Following its milestone acquisition of Italian multinational Eni’s onshore assets in Nigeria, Oando CEO Adewale Tinubu will discuss the company’s role as a leading indigenous explorer at the MSGBC Oil, Gas&Power 2024 conference in Dakar this December.

Earlier this month, Oando completed its acquisition of Eni subsidiary Nigerian Agip Oil Company – which holds interests in onshore OMLs 60, 61, 62 and 63, as well as the Brass LNG terminal – transforming the company into one of Nigeria’s largest oil producers and doubling its reserves to 996 million barrels of oil equivalent. Prior to the acquisition, the company’s upstream subsidiary Oando Energy Resources held assets on- and offshore in Nigeria and the Exclusive Economic Zone of São Tomé and Príncipe, with a portfolio encompassing 14 licenses in exploration, development and production of oil and gas concessions.

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Amid global energy transition pressures, Oando has advocated for the sustainable extraction of Nigeria’s 37 billion barrels of crude oil and more than 200 trillion cubic feet of natural gas to drive socioeconomic development and industrialization. At MSGBC Oil, Gas&Power 2024, Tinubu is expected to discuss Oando’s latest acquisition and investment strategy, with a focus on integrating just transition principles and technologies and ensuring local value creation. This perspective is particularly relevant for Senegal and Mauritania, which anticipate first gas production from the Grande Tortue Ahmeyim offshore field later this year and seek to balance resource development with sustainable growth.

Additionally, Tinubu will emphasize the importance of local content in Oando’s operations, showcasing the company’s commitment to building local expertise, creating jobs and ensuring that economic benefits are retained within the region. With a diverse asset portfolio, Oando exemplifies local capacity building and has evolved into one of the leading indigenous operators on the continent, leveraging the recent wave of IOC divestitures to play a more dominant role in Nigeria’s upstream sector. 

“MSGBC Oil, Gas&Power 2024 provides Oando with the platform to showcase its investment strategy – including its historic acquisition of Eni’s onshore Nigerian portfolio – as a leading African indigenous explorer. We welcome Adewale Tinubu in opening up dialogue and promoting a collaborative, cross-border approach to harnessing extractive resources, sharing best practices and achieving long-term energy security within the region,” said Sandra Jeque,  Event&Project Director at Energy Capital&Power.

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

Publish What You Fund (http://apo-opa.co/3Wn4rbs), the global campaign for aid and development transparency, has once again named the African Development Bank’s (www.AfDB.org) sovereign portfolio as the most transparent. The portfolio emerged first out of 50 global development institutions with a top score of 98.8 in its 2024 Aid Transparency Index released today.

The Bank’s sovereign portfolio climbed four places in the ranking in 2022 to top the Index, setting the standard for high-quality data publication. For a second time running, the result highlights the Bank’s continued effort and prioritization of good quality data publication.

The Aid Transparency Index has tracked the transparency of the largest international aid organisations over the last 12 years.

The 2024 Index assesses six sovereign (public sector) portfolios and six non-sovereign (private sector) portfolios of development finance institutions (DFIs). The sovereign portfolios of development finance institutions occupy three of the top five positions in the ranking with the African Development Bank coming first, the InterAmerican Development Bank second and World Bank International Development Association fourth.

“I am delighted by this recognition from Publish What You Fund. It is a testament once again to the commitment of the Bank’s Board, management, and staff to continuously improve the disclosure of aid flows by providing consistent, high-quality, and easily accessible data,” said Dr. Akinwumi Adesina, President of the African Development Bank.

“This achievement is especially significant given the new, more rigorous assessment standards and transparency requirements for development financial institutions. The rating of our sovereign portfolio as the most transparent development organization in the world for the second consecutive time, is simply extraordinary. I commend Publish What You Fund for the vital and much needed work it does, in making aid and development efforts more transparent and effective,” Adesina said.

