Princess Osifo: The ‘Queen of Gas’ Expanding Strategic Partnerships for Jeniks Energy Group 

With Chairperson of Jeniks Energy Group, Princess Osifo, who is rapidly becoming known as the Queen of Gas, at its helm of affairs, the company is poised to take the energy sector in Nigeria to new heights through deliberate investments in the downstream oil and gas industry. MARY NNAH, who has been following the growing economic partnership between Jeniks Energy Group and the Qatar Gas conglomerate, examines the current deal on gas aggregation investment in Africa that is nearing completion

The Nigerian Investment Promotion Commission (NIPC) Act of 1995, as amended in 2004, removed regulations and restrictions on foreign direct investment (FDI), allowing for 100 per cent foreign ownership in all sectors except those prohibited by law for both domestic and foreign firms.  

In practice, however, several authorities require domestic equity before issuing an operational licence to a foreign corporation. Foreign investors are treated roughly the same as domestic investors in Nigeria, including tax breaks.

The Act also established the Nigeria Investment Promotion Commission (NIPC), which was tasked with encouraging and facilitating investment in Nigeria.  

The NIPC includes a One-Stop Investment Centre (OSIC), where 27 governmental and parastatal entities collaborate to simplify and streamline administrative procedures for new businesses and investments.

 The National Investment Promotion Commission (NIPC) has the authority to negotiate special incentives for large and/or significant investments.  The Act also safeguards citizens against nationalisation and expropriation.

On occasion, the NIPC convenes meetings between investors and appropriate government entities to address individual investor grievances. Because it lacks authority over other government entities to enforce compliance, its function and efficacy in these meetings are limited to the convenor and moderator. 

Unresolved investment and commercial difficulties have hampered the NIPC’s ability to attract new investment.

The Qatari government’s investment arm has entered into a strategic deal with the Jeniks Energy firm to invest in the gas sector, to invest in Africa’s vast but mostly unexplored gas reserves.

Interestingly, Jeniks Energy Group, which has major hubs in Ghana, Kenya, and Egypt, as well as Dubai in the United Arab Emirates (UAE), appears to have chosen to work with a global gas investment firm with the strategic Gas reserve and aggregation investment contract and Qatari representation.

The corporation will, however, anchor the contract in Africa, having agreed to a phased operation last year.  For proper coordination of the multibillion-dollar operation, Jeniks, which inked the deal with Qatar, has chosen and begun with 11 African countries in Africa, including Ghana as an anchor, as well as Kenya and Angola.  

The Chairperson of Jeniks Group, Princess Osifo, has been working with a team of experts and consultants in the energy sector to actualise this massive gas investment deal worth $15 billion, with the Qatar group investing an initial $6 billion for the take-off of the projects that are attracting Governments of Ghana, Kenya, and several others who have already keyed into projects by agreeing to provide the enabling environments and other incentives.

 The Qatar Government Investment has prioritised Gas Reserve Acquisition, Liquefied Natural Gas, and LPG projects in several African countries, including Nigeria, Ghana, Kenya, the Republic of Congo, Guinea Equatorial, Senegal, Gabon, Angola, Mozambique, and Tanzania.

Others will begin the initial phase in the first quarter of 2024.  The Chairperson of the Jeniks Group has also stated that the Qataris are interested in the Brass LNG project in Brass Bayelsa State, which is a project of the Nigeria National Petroleum Corporation Limited (NNPCL) and its Joint Venture Partners, as well as the acquisition of LNG boats for Gas Cargo transport.  

Top energy officials stated that the selection of Jeniks Group is a significant endorsement of the company’s corporate leadership and the Africa gas and energy market as envisioned by the Qatari investor, who prefers a private sector-led initiative to get the projects off the ground.  

Since 2021, Jeniks Group has established its West Africa Headquarters in Accra, Ghana, and another investment office in the United Arab Emirates to coordinate activities between the Qatar Group and some important Middle Eastern areas. 

 With Princess Osifo and Jeniks Group poised to take the energy sector in Nigeria to new heights, the shrewd businesswoman has opted to say nothing of these crucial but calculated financial moves that will increase Nigeria’s earnings and employment. 

 The purchase of vessels for the lifting and transportation of crude and refined products, as well as the investment in petroleum product assets, are examples of Osifo’s deliberate investments in the downstream oil and gas industry.

