World
Russia’s Gazprom to Support Africa Despite Financial Losses
By Kestér Kenn Klomegâh
At least, the foreign media broke the news in early May. And it may be understandable why local Russian media was quiet over the impact of Western and European stringent sanctions on Russia’s state-run gas corporation Gazprom, often described as the eternal life-wire of Russia’s economy. While Russian officials vehemently maintain that the government can withstand all negative steps being taken to cripple the economy, the latest reports detailing the net financial losses of Gazprom could also have desperate implications for Russia-African economic cooperation.
Bloomberg, Reuters, Agence France Press, British Broadcasting Corporation, Al-Jazeera and many other mainstream media wrote right after the report was released that Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion rubles ($6.9 billion) in 2023, its first annual loss in more than 20 years, as sales to Europe plummeted in the wake of Russia’s ‘special military operation’ in Ukraine. As a result of its actions in the neighbouring Ukraine, Russia has come under serious sanctions since then.
According to this author’s monitoring and analysis, Russia’s Gazprom has signed several bilateral agreements to leverage the various sectors, including energy and infrastructure and to engage in economic transformations across Africa. There has been that long-held resonating perception about Gazprom’s preparedness to support development trajectories, attempt the prompt realization of African energy dreams, and ensure sufficient energy to drive industrialization and in the process add immense value to the agricultural production in the continent whose population estimated at over 1.4 billion.
During the first and second Russia-Africa summits, Gazprom renewed its agreements with many African countries. The official pronouncements and discussions pushed the resonating message that Gazprom’s cooperation would promote energy stability, and share experience and technology with African countries it had signed bilateral agreements.
The chairman of the Russia-Sudan Business Council of the Russian Chamber of Commerce and Industry, Viktor Chemodanov, in an interview with Interfax Information News Agency in August 2023, stressed that Russian companies have become increasingly interested in energy and industrial projects in African countries over the past year. Gazprom, for example, has huge opportunities to address an acute shortage of electricity in Africa.
“There is oil there, but they don’t know what to do with it. In the exploration and extraction of oil and gas, colossal investments are needed in creating clusters. Gazprom and Gazprom Neft have projects, Lukoil is interested…both have oil extraction technology, and oil and gas equipment and we’re prepared to offer them,” Chemodanov underscored in the published interview.
In a similar argument, Russian ambassador Ilya Rogachev was quoted as saying in July 2023 that Gazprom’s experience in implementing liquefied natural gas and gas pipeline construction projects could be of interest to South African partners, and many others across Africa. Then an official media release listed potential beneficiary countries as Algeria, Angola, Ghana, Egypt, Equatorial Guinea, Kenya, Mozambique, Namibia, Nigeria, Tanzania and South Africa.
“Greater use of natural gas will help Africa solve a whole range of problems, from economic to social and environmental. We believe that Africa should fully discover the advantages of this fuel for itself,” the head of Gazprom’s foreign economic activities department, Dmitry Khandoga said during discussions. “We see potential in cooperation with African countries and can offer our unique experience and technological know-how. Gazprom is open to discussing constructive and mutually beneficial proposals that would facilitate economic development and improve the lives of people in African countries.”
The Russian-Angolan intergovernmental commission, for instance, also highlighted the Russian Ministry of Natural Resources and Environment in collaboration with Gazprom Neft has expressed high intention of developing joint projects with Angola.
The chairman of the African Energy Chamber, NJ Ayuk has reiterated that more than 600 million people in sub-Saharan Africa lack electricity. Meanwhile, experts estimate that Africa will account for more than 60% of global population growth by 2050. Along with urbanization in the region, there is expected to be substantial economic growth, which will be accompanied by a twofold increase in energy consumption. Demand for natural gas is expected to grow by 150%. In Africa, which needs industrialization, affordable and abundant natural gas will help create many new jobs and opportunities for capacity building, economic diversification and growth, according to NJ Ayuk.
Long before the two Russia-Africa summits, the above narratives abound in reports on collaboration in the energy sector. Speeches and statements pointed to the fact that Russia stands for a steadfast genuine economic partnership with Africa. But now, reliable information emerging indicates Gazprom is likely to defer potential projects in many African countries. According to the latest report from the Russian Ministry of Energy acknowledges the inextricable steps in addressing the unprecedented magnitude of energy challenges facing African countries in the continent.
