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Africa is capable of financing its energy future – NJ Ayuk

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NJ Ayuk, Executive Chairman and President of the African Energy Chamber has said in the face of western pressures, Africa has the singular mandate to chart the financing of its energy future. He has defended the exploitation of fossil resources, criticises pressure from Western countries and evokes the priorities of African producers.

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As a leading authority in the African energy sector and a strong advocate for African entrepreneurship and the indigenous energy sector, NJ Ayuk is recognized as one of the foremost figures in African business today. The

As a leading authority in the African energy sector and a strong advocate for African entrepreneurship and the indigenous energy sector, NJ Ayuk is recognized as one of the foremost figures in African business today.

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Centurion Law Group’s Founder and CEO NJ Ayuk has been saying for years that Africa’s oil and gas resources can fuel socioeconomic revitalization throughout the continent. He has written books; “Billions at Play: The Future of African Energy” that explains how it can be done.

The Cameroonian-born is a well-known dealmaker in the petroleum and power sectors and founder of a leading energy focused law firm, NJ is dedicating his career to helping African entrepreneurs.

Autonomy

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Speaking to Jeune Afrique recently, NJ Ayuk said Africa has the sovereign right to define its own energy policy, whether fossil fuels or clean energy, without interference from the West.

“It is essential that African nations determine their energy strategy according to their own economic and societal needs,” NJ Ayuk, the petroleum dealmaker said. “This approach makes it possible to find solutions that reconcile energy security, economic growth and environmental sustainability in a way that is in line with the interests and aspirations of the African continent.”

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From Johannesburg, NJ Ayuk, the former head of the South African law firm Centurion Law Group, has high hopes for the exploitation of oil and gas fields on the continent. In his capacity as President of the African Energy Chamber (AEC), the Cameroonian oil lobbyist is indeed at the initiative of several unmissable meetings of the African oil industry. From African Energy Week (Cape Town) to Invest in African Energy Forum (Paris), NJ Ayuk brings together African policymakers, public and private sector bosses and international investors to unlock pending projects and revive investment.

Author of two books on Africa’s black gold – Billions at Play, the future of energy and business in Africa and A Just Transition: Abolishing Energy Poverty through an Energy Mix – NJ Ayuk called on African decision-makers to reject anti-fossil fuel policies at the end of COP28.

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“The gas that Nigeria is flaring can power at least 50 – 60% of the continent. Cameroon, Ghana, Congo, Gabon, Equatorial Guinea, all have gas that has been flared. We need to use our natural resources to power Africa. When you power Africa, you create jobs, you create factories, you create industries. You start seeing economic growth and empowerment and then you start having infrastructural development” NJ Ayuk.

At a time when hydrocarbons no longer have much of a good press, the Cameroonian legal luminary, for whom “Africa must firmly keep its promise to use oil and gas to improve the lot of its population”, evokes, in his interview with Jeune Afrique, the hot issues of the sector.

Quizzed if African producers can turn the tide as investment in the oil sector is down sharply, NJ Ayuk says Africa can explore and exploit new financing strategies.

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Way out

“To overcome the shortage of international investment in fossil fuels and diversify their sources of financing, they can use different strategies: bilateral agreements, regional partnerships, or collaboration with private investors,” NJ Ayuk said.

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He indicated that public-private partnerships can be a way out, given that it offers a collaborative approach, where governments and private companies share risks and responsibilities.

“Another option is to encourage domestic investment in order to create favourable conditions for the participation of local businesses and stimulate economic growth,” he said.

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The President of the Africa Energy Chamber added that: “In addition, institutions such as the African Development Bank (AfDB) and Afreximbank play an important role in financing large-scale oil and gas projects in Africa. The African Petroleum Producers Organization (APPO), along with Afreximbank, is behind the creation of the African Energy Bank, which aims to find alternative financing solutions to carry out these projects. Africa is capable of financing its future, and this initiative proves it.”

To NJ Ayuk, it is essential to invest oil revenues in sectors such as infrastructure, education or health.

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Asked if the African Energy Bank due to be launched in 2024 can be a “game changer”, NJ Ayuk responded in the affirmative.