Topping the 2024 Index, the African Development Bank’s Sovereign Portfolio demonstrated its commitment to publishing very good, high-quality data about its activities, the report noted. It used as an example data published about the Zambia – Lusaka Sanitation Program – Climate Resilient Sustainable Infrastructure Project. The report commended the Bank for detailed publication of project objectives, impact appraisal documents, environmental studies and evaluation reports – a total of over 29 documents in both French and English.

“We congratulate the African Development Bank as it continues to lead the Aid Transparency Index with its sovereign portfolio. This is the result of a persistent focus on transparency, meaningful involvement with the Aid Transparency Index process, and pro-active engagement with the IATI community,” said Publish What You Fund’s CEO Gary Forster.

“AfDB has demonstrated that progress can be made swiftly and effectively by adhering to best practices and ensuring the availability of information. The AfDB’s desire to provide useful and timely data doesn’t end with what we measure in the Index, we’re also impressed by their investment in Map Africa (http://apo-opa.co/3SbV7oC) – a portal which helps stakeholders locate and learn about individual projects,” said Forster.

This year’s Index focuses on the prominence of development finance institutions as vehicles for international aid. “The ongoing Multilateral Development Bank (MDB) reform agenda promises to increase resources, allow higher risk investments, streamline business processes and improve coordination between banks. In most cases the growth of the banks will be from greater borrowing on the capital markets rather than use of aid money,” the report said.

The African Development Bank’s non-sovereign portfolio was assessed for the second time and separately in the 2024 Index. Its non-sovereign portfolio ranked 13th among the 50 global development institutions under comparison.

For more information on the report click here: http://apo-opa.co/3WnpTNv.

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

Contact:
Amba Mpoke-Bigg,
Communication and External Relations Department;
email: media@afdb.org

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

The African Development Bank (www.AfDB.org) has successfully concluded a two-day preparatory workshop on implementing the African Ports Connectivity Portal Project (APC-PP) to improve data collection and connectivity among the continent’s ports.

Held in Abidjan, Cote d’Ivoire, from 8-9 July 2024, the workshop rallied together key stakeholders and experts from various organizations, including port management and maritime associations, the African Union Commission, regional economic communities, and port authorities from ten African countries.

The African Ports Connectivity Portal Project is supported by a $2 million grant from the Beijing-based Multilateral Co-operation Center for Development Finance (MCDF). This grant will facilitate the creation of a comprehensive port data book, offering performance data for Africa’s ports and maritime transport sector, along with practical information on the continent’s leading ports. Additionally, the project will develop a secure, web-based tool for collecting, storing, and retrieving port data across the continent.

The initiative comes as a response to longstanding inefficiencies in African ports operations, which have led to higher logistics costs and hindered economic growth. Many ports across the continent have suffered from underinvestment and lack of reliable port performance data, essential for effective planning and management.

To address these issues, the African Development Bank established the African Ports Connectivity Portal Project (APC-PP) to digitize and integrate data collection, thereby improving data quality and availability. The project will enhance port development planning, policy dialogue, and regional infrastructure strategies, ultimately strengthening the capacity of African ports.

Discussions during the workshop centered around three components of the APC-PP: technical support, design and implementation, and project governance.

The workshop resulted in several recommendations including the need to involve supranational organizations such as the African Union Commission, African governments, regional organizations, port management associations, port authorities, and the private sector.

The Workshop also observed the need to establish the project governance structure and the formation of a dedicated working group to review the terms of references and provide the project implementation plan, conduct a study on the sustainability plan for the portal project, the prequalification of ports authorities present as pilots for the project. These recommendations are expected to significantly impact the maritime sector in Africa, improving port operations and reducing logistics costs.

Jean Marie Koffi, Secretary General of the Port Management Association of West and Central Africa (PMAWCA), emphasized the project’s importance: “Ports play a central role in the trade and economic integration of our continent. Improved connectivity between our ports is essential for enhancing efficiency, reducing logistics costs, and strengthening Africa’s competitiveness in the global market.’’

