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African Energy Chamber (AEC) Encouraged by Afreximbank’s $5 Billion Commitment with Nigerian National Petroleum Corporation (NNPC) to Boost Upstream Developments

The financial commitment follows the implementation of the country’s Petroleum Industry Act, which aims to boost the NNPC’s upstream portfolio



The African Export Import Bank (Afreximbank) has announced a $5 billion financial commitment with the Nigerian National Petroleum Corporation (NNPC), enabling the Corporation to kickstart investment in Nigeria’s oil and gas sector. With the NNPC looking to expand its upstream portfolio, the funding will be critical for the Corporation as it steps up investments in new and strategic prospects.

The NNPC has set clear targets for upstream developments, of which a few include increasing revenue for the country and investing in strategic upstream oil and gas producing assets. With the Corporation’s funding strategy aimed at raising between $2.5 billion and $3 billion to fund upstream investments, the commitment by Afrieximbank is significant.

Following international oil company divestment from oil and gas assets and production declines at mature fields across the country, the Nigerian government has reaffirmed its commitment to spurring investment and development in Nigeria. With the implementation of the Petroleum Industry Act (PIA) in 2021, the country has not only outlined a clear strategy for sectoral development, but made a strong case for investment through the implementation of attractive terms and ensured transparency.

The financial commitment made by Afreximbank serves to promote the effectiveness of the PIA, while at the same time representing a step in the right direction for African oil and gas investments. With international financial institutions are reducing capital expenditure for fossil fuels projects, countries such as Nigeria – with over 36 billion barrels of oil and 200 trillion cubic feet of natural gas – stand to lose out. Accordingly, the role of African financing institutions has been emphasized, with entities such as Afreximbank having a critical role to play.

“This commitment is a step in the right direction for Nigeria. This level of commitment not only reaffirms the potential of the country’s upstream sector, but emphasizes the capability of African financial institutions. However, this is only the beginning, and a lot more needs to be done to ensure the continent fully exploits its immense resources,” states NJ Ayuk, Executive Chairman of the AEC.

In addition to the financial commitment, the NNPC and Afreximbank have agreed to explore the idea of an African Energy Bank, recognizing the role African financing institutions will play in expanding the continent’s energy sector. Having agreed to work collaboratively on establishing a pan-African bank, the two entities have demonstrated their commitment to Africa’s oil and gas future.

The value of an African Energy Bank cannot be overstated. There is a need to cultivate a pool of investors who understand and appreciate the importance of oil and gas to Africa. Capital from foreign countries and companies will always be welcome, however regarding oil and gas, it isn’t reliable. Therefore, through institutions such as the African Energy Bank, local oil and gas companies will be able to boost new and existing project developments; ensure reliable financing channels for oil and gas; and position the continent as a net exporter of hydrocarbons, all while creating critical capital opportunities for renewable energy projects.

Afreximbank itself represents an important institution in Africa’s energy sector, serving as a valuable partner for oil and gas companies across the entire continent, as demonstrated through the $5 billion commitment for the NNPC. Having been a diamond sponsor for last year’s edition of African Energy Week (AEW), Afreximbank will drive the discussion on the role of African financing institutions during the 2022 edition of AEW. The event serves to promote the achievements and future objectives of Africa’s energy sector, and has placed financing oil and gas as a key topic in the program agenda.

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Sahara Foundation Promotes Clean Energy With Sahara Impact Fund

The Sahara Impact Fund will provide seed funding of $5,000 each for successful finalists, including incremental funding access based on impact, reach and sustainability matrices targeted at supporting young social entrepreneurs in Africa.



Sahara Foundation, the corporate citizenship vehicle of energy and infrastructure conglomerate, Sahara Group, has launched the 2nd Cohort of the Sahara Impact Fund (SIF) and the Governance Unusual Program to support social innovators  creating solutions that increase access to clean energy and promote sustainable environments.

 The project reinforces Sahara Group’s commitment to bringing energy to life responsibly by connecting social innovators with opportunities that will enhance their contribution to eradicating energy poverty and enhancing environmental sustainability. The SIF is a strategic partnership involving Sahara Foundation, Ford Foundation, LEAP Africa and Impact Investors Foundation.

The Sahara Impact Fund will provide seed funding of $5,000 each for successful finalists, including incremental funding access based on impact, reach and sustainability matrices targeted at supporting young social entrepreneurs in Africa. In addition, the Fellows will have mentoring sessions with business leaders at Sahara Group and other private sector partners, to scale up clean energy and sustainable environment innovations.

The inaugural cohort of the SIF produced Fellows from Cameroon, Nigeria, Rwanda and Malawi who are spearheading transformative solutions through their businesses. According to Damilola Asaleye, Co- founder- Ashdam Solar “The learnings from the Sahara Impact Fund fellowship have become a daily guide for my organization to achieve our strategic plans of providing access to clean and affordable energy for all in Nigeria.”

“In addition to the seed capital, which was a great boost to my business, I have also built professional networks with like-minded passionate entrepreneurs from all over Africa,” said Ghislain Irakoze , Founder, Wastezon, Rwanda.

