund (WIIF). This strategic partnership marks a significant milestone in Nigeria’s journey towards sustainable development and impactful investment.

Kuramo Capital Management, a leading investment firm with a strong track record in managing assets across Africa, will leverage its expertise to drive the WIIF’s mission of fostering social and environmental impact alongside financial returns. The fund aims to address critical issues such as poverty alleviation, job creation, and sustainable economic growth through targeted investments in key sectors including agriculture, renewable energy, healthcare, and education.

“We are delighted to partner with Kuramo Capital Management, a firm that shares our vision of harnessing the power of capital for good,” said Ms Etemore Glover, CEO of IIF. “With Kuramo’s expertise and commitment to impact, we are confident that the WIIF will drive significant positive change and contribute to the sustainable development of Nigeria while achieving market risk-adjusted return to investors.”

“We are honoured to be entrusted with the management of the WIIF,” said Mr. Wale Adeosun, Founder and CEO of Kuramo Capital Management. “Our team is dedicated to achieving the fund’s objectives and delivering both financial returns and measurable social impact. We look forward to working closely with all stakeholders to realize the full potential of this transformative initiative.”

The structuring of the Nigeria Wholesale Impact Investment Fund is set to commence under the management of Kuramo Capital Management immediately, with a first close of $100 million. This collaboration is expected to catalyze further interest and participation in the impact investment space within Nigeria and Africa.

Distributed by APO Group on behalf of Impact Investors Foundation.

Contact Information:
Chukwuemeka Ezechukwu
WIIF Programme Manager
Impact Investors Foundation
Email: cezechukwu@impactinvestorsfoundation.org
Mobile: +2347036436974

About Kuramo Capital Management:
Kuramo Capital Management is a leading independent multi-asset class fund manager focused on delivering superior risk-adjusted returns and impact through investments in Africa. The company was founded in 2010 with its headquarters in New York City and has two subsidiaries, Kuramo Capital Limited in Nigeria and Kuramo Capital Kenya Limited in Kenya. Since inception, Kuramo has made a strong impact in Africa by catalyzing $3.5 billion to African private equity firms and businesses anchoring 15+ PE funds and supporting 21 PE funds. The firm has supported over 350,000 jobs, investing in over 130 companies directly and indirectly, and impacting over 500,000 lives.

About Impact Investors Foundation (IIF):
The Impact Investors’ Foundation (IIF) is a non-profit organization established in 2019 to accelerate the growth and excellence of impact investing in Nigeria. Since its establishment, IIF has been playing a leading role in the impact investing ecosystem in Nigeria by convening stakeholders in government, private and social sectors to work together to advance its growth. In furtherance of its effort to deepen the growth of the impact investing market, the IIF led the establishment of the Nigerian National Advisory Board for Impact Investing (NABII) in 2020. Its role is to lead the design and implementation of a national strategy that addresses barriers inhibiting the growth of impact investing while unlocking opportunities for more impactful investments.

Over half of future oil and gas capital expenditure in Africa will be directed toward fast-tracking the development of undeveloped gas resources in the short-to medium-term, according to energy market data and analytics solutions provider Wood Mackenzie. As Africa seeks fresh investments to harness the full scope of its energy resources, Wood Mackenzie returns to the African Energy Week (AEW): Invest in African Energy conference – Africa’s premier event for the energy sector – as a Silver Sponsor and Knowledge Partner.

In line with its commitment to driving African energy sector growth, Wood Mackenzie publishes a series of African outlook reports, providing real-time data and highlighting the latest trends and investment opportunities shaping the African commodities and energy industry. In its Energy Transition Outlook: Africa report released February 2024, the firm showcases a base case scenario whereby Africa’s primary energy demand will increase by 1.2 times from current levels driven by GDP and population growth.

AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and governments, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

Realizing the role of Africa’s natural gas resources in advancing energy security and clean cooking access, African countries are ramping up activities across the gas value chain. Last March, Australian independent Invictus Energy announced a gas and condensate discovery at the Mukuyu-2 well in Zimbabwe, while Italian multinational Eni found the giant light oil, gas and condensates Calao field in Block C1-205 offshore Ivory Coast. One month later, Libya’s National Oil Company made a gas find at the Al-Lahib Field, while Shell made its fifth successive discovery in Namibia’s offshore Orange Basin. With exploration accelerating across frontier and mature basins, in-depth market analysis from Wood Mackenzie will be crucial in providing global investors with real-time insights on the state of play of Africa’s upstream industry.

