First Energy Africa Oil has appointed two veteran resource industry executives to its board, betting their expertise in capital markets and project development will help the company navigate an increasingly complex financing environment for African energy projects.
The appointments come as African oil and gas developers face tighter access to traditional financing, with commercial banks and development lenders reducing exposure to fossil fuel projects while private capital, Gulf investors and Asian financiers play a growing role.
Global energy investment is projected to reach a record $3.3 trillion in 2025, according to the International Energy Agency. Africa, however, continues to attract only about 2% of global clean energy investment despite accounting for around one-fifth of the world’s population. Public and development finance for African energy projects has fallen by roughly one-third over the past decade, increasing reliance on private investors.
The company appointed Simon Akit and Frederick Kozak to its board, adding experience in petroleum exploration, project development and energy finance as it pursues growth opportunities across the continent.
“Simon and Fred are bringing complementary technical and capital markets seniority required for our complex business. We are confident their contributions will set the right approach on our strategic priorities,” President Jeff Ruskowsky said.
Akit said financing for African oil and gas projects had changed rather than disappeared as some lenders reduced exposure to fossil fuels.
“It depends on the bank. They don’t all think the same way. Some are still willing to fund fossil fuel projects in Africa, others aren’t,” he said.
He said investors were increasingly focused on policy certainty alongside geological prospects.
“Investors aren’t just betting on the resource in the ground. They’re betting on a promise, and they want to know that promise will hold, even if there is a change in the political leadership,” Akit said.
The comments come as investment sources into Africa diversify. The U.N. Conference on Trade and Development estimates the continent attracted about $70 billion in foreign direct investment in 2025, the third-highest level since 1990, with Gulf and Asian investors increasing investments in energy, infrastructure and strategic industries.
Kozak said countries seeking to emulate Guyana’s rapid rise as an oil producer should balance attractive exploration terms with long-term national benefits.
“More than 25 years ago, small exploration companies went into the Lake Albert basin in Uganda and discovered what is now a multi billion dollar and multi billion barrel oil province,” he said.
“The Guyana lesson is also very clear. The country must not give away their resources. Development of future discoveries should be reasonable for the country with jobs created, industry created, education of the country’s labour force.”
The appointments come as upstream investment shows signs of returning to parts of Africa.
Exxon Mobil and its partners said this month they plan to invest $1 billion in Nigeria’s offshore Usan Infill Project, the company’s first drilling campaign in the country since 2016, signalling renewed investor interest where fiscal and regulatory conditions have improved. Planned refinery investments in Kenya and major oil developments in Namibia also point to renewed activity despite tighter global financing conditions.
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