Pearl Uzokwe, Director, Sahara Foundation, said the Sahara Impact Fund and Governance Unusual program will reinforce ongoing conversations around increasing entrepreneurial capacity and inspiring a paradigm shift in governance through individual responsibility. “We are delighted to lead and join the quest of ensuring that no one is left behind when it comes to energy access and shore up expertise and capacity towards providing global solutions for environmental sustainability. We urge social innovators across Africa to apply to be part of this movement today,” she said.

Uzokwe said applications for the SIF are open from 9th May 2022 to 30th May 2022. “Full details of the application process are available across our social media platforms @iamsaharafdn and the Ujana Hub at Enquiries can also be sent to,” she added.

The maiden edition in 2021 exposed the ten (10) social innovator fellows to blended capacity building sessions in the form of workshops, webinars, immersion sessions, facility tours, cohort meetings, mentoring sessions, one-on-one strategy & finance sessions and Fire chat sessions.

Since inception, Sahara Foundation has implemented various projects across its locations in Africa, Europe, Asia and the Middle East, impacting the lives of over 2,000,000 beneficiaries, with youth accounting for over 50% of the beneficiaries.

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Asharami Synergy Targets 30% Aviation Fuel Market Share To Enhance Economic Growth



Asharami Synergy Limited, a Sahara Group Downstream Company, is investing in technology and innovative solutions to enhance its capacity to fuel seamless economic growth through operations in the aviation fuel market.

Asharami Synergy Limited, which is Nigeria’s first indigenous energy company to operate as an independent Aviation Fuel Marketer, controls about 25 percent market share in the industry, operating as the preferred aviation fuel market for local and international airlines.

Foluso Sobanjo, Head, Sahara Downstream Business, at a press briefing in Lagos, said investments in infrastructure, human capital transformation, quality, health,  safety, and environmental sustainability continues to drive service excellence in the organisation.

He said Asharami Synergy would leverage its technology driven supply chain efficiency across the Downstream value chain to deliver distinctive value and innovative solutions in the market. “We have been at the forefront of Oil and Gas enterprise in the West African region for over twenty years.”

In addition, “Asharami Synergy has a formidable presence in the sector, providing best-in-class fuel procurement and distribution solutions by utilizing innovative technology and improved efficiency across the downstream supply chain. Our quest for increased market share is borne out of our commitment to transforming the sector and spurring economic development,” Sobanjo said.

Asharami Synergy operates in four countries in the Africa and has a combined storage capacity of 81 million litres of Aviation fuel otherwise known as ATK.

The company has over 30 million litres storage capacity for ATK across various locations in Nigeria as well as a fleet of ultramodern bowsers spread across various locations, fueling the development and growth of the national and sub-regional economy by providing seamless access to safe and reliable ATK.

Sobanjo said “safety first and always” is the mantra that drives operations in Asharami Asharami Synergy, a development that has earned the company multiple International Standard Organisation certifications.

He said being a strategic partner of the International Air Transport Association (IATA) gives Asharami Synergy a global credibility that is driven by a statutory self-responsibility that propels its business operations in compliance with the highest global standards.

“Asharami Synergy has several ISO certifications; ISO 9001:2015 (Quality), ISO 14001:2015 (Environmental) and ISO 45001:2018 (Occupational Health and Safety). This reinforces our commitment to bringing energy to life responsibly in all our operations. Our mantra is Safety First, Safety Always, ensuring that the health and safety of our employees and other stakeholders remains top priority in all business operations,” he added.

Asharami Synergy is a vertically integrated and foremost downstream company in the West African region with established and formidable presence in the sector, providing best-in-class fuel procurement and distribution solutions by utilizing innovative technology and improved efficiency across the downstream supply chain for over twenty years.

The company emerged from a consolidation of Sahara Group Downstream Companies with interest in procurement, storage, and distribution of white products across Nigeria.

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Intermittent Supply Of Petroleum



Intermittent supply of petroleum products at retail stations in selected parts of the country has been reported since 28th March 2022.

The situation has adversely affected the non-franchised (independent) retail station outlets while the franchised ones have witnessed spiked demand.

EPRA notes that even though the country is sufficiently stocked, the local supply chain has experienced constraints due to changing supply dynamics at the international markets post the Covid-19 lockdown period and which has now been worsened by the ongoing Russia-Ukraine conflict.

Prices of petroleum in the international markets have been on an escalating trend which caused Government to implement a petroleum stabilization mechanism in order to cushion consumers from the otherwise high pump prices.

This mechanism has worked well from
when it was implemented.

The recent escalation in international prices has resulted in huge differences between the actual calculated and the stabilized pump prices.

There have been delays in remitting compensation from the stabilization fund and this has resulted in a number of Oil Marketing Companies (OMCs) holding back sales to the local market.

EPRA in conjunction with the Ministry of Petroleum and Mining has however assured OMCs of Government’s commitment in promptly settling all pending claims on account of the stabilization process.

All OMCs are therefore directed to immediately release petroleum supplies in order to alleviate the current supply crises.

OMCs, depot and retail station operators are hereby cautioned that in accordance with Section 99(1)(k) and 99(1)(n) of the Petroleum Act 2019, it is an offence punishable by law to hoard petroleum or to sell above the
published price.

EPRA will continue to keenly monitor the supply chain, engaging all concerned stakeholders and undertaking immediate interventions where necessary in order to ensure restoration of supply of petroleum in all parts of the country.

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