Russian Foreign Ministry officials, however, declined questions about whether Russia will be ready to continue within the framework of the agreements. But at this same time, several separate interviews show that African leaders are wary of the likely impact and consequences of Gazprom’s financial status, the company was declared as making losses since 2023. Undoubtedly, such significant huge losses “clearly have both political and economic implications” for Africa. Due to its large projects, Africa is likely to hold (suspended) until the situation improves in future.
Gazprom has a long chequered history. President Vladimir Putin, to a large degree, controls the Gazprom. Putin fired Viktor Chernomyrdin from his position as the Chairman of the Gazprom board. In his place are Viktor Zubkov and Alexei Miller. Following Russia’s ‘special military operation’ in Ukraine since late February 2022, the threat by Russia of reducing the supply of gas to Europe risked the Gazprom export market. It has diverted supplies to the Asian region, especially to China and India.
The revenue of Gazprom, whilst initially supported by high prices collapsed in 2023 resulting in a trading loss and the need to increase the price in the domestic market by 34% over 3 years. Gazprom has also opened itself up to compensation claims for failure to supply gas under long-term contracts. On 31st March, Putin signed a decree − decree 172, requiring payment to be made by alternate means.
By Modupe Gbadeyanka
For transforming cross-border payments through its deployment with Global Money Exchange, Comviva has been named Best In-Class Cross Border Payments.
The global leader in digital transformation solutions clinched this latest accolade at the IBS Intelligence Global FinTech Innovation Award 2025.
The recognition highlights how Comviva’s mobiquity Pay is helping shape a modern cross-border payment ecosystem that stretches far beyond conventional remittance services.
Deployed as a white label Wallet Platform and launched as Global Pay Oman App, it fulfils GMEC’s dual vision—positioning itself as an innovative payment service provider while digitally extending its core money transfer business.
The solution allows GMEC to offer international money transfers alongside seamless forex ordering and other services. These capabilities sit alongside a broad suite of everyday financial services, including bill and utility payments, merchant transactions, education-related payments, and other digital conveniences — all delivered through one unified experience.
“This award is a testament to Oman’s accelerating digital transformation and our commitment to reshaping how cross-border payments serve people and businesses across the Sultanate.
“By partnering with Comviva and bringing the Global Pay Oman Super App, we have moved beyond traditional remittance services to create a truly inclusive and future-ready financial ecosystem.
“This innovation is not only enhancing convenience and transparency for our customers but is also supporting Oman’s broader vision of building a digitally empowered economy,” the Managing Director at Global Money Exchange, Subromoniyan K.S, said.
Also commenting, the chief executive of Comviva, Mr Rajesh Chandiramani, said, “Cross-border payments are becoming a daily necessity, not a niche service, particularly for migrant and trade-linked economies.
“This recognition from IBS Intelligence validates our focus on building payment platforms that combine global reach with local relevance, operational resilience and a strong user experience. The deployment with Global Money Exchange Co. demonstrates how mobiquity® Pay enables financial institutions to move beyond remittances and deliver integrated digital services at scale.”
“The deployment of mobiquity Pay for GMEC showcases how scalable, API-driven digital wallet platforms can transform cross-border payments into seamless, value-rich experiences.
“By integrating remittances, bill payments, forex services, and AI-powered engagement into a unified Super App, Comviva has reimagined customer journeys and operational agility.
“This Best-in-Class Cross-border Payments award win stands as a testament to Comviva’s excellence in enabling financial institutions to compete and grow in a digitally convergent world,” the Director for Research and Digital Properties at IBS Intelligence, Nikhil Gokhale, said.
By Kestér Kenn Klomegâh
At the end of an extensive consultation with African foreign ministers, Russian Foreign Minister, Sergey Lavrov, has emphasized that Moscow would advance its economic engagement across Africa, admittedly outlining obstacles delaying the prompt implementation of several initiatives set forth in Strategic Action Plan (2023-2026) approved in St. Petersburg during the Russia-Africa Summit.
The second Ministerial Conference, by the Russian Foreign Ministry with support from Roscongress Foundation and the Arab Republic of Egypt, marked an important milestone towards raising bilateral investment and economic cooperation.
