In August 2021, it managed to reach a deal where it would help loan money to Whitmore Asset Management, linked to its CEO Tinubu, to pay out $550mn to Gabriele Volpiโs Ansbury Investments. Oando borrowed the cash from Afreximbank and advanced this to Whitmore.
โProduction is not at the level we would like. We intend to own the asset and we need a new plan of development, which will take different things into consideration,โ he said. Many wells need to undergo workovers, he said, in order to make it fit for the long term.
The energy transition is throwing up particular challenges for Africa, not least in terms of access to the skills and capital needed to meet future demand.
Afreximbank has signed a memorandum of understanding (MoU) with the African Petroleum Producers Organization (APPO), with the dream of creating an energy bank.
Big companies have big plans to cut emissions and often find it easier to sell assets. Buyers may not be quite so concerned about tackling emissions, though, a report from the Environmental Defense Fund (EDF) has found.
UTM Offshore has signed a memorandum of understanding (MoU) with the African Export-Import Bank (Afreximbank) in support of a floating LNG (FLNG) project.
The African Petroleum Producersโ Organisation (APPO) may be moving its headquarters to Congo Brazzaville but the African Energy Investment Corp. (AEICORP) will be based in Nigeriaโs capital, Abuja.