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Meanwhile, African countries are expanding their respective oil and gas sector policies to attract new investments and create more favorable conditions for global industry players. The Republic of Congo announced plans last May to finalize a new Gas Master Plan aimed at maximizing gas-focused investments, while South Africa’s Ministry of Mineral Resources and Petroleum published a draft Gas Master Plan last April, seeking to bolster investment, infrastructure development and the supply of gas for domestic use. At last year’s edition of AEW, Wood Mackenzie highlighted investment opportunities within Nigeria’s oil and gas industry, emphasizing the role of the Petroleum Industry Act and Decade of Gas initiative in positioning Nigeria as a leading gas investment destination. As a Knowledge Partner to AEW: Invest in African Energy 2024, Wood Mackenzie will build on these insights, providing latest updates and enabling global stakeholders to navigate changes to Africa’s regulatory frameworks.

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Within Africa’s renewable energy sector, Wood Mackenzie acts as the go-to source for market intelligence, helping investors tap into Africa’s clean energy potential and lending insights into current and planned solar, wind, green hydrogen, geothermal and hydropower projects. As Africa fast-tracks renewable energy penetration – with countries like South Africa, Namibia, Mauritania and Egypt pioneering green hydrogen production – Wood Mackenzie’s first-hand data will prove vital for connecting global investors with new project developments.

“Wood Mackenzie’s insights into African commodity markets have given the continent a competitive edge when it comes to attracting global investments. As African countries focus on harnessing both hydrocarbon and renewable resources for energy security and industrial growth, Wood Mackenzie’s consulting, research and supply chain intelligence will be crucial in facilitating beneficial outcomes for African energy developers and global investors,” said NJ Ayuk, Executive Chairman of the African Energy Chamber.

Distributed by APO Group on behalf of African Energy Chamber.

Canadian oil and gas exploration company Africa Oil Corp expanded its stake in Block 3B/4B offshore South Africa earlier this year. The acquisition aligns with the company’s commitment to strengthen its presence across strategic basins in Africa. Building on this momentum, Africa Oil Corp has joined the African Energy Week (AEW): Invest in African Energy 2024 conference –  taking place in Cape Town from November 4-8 – as a silver sponsor. The company’s return to the event reflects its dedication to cultivating collaboration and driving innovation across the African energy sector.

AEW: Invest in African Energy stands as the premier platform for project operators, financiers, technology providers, and governments, recognized as the definitive venue for sealing deals in African energy. For more information about this pivotal event, visit www.AECWeek.com.

The company’s decision to increase its stakes in Block 3B/4B follows indications of substantial hydrocarbon reserves in South Africa’s Orange Basin, with potential discoveries estimated at up to four billion barrels of oil equivalent across 24 prospects. These hydrocarbon reserves are significant for South Africa as the nation seeks to enhance energy security and diversify its energy portfolio.

Adjacent to its South African operations, the company also holds indirect interests in neighboring Blocks 2912 and 2913B in Namibia through a 31.1% shareholding in Impact Oil&Gas Limited. These blocks, operated by French multinational corporation TotalEnergies alongside QatarEnergy and state-owned NAMCOR, feature the Venus light oil and associated gas field. The Venus-1X discovery in 2022 confirmed a high-quality light oil-bearing reservoir, with subsequent appraisal wells further de-risking the field and supporting its development. Africa Oil Corp’s strategic farm-down agreement with TotalEnergies in January 2024 ensures continued involvement in the Venus development project as well as exploration and appraisal program on Blocks 2913B and 2912 will continue, underscoring its commitment to advancing opportunities in the region.

In West Africa, the company signed two production sharing contracts with Equatorial Guinea’s Ministry of Mines and Hydrocarbons last year to increase its activities in Blocks EG-18 and EG-31, offshore Equatorial Guinea. The company owns an 80% interest in each block alongside national oil company GEPetrol which owns 20%. Block EG-31 is in close proximity to existing developments such as the Alba gas field and the onshore Punta Europa LNG gas terminal, indicating infrastructure support and strategic positioning for leveraging discoveries of potential hydrocarbon finds. While in Block EG-18, the company has found a large Cretaceous-age basin floor fan potential, similar to those found in Namibia and South Africa and intends to continue investigating it.

