General
Africa Needs Technological Expertise to Unlock Full Potential of Energy Resources—Ayuk
By Kestér Kenn Klomegâh
The Russian Energy Week International Forum is a key global platform for discussing current trends in the development of the modern energy sector. This event is traditionally held at the highest level, featuring the participation of leaders from the largest companies in the energy industry. In 2023, the forum attracted over 3,000 participants from more than 80 foreign countries.
On the sidelines of the forum, the Executive Chairman of the South Africa-based African Energy Chamber, Mr NJ Ayuk, acknowledged in an exclusive interview that Africa is developing as the fastest-growing energy market in the world. That, however, substantial investment and infrastructure development are required to realize this market potential.
In this interview, NJ Ayuk further explained the necessary steps African countries are adopting to ensure sustainable energy development, how the activities of Russian companies fit into this context, as well as existing challenges and financial support measures for projects in the energy sector across Africa. Here are the excerpts of the discussion:
After participating in the Russian Energy Week in mid-October, what are your objective views (especially during the special Russia-Africa energy sessions) about exploring business and investment in the energy sector with Russia?
There lies significant opportunities for both bilateral and multilateral cooperation between Russia and African countries. Russia represents the third largest oil producer worldwide and has effectively utilized its substantial gas reserves for the development of its economy. At the same time, the country is exploring renewable energy solutions and is looking at expanding its footprint in other markets worldwide.
With substantial expertise and resources in various energy domains, lessons learnt by Russia will be highly strategic for emerging oil and gas producers in Africa. And already, there is strong interest by both sides to foster strong ties and partnerships, evident during the Russian Energy Week this October. Russian companies such as Gazprom – which organized an event with the African Energy Chamber this year in South Africa – represent ‘global energy companies’, and as such are eager to play a greater role in investing and developing international markets. Gazprom has vast expertise is all segments of the value chain. The same can be said for Russia’s state-owned Rosatom. Africa represents both a strategic and highly attractive market in this regard. With over 125 billion barrels of proven oil reserves, 620 trillion cubic feet of natural gas and unparalleled solar, wind and hydro potential, the continent has all the ingredients to become a major global player.
What Africa needs to unlock the full potential of its energy resources is investment and technological expertise. Russia offers both. Now, what is left is for Africa to improve its business environment and prioritize engagement with its East European partner.
By the way, how do you estimate Russia’s engagement in the energy sector across Africa? What has been achieved over the past few years in Africa?
Russia’s engagement with Africa has been gradually growing over the years and we see this predominantly in the energy sector. For years, there have been strong trade and cooperative ties with countries such as South Africa, Morocco, Egypt, Algeria and many more, primarily in the food, machinery and chemical product industries. However, energy cooperation has presented newfound opportunities for both Russia and the African continent. Changes in global supply-demand dynamics, coupled with energy transition impacts, have led to a new focus placed on the strategic Russia-Africa partnership.
In recent years, Russian companies have advanced their engagement with Africa, with several agreements signed across various segments of the value chain. While historical ties have been largely trade-based, these agreements showcase a commitment by the country to expand its technological expertise worldwide. In the nuclear industry, for example, Russia’s Rosatom has signed a wave of agreements with burgeoning nuclear power producers in Africa. These include memoranda of understanding signed with South Africa in 2014 and 2023; Rwanda in 2019; Burkina Faso in October 2023; Burundi in July 2023; and Mali in October 2023. Additional agreements were signed with Zimbabwe and Uganda. And while oil and gas engagement has been minimal to date, going forward, a shift in priorities is expected to see Russia-African cooperation rapidly expand.
Do you think Russia lags in supporting Africa with energy compared to other external players such as China? Can ‘energy mix’ help to drive Africa’s industrialization and economic growth?
It is not about comparing support but rather about exploring future engagement and partnerships. Russia has been a strong partner for Africa for many years and will be an important part of Africa’s energy future. Russia is looking at playing a much larger role in Africa, going further than operating as a project developer. The country’s efforts to share insights, expertise and technology will represent a key driver of Africa’s future energy mix, which in itself is an important feature for alleviating energy poverty and industrializing the continent. Africa is promoting a diverse, inclusive energy mix, one in which oil, gas and renewable energy play a central role. Russia has been highly successful in this area, with natural gas and nuclear making up a significant portion of its energy matrix. In the same sense, African countries have all the resources needed to implement a diverse energy mix, and Russian support will be strategic in achieving this objective.
Is Russia participating in the formation of the proposed African Energy Bank? And finally what potentials are there to develop this sphere of energy business, especially with the heightening dynamics of the global situation?
The African Energy Bank is an initiative spearheaded by the African Petroleum Producers Organization and the African Export-Import Bank that aims to significantly improve access to financing for African oil and gas projects. The bank is an Africa-led energy transition strategy that takes into account Africa’s need for oil and gas. Support from major players such as Russia will be critical, strengthening the bank’s capacity to finance a new future of hydrocarbon development in Africa. The changing global energy situation calls for the establishment of an institution of this nature. Africa has long relied on foreign finance to develop large-scale energy projects. From oil to natural gas to power and infrastructure, the continent is faced with navigating the complexities of global market trends. The establishment of the bank aims to counter this reliance, offering an alternative for project developers, countries and companies seeking finance.
By Adedapo Adesanya
The National Pension Commission (PenCom) has said it hopes to achieve about 20 million pension contributors by the end of year 2027, as against the over 10.65 million it currently counts.