Marco Yamaguchi, Division Manager, Transport and Logistics at the African Development Bank, described the envisioned portal as “a tool for optimizing port operations to facilitate intra-African trade, enhance security and transparency, and promote sustainable development.”

Frederic Wiltmann, Head of Programming at the MCDF, stressed that the Bank’s initiative to support Ports Connectivity Portals could become an important tool to identify and prioritize future investments in African port infrastructure. 

The next steps include implementing the web based port data portal, Africa Port Index, publishing  port data book, and enhance collaboration with regional stakeholders to ensure the success of the APC-PP. A follow-up meeting is scheduled for early August in Addis Ababa, where a committee of port experts will finalize the project’s implementation instruments.

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

Media Contact:
Communication and External Relations
media@afdb.org

Technical Contact:
James Austere Quotek Ng’ang’a 
African Development Bank
j.nganga@afdb.org

About the African Development Bank Group:
The African Development Bank Group (AfDB) is the premier multilateral financing institution dedicated to Africa’s development. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NSF). The AfDB has a field presence in 44 African countries, with an external office in Japan, and contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

The increasing demand of critical minerals for the global energy transition presents African countries with an opportunity to address environmental governance challenges and accelerate infrastructure development and economic growth through export revenues and global market cooperation. Furthermore, the development and implementation of robust governance frameworks that prioritize inclusivity and local content development is crucial for the growth of Africa’s critical mineral market and its socioeconomic advancement, according to a whitepaper published by think tank Konrad-Adenauer-Stiftung in March 2024.

https://apo-opa.co/4cG9nOB

As part of its commitment to fostering the growth of Africa’s critical mineral industry, Konrad-Adenauer-Stiftung has joined this year’s Critical Mineral Africa (CMA) Summit as a Strategic Partner. Konrad-Adenauer-Stiftung will promote CMA 2024 and prospects within Africa’s critical mineral value chain to its networks.

The Critical Minerals Africa 2024 summit on November 6 – 7 serves to position Africa as the primary investment destination for critical minerals. The event is held alongside the African Energy Week: Invest in African Energy 2024 conference (http://apo-opa.co/3VMQTpp) on November 4 – 8, offering delegates access to the full scope of energy, mining and finance leaders in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com

Konrad-Adenauer-Stiftung provides insights on trends within Africa’s commodity markets and facilitates cooperation between African entities with German and global counterparts, driving sustainable development across Africa’s critical mineral and various other sectors.

In March this year, the foundation published a position paper outlining future cooperation between Germany and the African continent in various policy areas. Titled A Strategy for New Cooperation with Our African Partners, the paper underscores that Africa’s development will significantly impact Europe and Germany’s future, highlighting the need for increased cooperation in critical mineral exploitation and foreign and security policy development.

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German firms rank among the largest investors across Africa’s critical mineral value chain. In South Africa, German global automaker BMW is piloting hydrogen fuel cell electric vehicles in partnership with mining firm Anglo American and energy company Sasol, in an effort to maximize the country’s platinum group metals (PGMs) industry. Mercedes Benz and Volkswagen are expanding their electric vehicle manufacturing capabilities and offering within the South African market, leveraging the country’s well established automotive market and vast critical minerals including copper, nickel and PGMs which are vital for vehicle manufacturing. At CMA, Konrad-Adenauer-Stiftung’s members will participate in high-level panel discussions, projects showcases and exclusive networking sessions, highlighting lucrative investment opportunities for German firms within Africa’s burgeoning critical mineral landscape.

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https://apo-opa.co/4f0UTKH

“Collaboration between African critical mineral producers and German and global stakeholders is essential to enhance the influx of investments, technologies, and next-generation skills needed for industry growth. Konrad-Adenauer-Stiftung’s insights and network at CMA will play a pivotal role in unlocking the full potential of Africa’s energy transition metals by fostering partnerships between African entities and European counterparts,” stated Rachelle Kasongo, Project Director at Energy Capital&Power.

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