Finance

Axxela Limited, a leading African gas and power company owned by Helios Investment Partners and Sojitz of Japan, has announced a Final Investment Decision to develop a 50 million standard cubic feet per day (MMscf/d) gas processing plant in Delta State, as it pushes towards sustainable energy solutions in Nigeria. This decision is bolstered by […]

A landmark initiative that brings together public, private, and development capital from UAE institutions, is providing $4.5 billion in funding to boost Africa’s energy transition efforts as the continent looks to close an energy deficit that has left 600 million people without access to electricity. The UAE finance initiative is drawing its support from the […]

Earlier this month, Starsight Energy and SolarAfrica have announced their merger to transform into one of the largest commercial and industrial (C&I) solar developers in Africa. The former has a regional footprint in East and West Africa, while the latter is mostly present in South Africa. The merger will notably result in the establishment of […]

DNO has announced yesterday the acquisition of Mondoil Enterprises from Oslo-listed RAK Petroleum for a consideration of $117.25m. By acquiring Mondoil Enterprises in an all-share transaction, DNO gains a 33.33% indirect interest in Foxtrot International, operator of the producing block CI-27 and exploration block CI-12 in Côte d’Ivoire. “As DNO targets expansion beyond the Kurdistan […]

President Buhari has announced today that, in his capacity as Minister of Petroleum Resources, he was giving his consent to the acquisition of the entire share capital of Mobil Producing Nigeria Unlimited (MPNU) by Seplat Energy. The President’s consent was seen as a surprise by many industry observers, especially after the NNPC Ltd sought to […]

Last week, the State High Court of the Federal Capital Territory of Abuja made an ex-parte order of interim injunction restraining Mobil Producing Nigeria and its shareholders from completing the Share Sale and Purchase Agreement previously signed with Seplat Energy. In February 2022, and after months of negotiations, Seplat Energy had announced a $1.283bn cash […]

Tullow Oil and Capricorn Energy (formerly Cairn Energy) have agreed earlier this week on an all-stock merger deal worth over $800m. The combination of both companies will create one of Africa’s leading independent energy companies, and confirms the strong rise of M&A deals in Africa this year. The deal is likely to be implemented as […]

Officialising a transaction that has been in the making for some time, Seplat Energy has announced this morning its proposed cash acquisition of Mobil Producing Nigeria (MPNU) for $1.283bn. Seplat Energy Offshore Ltd, a subsidiary of Seplat Energy, has now entered into the Sale and Purchase Agreement to acquire the entire share capital of MPNU […]

The Africa Finance Corporation (AFC) has raised $400m in a new syndicated loan to support the development of infrastructure on the continent and aid in the post-pandemic recovery. Strong interest from investors led to the offering being 2.5 times oversubscribed, leading to a total facility of $100m above the initial target. This is the AFC’s […]

The South Atlantic continental margins of Africa continue to fuel investors’ appetite as their promising prospects open up to oil & gas exploration. Eco (Atlantic) Oil & Gas, the Canadian independent with assets in Guyana and Namibia, has just announced its acquisition of 100% of Azinam to consolidate its portfolio in the region, including in […]

Following press speculation, Seplat Energy has finally confirmed today that it is indeed in competitive discussions to acquire ExxonMobil’s Nigerian shallow water business along with an undisclosed partner. While deliberations are still ongoing and have no certainty to conclude, such an acquisition would be transformational for Seplat. The assets that Seplat is eyeing cover those […]

The African Export-Import Bank (Afreximbank) showed up for Nigeria’s oil sector this week in Durban, during the Intra-African Trade Fair 2021. The bank has signed three separate deals totaling almost $2bn with the state-owned Nigerian National Petroleum Corporation (NNPC), indigenous operator Eroton Exploration & Production and new Nigerian independent Mars Exploration & Production. A $1.04 […]

Nigerian energy and oil marketing company Ardova Plc has announced the completion of its 100% acquisition of Nigerian fuels retailing company Enyo Retail & Supply. Through this transaction, Ardova has grown its fuel retail stations by 95, bringing its total network in Nigeria to 545. The acquisition is part of ongoing consolidation in the Nigerian […]

On the sideline of the Paris Peace Forum this week, the African Development Bank Group (AdFB) and French Development Agency (AFD) have signed a €2 billion co-financing partnership agreement for Africa. The agreement covers the 2021-2026 period and targets €2 billion in the first three years only to complement the current partnership between both institutions. […]

Tullow Oil has announced today that it has exercised its right of pre-emption related to the sale of Occidental Petroleum’s interests in Ghana’s Deep Water Tano (DWT) Block to Kosmos Energy. As per the DWT Joint Operating Agreement (JOA), Tullow has pre-emption rights in respect of the 11.05% participating interest acquired by Kosmos Energy from […]

During the COP26 Climate Summit in Glasgow this week, the United States, Britain, France, Germany and the European Union have committed $8.5bn (£6.2bn) to help end South Africa’s reliance on coal. South Africa has become an undisputed renewable energy leader in Africa, but continues to heavily depend on burning coal to generate electricity. Coal still […]

InfraCo Africa, part of the Private Infrastructure Development Group (PIDG) and Helios Investment Partners (Helios) have announced that they are working together to establish a pan-African investment vehicle: Climate, Energy Access and Resilience (CLEAR). The initiative was announced as part of a UK government event hosted in Glasgow on Finance Day of the UN’s COP26 […]

During the COP26 this week in Glasgow, the UK’s development finance institution and impact investor CDC Group has made an investment commitment of over £3 billion to support emerging economies in Africa and Asia to combat the climate emergency. The funds will mostly be channeled into Africa and select South Asian markets and are part […]

RainOil has completed its acquisition of 63.6% of the shares of Eterna Plc though its investment arms, Preline Ltd (60.9%) and Norsworthy Investments (2.6%). The Sale and Purchase Agreement (SPA) was executed on August 25th, 2021. The transaction had been reported in Hawilti’s Q3 M&A Watch, available within the Hawilti+ research terminal. The acquisition of […]

Kosmos Energy has just announced the close of a transaction by which it has acquired an additional 18% in the Jubilee Field and an additional 11% in the TEN Fields in Ghana from Occidental Petroleum (OXY) for a price of $550m. Both assets were previously chased by TotalEnergies as part of its broader acquisition of […]

At a Joint-Session of the National Assembly in Abuja this week, President Buhari delivered his 2022 Budget Speech, presenting what will be his administration’s last full year budget before the 2023 presidential election. To boost economic recovery, the country will be increasing government spending by over 20% to reach $40bn next year, or NGN 16.39 […]

Yesterday, the Dutch entrepreneurial development bank (FMO) issued on the Luxembourg Stock Exchange the first ever offshore Congolese franc note, with a countervalue of $20m (or about FCFA 40bn) and 14-month tenor. The issuance of the AAA-rated note was supported by TCX, a fund specialised in shielding international lenders and their local borrowers in emerging […]

Decklar Resources has announced it has entered into a non-binding letter of intent to purchase all of the issued and outstanding shares of Wesfield Exploration and Production. Westfield E&P is the Nigerian entity that holds a Risk Finance and Technical Services Agreement (RFTSA) with Erebiina Energy Resources, the recent winner of the Emohua Marginal Field […]

Through the Africa Infrastructure Fund, A.P. Moller Capital has just acquired a 44% stake in Cabeólica S.A., which runs four wind farms on the islands of Santiago (9.35MW), São Vicente (5.95MW), Sal (7.65 MW) and Boa Vista (2.55 MW) in Cabo Verde. The stake was acquired from the Africa Finance Corporation (AFC), who has been […]