World
African Energy Chamber Sues Hyve Group, Others for $5m
By Adedapo Adesanya
The African Energy Chamber (AEC) has sued international events organizers, Hyve Group and Africa Oil Week (AOW), as well as Sankofa Events and its Director, Mr Paul Sinclair over allegations of misrepresentation, false marketing and unlawful competition – actions that the AEC believes have caused significant damage to the African energy sector.
The AEC is claiming $5 million for the damages caused by Hyve Group and Sankofa Events’ unfair industry practices, saying Hyve Group has previously demonstrated a lack of commitment to advancing Africa’s energy sector, as shown by its decision to move AOW to Dubai in 2020, sidelining key African developments and stakeholders in the process.
According to a statement, the AEC said it lost key sponsors, partners and 70 per cent or more of African ministers and national oil companies from their events.
It alleged that AOW claims to heed Africa’s interests but has fundamentally and continually contradicted this.
“Their crusade against oil and gas development is particularly harmful given that Africa has some of the largest hydrocarbon resources globally and is entering a new era of energy development. In this regard, AOW continues to overlook the severity of energy poverty in Africa, where six hundred million people on the continent do not have access to electricity,” it said in the statement seen by Business Post.
“They panicked and in trying to recover in the following years, they decided to mislead everyone by attempting to harm and derail AEC’s efforts to make African energy poverty history through maximized cooperation between African energy leaders, stakeholders and international partners,” it alleged.
“As such, the AEC will continue to seek justice for the African energy industry and all Africans fighting energy poverty and we look forward to continue serving in our capacity as the African continent’s premier representative of energy development,” it added.
The AEC added that it will continue to deliver on its promise to make energy poverty history by 2030 during this year’s edition of the African Energy Week (AEW): Invest in African Energy taking place from November 4-8 in Cape Town, South Africa.
Speaking on the development, Mr AEC Executive Chairman NJ Ayuk said, “We have all heard and seen false advertisements announcing too good to be true speakers by Paul Sinclair, Hyve and Africa Oil Week, announcing speakers that didn’t confirm and making outlandish claims. If they are going to advertise speakers at a conference and publish numbers, their statements better be true.
“In this case, they made statements that were blatantly false, and we have an obligation to hold them accountable for lying for financial gain.”
“Misleading the oil and gas industry is not right at a time when we need to stick together to encourage more drilling for energy all over Africa despite stiff opposition from radical climate activists,” added Mr Ayuk.
“As the voice of the African Energy industry, we are committed to enforcing decency in the sector and getting rid of these bad actors that make the oil industry look bad. We hope Paul Sinclair, Hyve and Africa Oil Week behave properly while we await the outcome of this litigation,” he concluded.
By Adedapo Adesanya
Nigeria regained its position as Africa’s leading destination for equity startup investment in the first half of 2026, raising $214 million in equity financing and a total of $254 million across equity and debt, according to the latest Africa: The Big Deal report.
The report, titled H1 2026: Mapping the Money, showed that Nigeria ranked second on the continent in total funding, behind Egypt, which attracted $327 million, while Kenya and South Africa followed with $126 million and $83 million, respectively.
However, the report noted that Egypt’s top position was largely driven by a single fundraising by electric mobility company Spiro, which secured $327 million, including $270 million in equity and $57 million in debt. Excluding debt financing, Nigeria emerged as Africa’s largest equity funding market in the first six months of the year.
According to the breakdown by Africa: The Big Deal, Nigeria’s equity funding of $214 million was higher than Egypt’s $183 million, while South Africa and Kenya attracted $66 million and $46 million, respectively.
Beyond funding value, Nigeria also led the continent in the number of startups that raised at least $100,000 during the review period, reclaiming the top spot after what the report described as an “underwhelming” second half of 2025.
The publication observed that Nigeria’s fundraising performance has remained relatively stable over the past few years and exceeded the $250 million mark for the first time since 2022, pointing to renewed investor confidence in the country’s startup ecosystem.
It also found that while the Big Four startup markets—Nigeria, Egypt, Kenya and South Africa—continued to dominate Africa’s investment landscape, their combined share of total funding stood at 58 per cent in the first half of 2026.
“Zooming back on the Big Four (110 out of 190 $100k+ deals, i.e. 58%), Nigeria is head and shoulders above its peers, with Egypt and Kenya almost tying, and South Africa in fourth position again,” the report noted.