In Cairo, the capital city of the Arab Republic of Egypt, Lavrov read out the final resolution script, in a full-packed conference hall, and voiced strong confidence that Moscow would achieve its strategic economic goals with Africa, with support from the African Union (AU) and other Regional Economic blocs in the subsequent years. Despite the complexities posed by the Russia-Ukraine crisis, combined with geopolitical conditions inside the African continent, Moscow however reiterated its position to take serious steps in finding pragmatic prospects for mutual cooperation and improve multifaceted relations with Africa, distinctively in the different sectors: in trade, economic and investment spheres, education and culture, humanitarian and other promising areas.
The main event was the plenary session co-chaired by Russian Foreign Minister Sergey Lavrov and Egyptian Minister of Foreign Affairs, Emigration, and Egyptians Abroad Bashar Abdelathi. Welcome messages from Russian President Vladimir Putin and Egyptian President Abdelhak Sisi were read.
And broadly, the meeting participants compared notes on the most pressing issues on the international and Russian-African agendas, with a focus on the full implementation of the Russia-Africa Partnership Forum Action Plan for 2023-2026, approved at the second Russia-Africa Summit in St. Petersburg in 2023.
In addition, on the sidelines of the conference, Lavrov held talks with his African counterparts, and a number of bilateral documents were signed. A thematic event was held with the participation of Russian and African relevant agencies and organizations, aimed at unlocking the potential of trilateral Russia-Egypt-Africa cooperation in trade, economic, and educational spheres.
With changing times, Africa is rapidly becoming one of the key centers of a multipolar world order. It is experiencing a second awakening. Following their long-ago political independence, African countries are increasingly insisting on respect for their sovereignty and their right to independently manage their resources and destiny. Based on these conditions, it was concluded that Moscow begins an effective and comprehensive work on preparing a new three-year Cooperation and Joint Action Plan between Russia and Africa.
Moreover, these important areas of joint practical work are already detailed in the Joint Statement, which was unanimously approved and will serve as an important guideline for future work. According to reports, the Joint Statement reflects the progress of discussions on international and regional issues, as well as matters of global significance.
Following the conference, the Joint Statement adopted reflects shared approaches to addressing challenges and a mutual commitment to strengthening multifaceted cooperation with a view to ensuring high-quality preparation for the third Russia-Africa Summit in 2026.
On December 19-20, the Second Ministerial Conference of the Russia-Africa Partnership Forum was held in Cairo, Egypt. It was held for the first time on the African continent, attended by heads and representatives of the foreign policy ministries of 52 African states and the executive bodies of eight regional integration associations.
By Adedapo Adesanya
Social media platform, TikTok’s Chinese owner ByteDance has signed binding agreements with United States and global investors to operate its business in America.
Half of the joint venture will be owned by a group of investors, including Oracle, Silver Lake and the Emirati investment firm MGX, according to a memo sent by chief executive, Mr Shou Zi Chew.
The deal, which is set to close on January 22, 2026 would end years of efforts by the US government to force ByteDance to sell its US operations over national security concerns.
It is in line with a deal unveiled in September, when US President Donald Trump delayed the enforcement of a law that would ban the app unless it was sold.
In the memo, TikTok said the deal will enable “over 170 million Americans to continue discovering a world of endless possibilities as part of a vital global community”.
Under the agreement, ByteDance will retain 19.9 per cent of the business, while Oracle, Silver Lake and Abu Dhabi-based MGX will hold 15 per cent each.
Another 30.1 per cent will be held by affiliates of existing ByteDance investors, according to the memo.
The White House previously said that Oracle, which was co-founded by President Trump’s supporter Larry Ellison, will license TikTok’s recommendation algorithm as part of the deal.
The deal comes after a series of delays.
Business Post reported in April 2024 that the administration of President Joe Biden passed a law to ban the app over national security concerns, unless it was sold.
The law was set to go into effect on January 20, 2025 but was pushed back multiple times by President Trump, while his administration worked out a deal to transfer ownership.
President Trump said in September that he had spoken on the phone to China’s President Xi Jinping, who he said had given the deal the go ahead.
The platform’s future remained unclear after the leaders met face to face in October.
The app’s fate was clouded by ongoing tensions between the two nations on trade and other matters.
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