Osifo is rapidly becoming known as the Queen of Gas.  Additionally, the company has made progress in its negotiations to buy a profitable oil well from a major oil corporation. The oil company is allowing local oil companies to take over by selling off a portion of its Nigerian holdings. As an international LNG investor, Qatar is subject to stringent global best practices and regulations regarding government participation.

Moreover, this investment decision in Africa was finalised in the First Quarter (Q1) of 2023, even though the investors had intended to accomplish a significant milestone by the end of this month, following a sequence of meetings that began last week between Jeniks and the investors.  

Economic actors do believe that this initiative comes at a crucial moment for global energy investment in clean energy and renewable energy technologies, which explains Jeniks’ decision to refocus its efforts and make calculated investments in gas.

The noteworthy business accomplishment stems from a private initiative between a consortium of Qatari investors and Jeniks, in addition to the $5 billion that the Middle Easterners pledged to invest in Nigeria in April of last year.  

Asserting that there had been discussions regarding collaborating with their Sovereign Wealth Fund (SWF) for significant investments in the vicinity of $5 billion, representatives from Qatar confirmed the country’s commitment.

To help Nigeria and other African nations revitalise their energy sectors, officials claim that Qatar is a strategically important Middle Eastern nation.

The agreement between Jeniks and the Qatar Group will open up new possibilities for the infrastructure, development, and exploration of gas reserves in Nigeria and other African countries, by regional players and Nigeria’s domestic gas utilisation agenda. 

Moreover, increased investment in the power and gas-based industries will result from this deeper use of natural gas.  It has been confirmed that Nigeria possesses gas reserves totalling approximately 203 trillion Standard Cubic Feet. These reserves are being brought to the market using various policies and industry intervention initiatives.

The Nigeria National Petroleum Company intends to augment its gas operations and augment its export capacity upon the project’s completion.

The Jeniks Energy Group and Qatar are working together to implement a major gas aggregation project in the area. The companies claim that this is a calculated strategic move that will enable them to access the enormous, mainly unexplored gas reserves in Africa. 

 The collaboration, which goes by the name of the Qatar-Jeniks Africa Gas Project, now encompasses 11 African nations: Ghana, Kenya, Tanzania, Angola, Sierra Leone, Morocco, Egypt, and the Benin Republic. Zambia, Rwanda, and Mozambique are included in the first phase, according to the firms.

 Notably, advanced negotiations are underway to confirm Nigeria’s comprehensive plan for gas aggregation, making the country an important player in this agreement.  Analysts claim that Jeniks Energy Group, chaired by Princess Osifo, has made significant strides with Qatari partners over the last four years in organising the gas investment throughout the eleven chosen African nations, which include Ghana, Kenya, Egypt, and Angola. 

 Princess Osifo has been diligently working to actualise this multibillion-dollar gas investment deal, according to Steve Ati, an expert in the oil and gas industry, and a team of experts and consultants in the gas and energy sector.

The speaker stated that several African governments have expressed interest in the projects, as Qatar has committed an initial investment of $9 billion to kickstart them.  Leading energy officials see Jeniks Energy Group’s participation as a significant endorsement of the corporate leadership’s ability and potential in the African gas and energy market, as envisioned by Qatari investors looking to fund initiatives led by the private sector. 

 As a global investor in the LNG market, Qatar’s government complies with strictly regulated international best practices and standards, according to another energy expert, Abdulraheem Salisu.

 “A major milestone is expected before the end of this month, marked by ongoing meetings between Jeniks and investors,” he stated. “The African-based investment decision is projected for completion in the first quarter of 2022.”The project is underway at a pivotal moment in the global energy landscape, when there is a great demand for clean energy and renewable energy investments. In line with this worldwide trend, Jeniks has decided to redirect its focus and strategic investments towards gas. 

 In addition to the $5 billion Middle Eastern investment agreed upon for Nigeria in April of the previous year, this breakthrough is a private initiative between Jeniks and investors from Qatar.

In line with Nigeria’s goal for domestic petrol usage, the investment seeks to revitalise the energy sector in that nation and other African nations.

Quote

The agreement between Jeniks and the Qatar Group will open up new possibilities for the infrastructure, development, and exploration of gas reserves in Nigeria and other African countries, by regional players and Nigeria’s domestic gas utilisation agenda