The report highlighted contrasting performances among the continent’s largest startup ecosystems. While Nigeria and Egypt maintained strong funding momentum, Kenya recorded its weakest funding performance since early 2021 after a strong second half of 2025, and South Africa failed to attract $100 million in funding during the period despite leading the continent a year earlier.
Africa: The Big Deal also noted a broader shift in investor behaviour, with funding increasingly concentrated in larger transactions while early-stage investments continued to decline. According to the publication, the drop in smaller funding rounds reflects growing concerns about limited capital available for early-stage startups across Africa.
By Aduragbemi Omiyale
Accessing the US Dollar in the East Africa region has now been made easier with the expansion of the stablecoin settlement infrastructure of SCRYPT.
This development enables banks, payment providers and corporate treasury teams to move value into and out of the continent in real time.
Businesses paying international suppliers frequently have to convert local currency into USD before purchasing stablecoins for settlement, incurring FX conversions and spreads before any payment is made.
But SCRYPT is eliminating this intermediate conversion by enabling direct settlement corridors for local African currencies into stablecoins.
This development allows businesses to move from local currency to stablecoin settlement in a single licensed transaction, without first sourcing rationed bank dollars, as stablecoins are increasingly becoming settlement infrastructure rather than an investment product.
The expansion adds settlement support across four African currencies: the Kenyan shilling (KES), Tanzanian shilling (TZS), Rwandan franc (RWF) and Ugandan shilling (UGX). Each corridor is delivered through the same full-stack infrastructure our clients already use for trading, custody and treasury operations.
Speaking on this, the chief executive of SCRYPT, Norman Wooding, said, “Across Africa, stablecoin adoption is driven by economic need, not speculation.
“Businesses here are not chasing yield; they are trying to pay suppliers and manage treasury without losing margin to a banking system that rations dollars. Licensed, fair-rate dollar access is the clearest proof of what this infrastructure is for.”
Also commenting, the Managing Director of Markets & Trading at SCRYPT, Mr Gabriel Titopoulos, said, “Until now, reaching stablecoins from local African currencies meant buying scarce dollars and incurring several layers of conversion costs.
“SCRYPT removes this friction. Firms and payment providers can now settle straight from local currencies through live corridors, with local partners.”
World
African Graduates Association Promoting Multifaceted Initiatives With Russian Educational Institutions
By Kestér Kenn Klomegâh
In preparations for the third Russia-Africa Summit, scheduled for late October 2026, Dr Francois Ngan, deputy chairman of the Union of Associations of African Graduates of Soviet and Russian Universities, during an official working visit, has held a consultative meeting with Professor Vladimir Filippov, the President of the Russian University of Peoples’ Friendship (RUDN), and former Minister of Higher Education of Russia, Chairman of the National Commission for Accreditation of Higher Education.
RUDN is an educational institution established in 1960, primarily to provide higher education to Third World students. It has now become a popular multidisciplinary spot for many students, especially from developing countries. The university offers various academic programmes and has research infrastructure that comprises laboratories and interdisciplinary centres. The university is named after the former Congolese leader, Patrice Lumumba.
Dr Francois Ngan and Professor Filippov discussed the importance of the Graduates Association as a continental platform dedicated to strengthening unity, cooperation, and promoting shared progress among African graduates who studied in the former Soviet Union and in the Russian Federation. They also reviewed multifaceted initiatives that could bring together alumni associations from across Africa, whose members obtained education and professional training, and cultural experiences in Soviet and Russian institutions of higher learning.
Professor Filippov expressed optimism in addressing emerging challenges as a result of shifting geopolitical changes, emphasised strategic cooperation in the educational sphere with Africa, in general, and with the Republic of Cameroon, in particular, and further about the integration of African students during their studies in the Russian Federation.
The meeting also touched on academic and scientific work, the possibility of rewriting a scientific thesis, and the official organisation of transferring versions translated into six languages for the library of RUDN. Significant questions relating to Russia’s educational opportunities, collaborations and partnerships involving African countries were thoroughly discussed.
The Union of Associations of African Graduates of Soviet and Russian Universities was created under one continental umbrella to promote friendship, for professional networking, to engage in cultural exchange, and with particular emphasis on forging strategic cooperation between Africa and Russia.