The Director-General of PenCom, Ms Omolola Oloworaran, said this over the weekend at the Pension Industry Leaders’ Retreat in Lagos.
According to her, the target would be achieved through the expansion of Personal Pension Plan (PPP) formerly known as Micro Pension Plan (MPP); constant engagements with stakeholders; enforcement of pension compliance certificates, especially by state governments amongst other initiatives.
She noted that the retreat has provided opportunities for the industry to adopt new strategies, stating that the resolutions reached will be fully implemented before the end of first quarter 2026.
On pension contributions, she said the industry expects a 50 per cent growth, stating that pension growth is essential for economic growth and development.
As of February 28, 2025 the pension fund assets was N23.27 trillion and Retirement Savings Account (RSA) holders 10.65 million.
Recall that recently, the pension regulator announced the recovery of N1.58 billion from defaulting employers through enhanced enforcement efforts as total pension assets under management (AuM) surpassed N23 trillion as of February.
The DG also announced state remittances had also improved, reflecting a greater adoption of the Contributory Pension Scheme (CPS).
Ms Oloworaran noted that in spite of these advancements, challenges remain, as only 25 states and the Federal Capital Territory (FCT) had enacted laws to implement the CPS.
“Six states operate hybrid schemes, while another six have bills at advanced legislative stages.
“Notable progress has been made in Katsina, Yobe, Bauchi, and Abia states. However, full implementation of the CPS is currently limited to eight states,” she explained at the First Run 2025 Consultative Forum for States and the Federal Capital Territory (FCT) held in Kano in late April.
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has again reacted to the activities of individuals and groups falsely claiming to represent or act on its behalf, warning Nigerians against falling for these schemes.
According to the Acting Director of Corporate Communications at the CBN, Mrs Hakama Sidi Ali, in a statement, these persons continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.
“Despite the public advisory issued on November 18, 2024, through the Bank’s official channels and news outlets, these misleading schemes have persisted, targeting unsuspecting members of the public with false and deceptive narratives,” the statement said.
“The CBN wishes to reiterate that it has not authorised, licensed, or appointed any individual, group, or organisation to act as an agent or intermediary in offering contracts, financial grants, or intervention funds to the public. The CBN also does not endorse or support such claims in any form.
“Members of the public are advised that the Central Bank of Nigeria (CBN) does not award contracts or disburse funds through unsolicited communications such as emails, phone calls, SMS, WhatsApp, or any social media platform. It also does not request payment of fees in exchange for contracts, grants, or financial interventions, nor does it engage intermediaries or third parties to offer financial services or opportunities to the public.
“If you are approached by individuals or entities making such claims, we strongly advise that you do not engage with them. Instead, such incidents should be reported immediately to the relevant law enforcement agencies or the nearest CBN Branch.
“The Central Bank of Nigeria remains committed to safeguarding the financial interests of the Nigerian public and continues to work closely with security agencies to investigate and address fraudulent activities,” the statement said.
By Adedapo Adesanya
Nigerian Maritime Administration and Safety Agency (NIMASA) has said that its resolve to embrace technology as a means of enhancing capacity to deliver on its regulatory mandate more effectively and generate additional revenue for the government is being misinterpreted in some quarters as concession of its operations.
NIMASA, in a statement, said a pivotal innovation in this regard is the Maritime Enhanced Monitoring System (MEMS).
“This system brings digital traceability to the core of Nigeria’s maritime operations. MEMS provides real-time visibility into vessel movements, operational logs, and regulatory interactions. Through automated alerts, smart invoicing, and centralized data integration, NIMASA can now detect, document, and respond to maritime activities with greater precision and efficiency—eliminating unnecessary bottlenecks while strengthening compliance,” it stated.
It listed additional recipients targeted as waste reception services, a routine operation for both domestic and international vessels have traditionally lacked proper tracking, resulting in unmonitored activities and significant revenue losses.
“With MEMS, each waste offload can be logged, time-stamped, and automatically billed, converting previously missed opportunities into a consistent revenue stream while ensuring environmental standards are met,” the statement said.
“Marine pollution control, another critical area of NIMASA’s mandate, has similarly been constrained by limited digital tools. In the absence of satellite tracking and automated reporting, pollution events often go unnoticed or are reported too late to mitigate their impact. With the integration of modern surveillance systems, digital logbooks, and real-time alerts, NIMASA can now respond swiftly to such incidents, recover environmental damages, and hold polluters accountable—both legally and financially.
“It is important to emphasize that past revenue shortfalls experienced by the Agency mainly stemmed from outdated manual processes, fragmented data systems, and insufficient digital enforcement mechanisms which allowed some external elements to capitalize on the loopholes for personal gains .
“The current reforms being implemented by NIMASA are focused squarely on overcoming these limitations. By investing in digital infrastructure and streamlining monitoring systems, the Agency is positioning itself to fulfill its statutory obligations with transparency, efficiency, and accountability,” it added.
NIMASA therefore called for the support of its transformation journey as it aligns with the broader national objectives of the Ministry of Marine and Blue Economy under the Renewed Hope Agenda of President Bola Tinubu.
“The Agency remains committed to strengthening Nigeria’s maritime governance, ensuring environmental safety, and optimizing revenue for the nation,” the statement said.
“It is worthy of note that the Deep Blue Project of the Agency which now enjoys global recognition also witnessed such resistance at the initial stage,” it stated.
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