Meanwhile, Africa Oil Corp holds a 50% equity interest in Prime Oil&Gas Coöperatief U.A. (Prime) which operates in Nigeria’s deepwater Niger Delta Basin. Prime has assets in three fields – namely, the Akpo, Egina, and Preowei. The Akpo West tie-back project commenced operations in early 2024, contributing an additional 14,000 barrels per day of condensate production. Development of the Akpo field commenced in 2005, with a total of 44 wells planned, including 22 for production, 20 for water injection and two for gas injection, with first production achieved in March 2009. The Egina field, 150 km off the coast of Nigeria in the Gulf of Guinea, has 150 km of water depths.

“Africa Oil Corp’s exploration and development activities ranging from Nigeria’s mature market to Namibia’s frontier basins are indicative of its strategic agility and commitment to pioneering new frontiers in the continent’s energy landscape. By leveraging its expertise across diverse environments, the company is dedicated to unlocking the full potential of Africa’s hydrocarbon resources, enabling sustainable growth and energy security across the continent,” states NJ Ayuk, Executive Chairman of the African Energy Chamber.

During AEW: Invest in African Energy, Africa Oil Corp will outline its strategic investments and projects across the African nations in which it operates. The company’s participation at AEW: Invest in African Energy 2024 as a silver sponsor highlights its strategic commitment to strengthening partnerships, driving technological advancements and contributing to the sustainable development of Africa’s energy resources.

Distributed by APO Group on behalf of African Energy Chamber.

The 4th Annual General Meeting of the Economic Community of West African States (Ecowas) Trade Promotion Organization (TPO) Network ended on Thursday, July 18, 2024, in Banjul, Gambia, with a series of resolutions designed to further boost trade in West Africa. To ensure better promotion of trade within the community, the participants decided to organize regular trade fairs to boost intra-regional trade. ECOWAS member states are encouraged to take an active part in these fairs, in order to foster collaboration and economic growth in the region.

They also decided on the inclusive selection of value chains with the potential to stimulate economic development, create jobs and improve competitiveness in West Africa. Another resolution concerns the implementation of measures to improve infrastructure and logistics services in the region, with particular emphasis on reducing trade barriers, streamlining customs procedures and improving transport networks to facilitate trade operations and make them more efficient.

In addition, ECOWAS is asked to support its member states in their efforts to strengthen trade and economic integration, and to offer technical assistance, policy advice and capacity-building initiatives to help them achieve their trade and development objectives. On the financial front, the meeting opted to identify potential partners and donors to secure the necessary funding for initiatives, and to strengthen collaboration and support for various projects.

The identification of cost-effective activities whose implementation should maximize the efficiency of resources; collaboration with the East African trade network to strengthen integration and support on a continental scale; and the payment by TPOs of their $5,300 registration fee following registration and account opening were also among the meeting’s resolutions.

In terms of communication, it was decided to design logos to ensure greater visibility for the Network and its Initiatives; to develop a collaboration platform; and to create a blog space on the Network’s website, to publish relevant information and periodic press releases. Like the website, this platform should be user-friendly and regularly updated.

These various communication media are intended to highlight the Network’s activities, and achievements, with the aim of fostering synergy and improving communication and data sharing between Network members. With regard to trade policy, it was suggested not only to adopt mutual recognition certificates to reduce non-trade barriers and facilitate transactions, but also to work with the relevant authorities to standardize and accept these certificates in all ECOWAS member states. Participants recommended the development of specific strategies for priority products in each ECOWAS member state, to enhance trade opportunities, and the establishment of platforms and initiatives to directly link suppliers and buyers, with a view to facilitating trade and market access.

Other resolutions of the meeting include the participation of Network members in international conferences to acquire knowledge; the optimization of the budget to ensure efficient use of resources; definition and achievement of set objectives; and organization of quarterly meetings to review progress, discuss challenges and plan future activities.

On behalf of the President of the ECOWAS Commission, Dr Omar Alieu Touray, and the Commissioner for Economic Affairs and Agriculture, Mrs Massandjé Touré-Litsé, the Director of Trade, Kolawole Sofola, expressed his gratitude to the participants for the adoption of these resolutions, whose efficient implementation should help promote intra-regional trade. He congratulated the new President and Vice-President of the ECOWAS Trade Promotion Organizations Network for the period 2024-2025, and wished them every success in their term of office.

The new Chairman is Modou Mbene Gueye, Director General of the Senegalese Export Promotion Agency, and the new Vice-Chairman is Ousainou Senghore, Director General of the Gambian Investment and Export Promotion Agency.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).