Aker Energy has announced the appointment of Samaila Zubairu to its board. Mr Zubairu is the president and chief executive officer of the Africa Finance Corporation (AFC), the leading infrastructure solutions provider in Africa. The institution has twenty-five African member countries and has invested US$6 billion across 29 African countries. Ghana, where Aker Energy’s Pecan field is located, is in addition to being a member state also an equity shareholder of the AFC.
Mr. Zubairu has previously served as chief executive officer of AfriCapital Management Limited and as chief financial officer of Dangote Cement Plc. Mr. Zubairu is an Eisenhower Fellow and sits on the Eisenhower Fellowship’s Global Network Council,. He holds several non-executive board positions including the Advisory board member for KSE Africa a leading operations and management provider of captive power plants in the mining sectors in Botswana and Nigeria. Mr. Zubairu, is a Fellow of the Institute of Chartered Accountants, Nigeria (FCA) and holds a BSc in Accounting from Ahmadu Bello University, Nigeria. He is an Ex-Boy of the Nigerian Military School, Zaria.
“AFC is an important partner to Aker Energy. We are honoured to welcome Mr. Samaila Zubairu to the Board, as he brings extensive experience with innovative infrastructure development and financing across the African continent, as well as geopolitical and industrial insight,” says Sverre Skogen, Chair of the Board of Directors of Aker Energy.
“AFC’s investment in Aker Energy is an exciting milestone – we have partnered with the subsidiary of one of the most highly respected international oil, gas companies to support its first project in the African market as an operator. This is an opportunity for AFC to invest alongside a technically and financially strong sponsor that requires project development expertise and public sector advice in Africa, both of which AFC is ideally placed to offer. It is therefore a great honour to now also being joining the Board of Aker Energy as Vice Chairman”, said Mr. Samaila Zubairu.
In July 2019, AFC became an investor in Aker Energy following the issue of subordinated convertible bonds of USD 100 million with a mandatory conversion to equity in the event of an Initial Public Offering (“IPO”) of Aker Energy. The AFC intends to take part in other capital market activities initiated by Aker Energy in the future.
Aker Energy Ghana Limited, a subsidiary of Norwegian-based oil exploration and production firm, Aker Energy AS, is the operator of the Deepwater Tano Cape Three Points (DWT/CTP) Petroleum Agreement, with a 50 per cent participating interest in the DWT/CTP Petroleum Agreement. Its partners are Lukoil Overseas Ghana Tano Limited (38%), the Ghana National Petroleum Corporation (GNPC) (10%) and Fueltrade Limited (2%). Aker Energy aims to become the oil and gas operator of choice offshore Ghana, by maturing and producing resources in a safe, efficient and reliable manner to the benefit of the company, partners and the people of Ghana. The company is part of the Norwegian Aker group of companies, with Aker ASA and TRG AS as its majority shareholders. Aker Energy has offices in Oslo, Norway and Accra, Ghana.
The AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of USD 1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet size of approximately USD 4.5 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised USD 750 million in 2015 and USD 500 million in 2017; out of its Board-approved USD 3 Billion Global Medium-Term Note (MTN) Programme. Both Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA. In 2019, the Corporation also issued a Samurai Bond which raised US$ 233 million and JPY 1 billion.
The AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested approximately US$4 billion in projects within 29 countries across North, East, West and Southern Africa.