Oanda CEO on building energy infrastructure in Africa

Oando CEO, Wale Tinubu, recently shared his insights on the future of energy infrastructure in Africa at the Africa Energy Week in Cape Town. Tinubu highlighted the continent's need to harness its own resources, specifically its hydrocarbons, to address the energy poverty affecting nearly 45% of the population. He emphasized the importance of leveraging indigenous companies to maximize Africa's vast natural resources and drive economic growth. Tinubu also discussed the challenges faced by African countries in accessing financing for energy projects due to reduced support from international banks. He pointed out the significance of establishing African-led financial institutions like the African Energy Bank, with a capital of $5 billion, to support energy initiatives across the continent. The CEO outlined Owando's efforts to enhance energy production and infrastructure resilience through investments in security, field optimization, and pipeline maintenance. Additionally, he revealed the company's plans to diversify into clean energy and establish an electric vehicle assembly plant as part of its energy transition strategy. Tinubu encouraged Africa to adopt a balanced energy mix that leverages both renewable and conventional sources to meet the continent's growing energy demands. He highlighted the need for Western countries to provide favorable financing terms for renewable energy projects in Africa and urged for fair compensation for the impact of global warming on the continent. Despite facing operational challenges and delays in financial reporting, Tinubu remains optimistic about Owando's future prospects and commitment to governance and regulatory compliance. The CEO reaffirmed the company's decision to remain listed on the Johannesburg Stock Exchange, citing the benefits of governance standards and investor confidence associated with the listing. Overall, Tinubu's vision for Africa's energy future underscores the importance of local innovation, sustainable practices, and strategic partnerships to achieve energy security and economic development on the continent.