His words: “The establishment of this institution specializing in the financing of African energy projects aims to reduce the dependence of African nations on foreign sources and enable them to take advantage of their abundant oil resources.

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“This bank could play a crucial role in mobilizing resources, attracting investment and providing tailored financial solutions that meet the specific needs of Africa’s energy sector. Its designers wanted to emphasize the importance of self-sufficiency and, also, the importance of meeting the challenges posed by the lack of international investment. The ACS supports this initiative, which will enable Africans to boost the development of their oil and gas sector, thereby stimulating growth and job creation as well as improving energy infrastructure.”

Africa can!

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He counsels that a self-sufficient and prosperous Africa must combine the use of hydrocarbons with investments in renewable energy.

On how Africa’s future producers can get the most out of their oil and gas projects, and ward off the ‘curse of black gold’”, NJ Ayuk preached the gospel of transparency, accountability and good governance.

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“First, transparent and accountable governance is essential. It requires strong regulatory frameworks and anti-corruption measures to ensure that oil and gas revenues help irrigate the economy as a whole,” NJ Ayuk said. “It is also essential to diversify the economy beyond the energy sector, investing oil revenues in other sectors, such as infrastructure, education or health, in order to create a more resilient and balanced economy.”

The President of the African Energy Chamber said prioritising the development of local content and encouraging the participation of local companies in the oil and gas value chain will also go a long way to promote job creation, skills development and technology transfer – with the aim of making economic growth more inclusive.

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NJ Ayuk cautioned African states to reject the promises of energy transition aid made to them on the sidelines of COP28 at the expense of their oil and gas projects.

“Africa should change its perspective, not depend on foreign aid and manage its own oil and gas resources to finance its economic future,” he said. “History has shown that foreign aid, no matter how well-intentioned, often has unintended consequences, such as increased poverty and systemic corruption.”

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NJ Ayuk’s made his position is clear: “Rather than succumbing to external pressures, African states should exploit their oil and gas resources to boost growth, create opportunities (jobs, income) and reduce energy poverty. This approach, which combines the use of hydrocarbons with investments in renewable energy, is in line with the ACS’s vision of a self-sufficient and prosperous Africa.”

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Afrique

Rigobert Track Bahanag Expresses Gratitude and Optimism for the Future

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Former Cameroonian head coach Rigobert Track Bahanag launched an announcement on Friday, March 1st, 2024, following his departure from the place.

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“Expensive Sisters and Brothers; Expensive Supporters of the Indomitable Lions,” Track started, acknowledging each Cameroonian residents and the nationwide workforce’s passionate followers. He expressed his honour in serving because the workforce’s supervisor for the previous two years, highlighting his dedication to fulfilling his “exhilarating and delicate mission.”

Track emphasised his dedication to nationwide responsibility, stating that he “devoted himself” to attaining the assigned goals, which included qualifying for each the 2022 World Cup and the 2023 Africa Cup of Nations. Nonetheless, he acknowledged the workforce’s shortcomings, stating, “Sport being what it’s, our performances throughout these competitions weren’t commensurate with the notoriety and status of Cameroonian soccer.”

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Taking duty for the outcomes, Track additionally mirrored on the constructive points of his expertise, expressing his appreciation for the time spent with the workforce and the non-public development he gained. He prolonged his gratitude to numerous entities who supported him throughout his tenure, together with the federal government, gamers, employees, and the Cameroon Soccer Federation.

Lastly, Track addressed the passionate fanbase, thanking them for his or her unwavering help. He acknowledged their need to see the Indomitable Lions “reign in continental soccer,” and expressed his perception that attaining such a objective stays potential.

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Track’s departure comes after Cameroon’s exit within the Spherical of 16 of the 2023 Africa Cup of Nations that was hosted in Ivory Coast, owing to a defeat by the Tremendous Eagles of Nigeria. The Cameroon Soccer Federation has but to announce a alternative.

Many coaches have resigned following their dismal performances within the final version of the AFCON, from which hosts Ivory Coast emerged as champions.

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Tanzania Observes 7 Days Mourning for Former President Ali Hassan Mwinyi

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President Samia Suluhu Hassan has declared a seven-day mourning interval following the loss of life of former Tanzanian President Ali Hassan Mwinyi. The revered statesman handed away on the age of 98 after battling lung most cancers. Mwinyi, who held the presidential workplace from 1985 to 1995, performed a pivotal position in shaping the future of the East African nation.

