First Energy Africa Strengthens Leadership as Energy Financing Shifts Across Africa

First Energy Africa Oil Corp. has appointed capital markets expert Simon Akit and veteran energy analyst Frederick Kozak to its Board of Directors as Africa’s oil and gas industry adapts to a changing investment environment.

The appointments come as traditional lenders continue to reduce financing for fossil fuel projects, prompting energy companies across the continent to diversify their funding strategies. Increasingly, developers are turning to private equity, international investment funds and regional financial institutions to secure capital for exploration and production.
Despite these challenges, Africa remains an attractive destination for upstream investment. According to the African Energy Chamber, the continent continues to attract approximately US$41 billion in global exploration spending, highlighting sustained confidence in its resource potential.

Akit, who has raised more than US$5 billion in equity and debt financing during his career, said access to funding has become more complex rather than unattainable. He noted that companies are adopting more flexible commercial structures and valuation models to meet the expectations of a broader range of investors.

Beyond financing, Akit believes political and regulatory stability has become one of the most important considerations for investors. While Africa’s hydrocarbon resources remain highly attractive, investors are increasingly seeking long-term policy certainty and predictable regulatory frameworks that endure beyond changes in government.
Industry observers frequently cite Guyana as an example of how stable governance and consistent investment policies can attract significant upstream capital and accelerate energy development.

Kozak, a professional engineer and former energy research analyst with more than 40 years’ experience across African and South American resource markets, said African governments must strike the right balance between attracting investment and ensuring citizens benefit from their natural resources.

He emphasised that competitive tax and royalty regimes are essential to encourage exploration while delivering fair returns for investors. At the same time, energy development should support job creation, industrial growth and workforce development to maximise long-term economic value.

Industry leaders believe achieving this balance will be essential if Africa is to reach its target of producing 13.6 million barrels of oil equivalent per day by 2030.

As competition for global capital intensifies, the continent’s ability to attract investment will depend not only on its abundant natural resources but also on transparent governance, policy consistency and strong institutions. First Energy Africa’s latest board appointments reflect the growing importance of financial expertise and strategic leadership in navigating this evolving energy landscape.