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Oando Urges Rethink of Africa’s Upstream Oil Financing

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Oando

Oando urges reform of upstream oil financing in Africa, highlighting capital access, governance, and policy for sustainable sector growth

Oando Plc has called for a fresh approach to financing Africa’s upstream oil sector, emphasising the need for adequate and patient capital, collaborative leadership, and disciplined risk management to sustain long-term energy growth.

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Also read: Oando Profit Surge hits ₦210bn, Marks 164% Rise

Managing Director of Oando Energy Resources, Dr Ainojie ‘Alex’ Irune, and General Manager of Commercial, Mr Akinbambo Ibidapo-Obe, made the appeal during the Nigeria International Energy Summit (NIES) 2026, highlighting the importance of aligning policy, governance, and scale to attract investment.

“What many once viewed as a myth has become a tangible story,” Irune said at the Upstream Leadership Dialogue.

“We are seeing new partnerships and a different way of approaching an industry that had been written off. The focus now must be on sustaining that momentum and unlocking the scale of opportunity ahead.”

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The executives noted that Nigeria’s upstream sector has strong technical capability, but achieving national production ambitions will depend on capital structures that recognise the realities of upstream operations.

Irune highlighted the need to rethink traditional financing pathways, advocating structures that provide long-term support, alignment, and patience.

Ibidapo-Obe added that scale and integration alone are insufficient to attract competitive capital. “What truly unlocks investment is managing risk and reducing the risk premium,” he said.

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He pointed to Oando’s recent growth, including a near doubling of its reserves to almost one billion barrels, as a demonstration of the company’s strengthened capital positioning.

The executives also highlighted the role of regulatory clarity under the Petroleum Industry Act in boosting investor confidence.

“With greater policy clarity, capital can see that risk has reduced. That clarity, combined with scale, integration, and governance, creates a much stronger foundation for attracting long-term investment,” Ibidapo-Obe said.

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Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reaffirmed the Federal Government’s commitment to regulatory reforms, stakeholder collaboration, and local capacity development as essential for sustaining investor confidence and delivering concrete outcomes.

Irune concluded that Oando’s participation in NIES 2026 underscores its commitment to a resilient upstream business founded on disciplined capital allocation, robust governance, and enduring partnerships.

Also read: Oando Gross Profit Plunges 82% Amid Upstream Expansion

The company aims to strategically align leadership, enhance policy engagement, and optimise commercial execution to ensure sustainable growth and long-term value creation across Africa.

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Rest of World to Shut Down as Search for New Home Continues

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Rest of World

Rest of World shutdown plans point to January 2027 as leaders seek a new institutional home for the nonprofit technology newsroom

Rest of World, the international nonprofit digital publication known for reporting on technology’s impact beyond Western markets, is preparing to end operations as an independent organisation in January 2027 while its leadership searches for a new institutional home.

Also read: Flamingos Target Quarter-Finals in Mexico Clash

Deputy Editor Rina Chandran confirmed the development in a LinkedIn post on Monday, October 26, 2026, saying the newsroom would continue publishing until the end of January as efforts to secure a future for the publication continued.

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“Yes, it’s true: Rest of World is shutting down. After six years of award-winning reporting, our leadership is searching for a new home for the publication that was launched to cover innovation outside the West,” Chandran wrote.

She recalled joining the publication as its Southeast Asia editor in Bangkok before moving to San Francisco, where she became a deputy editor covering how technology developed in Silicon Valley affects people in other parts of the world.

Chandran described working with the publication’s reporters, editors, freelancers and columnists as a privilege, expressing appreciation for the people who contributed to its journalism.

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She also reassured contributors that work already commissioned would still be published and that existing journalism would be preserved and remain accessible.

“If you are a freelancer or columnist who has already been commissioned, you’re good! Your work will be preserved and continue to be accessible,” she wrote, thanking readers, donors and supporters.

The announcement follows a report by Semafor on Sunday that Rest of World founder and principal financial backer Sophie Schmidt had held discussions with several large institutions about potentially taking over the newsroom.

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According to Semafor, two people familiar with the plans said a late-January wind-down date had been set to give employees time to receive exit packages and seek new jobs if efforts to find a new institutional home failed.

Schmidt reportedly told donors that the publication would stop operating as a standalone entity at the end of January.

The proposed closure comes amid a reported decline in traffic from web searches and social media referrals over the preceding 18 months.

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The publication had attempted to retain readers by placing greater emphasis on Western audiences and requiring visitors to register before accessing articles.

Founded in 2020, Rest of World sought to broaden technology journalism beyond the traditional focus on Silicon Valley and other Western technology centres.

Its reporting examined how digital products, platforms and infrastructure shape everyday life, work and economies in emerging markets and other underreported regions.

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Schmidt pledged $60m to establish the project as a nonprofit newsroom.

Over the years, its coverage has explored technology-driven changes in labour markets, digital infrastructure, artificial intelligence and the influence of major technology companies.

The publication’s 2025 annual report said it reached more than 753,000 readers monthly across platforms and channels, with reporting spanning nearly 40 countries during the year.

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Those figures illustrate the scale of its international reporting, even as the organisation faces difficulties sustaining its current operating model.

The planned end of independent operations does not necessarily mean the publication’s journalism will disappear.

Its leadership is seeking an institution that could provide a future for the newsroom, while Chandran has said its existing work will remain accessible.

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Also read: Flamingos Target Quarter-Finals in Mexico Clash

Whether a suitable organisation will take over the publication, and what form Rest of World might take under new ownership or institutional support, remains unresolved.

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