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President Samia Suluhu delivered the information of Mwinyi’s demise on Thursday at 5:30 pm, casting a pall over the nation because it bid farewell to one in every of its outstanding leaders. The late president’s contributions to Tanzania lengthen past his practically decade-long tenure; he succeeded the nation’s founding father, Julius Nyerere, and left an indelible mark on its political panorama.

Among the many enduring legacies of Ali Hassan Mwinyi is the introduction of multi-party democracy to Tanzania. His dedication to political pluralism ushered in an period of larger political participation and illustration within the East African nation. Mwinyi’s imaginative and prescient for a extra inclusive political system laid the groundwork for the various political panorama that exists in Tanzania as we speak.

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The passing of the previous president marks a big second in Tanzanian historical past, leaving a void that resonates with the lack of different iconic leaders who’ve formed the nation’s future. Mwinyi’s loss of life on February 29, 2024, makes Jakaya Kikwete, now 73 years previous, the one residing former Head of State in Tanzania.

When contemplating Tanzania’s presidents since its independence, it is very important observe that they’ve all come from the Chama Cha Mapinduzi (CCM) celebration. Nonetheless, the nation has endured the sorrow of bidding farewell to 4 of its leaders, together with the founding father Julius Nyerere 24 years in the past, President John Magufuli in 2021, and now the current lack of Ali Hassan Mwinyi. The passing of three presidents inside the span of 5 years, from 2020 to 2024, underscores the nation’s collective grief over the departure of those influential figures.

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As Tanzanians embark on per week of mourning to honour the reminiscence of Ali Hassan Mwinyi, the nation displays on the numerous contributions of its leaders and the challenges and triumphs they navigated throughout their respective tenures. The legacy of Mwinyi, marked by his dedication to democracy and public service, will undoubtedly endure within the hearts and minds of the Tanzanian folks.

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Francis Ngannou suscite l’inquiétude chez Anthony Joshua

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Francis Ngannou, le boxeur camerounais, a testé son coup de poing le 27 février dernier, et le résultat affiché sur la machine n’augure rien de bon pour Anthony Joshua.

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En effet, l’ancien champion du monde de MMA, Francis Ngannou, s’apprête à affronter le Britannique Anthony Joshua le 8 mars prochain à Riyad. Pour se préparer à ce fight, il s’est engagé dans une préparation intensive ces derniers mois afin d’être prêt le jour J. Il a récemment saisi l’event de mesurer la puissance de son coup de poing sur une machine à punch. Le résultat est sans appel : Francis Ngannou a affiché un impressionnant 999 au compteur, signe que le “Predator” a pulvérisé le tableau.

Ce n’est pas la première fois que Francis Ngannou se prête à ce style de check. Avant de quitter l’UFC, il détenait déjà le document du combattant poids lourds au coup de poing le plus dévastateur. Certains specialists affirment même que la drive de frappe du Camerounais équivaut à celle de 96 chevaux. Selon Dana White, le patron de l’UFC, “C’est comme se faire percuter par une Ford Escort lancée à pleine vitesse, bien plus puissant qu’un marteau de foire jeté par-dessus la tête”.

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Il n’est pas étonnant que des poids lourds notables, tels que Mike Tyson, attirent l’consideration d’Anthony Joshua sur ce sujet. Tyson Fury en a fait les frais lors de son affrontement avec Francis Ngannou, et selon diverses sources, il en garde encore des séquelles, ce qui l’a contraint à reporter son fight prévu en février dernier contre l’Ukrainien Oleksandr Usyk.

Francis Ngannou disputera son deuxième fight en boxe anglaise contre Anthony Joshua le 8 mars prochain, avant de faire son retour en MMA pour son tout premier fight au PFL. Il affrontera le Brésilien Renan Ferreira, alias “Problema”. Ce dernier a remporté son dernier fight contre Ryan Bader par TKO et determine parmi les grands combattants MMA du PFL. Francis Ngannou aura ainsi l’opportunité de décrocher sa première ceinture depuis son départ de l’UFC.

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