General News
Africa Doesn’t Need More Aid. It Needs Better Law
By Eric Gumbo, MBS
For decades, the dominant story of African development has been one of dependency: waiting for the World Bank loan, the IMF arrangement, the donor conference, the debt relief round. That story is not entirely wrong, the only concerns are; must it be our default setting? Do we have more sustainable options? Kenya, with little fanfare, is rewriting the script in answering these existential questions.
Eric Gumbo
Over the past few years, Kenya has enacted a sweep of legislation culminating into the most ambitious domestic capital mobilization framework on the African continent. Its centrepiece, a KSh 5 trillion National Infrastructure Fund, which is not another borrowing vehicle. It is something structurally different: a mechanism designed to make Kenya’s own savings, its pension funds, its retail investors, its private equity market, do the work that foreign debt was never built to do sustainably.
The problem it is solving is rarely discussed in development economics circles, though it should be. Africa’s infrastructure financing gap, estimated at $68 to $108 billion a year by the African Development Bank, is not primarily a shortage of money. There is no shortage of capital in the world. The shortage is of investable projects: opportunities where private capital can be mobilised without facing crippling sovereign risk, opaque regulatory environments, or legal frameworks that shift mid-contract. That uncertainty is not a footnote. It is the reason trillions of dollars in global private capital have largely bypassed the continent.
“The shortage is not of money. It is of investable projects, and the legal certainty that makes them possible.”
The National Infrastructure Fund established as an Act of Parliament addresses this directly. By absorbing sovereign and legal risk at the project level, it removes the uncertainty that forces private investors to demand prohibitive risk premiums or walk away entirely. It acts as a structural buffer between the Kenyan state and the market, giving development finance institutions, private equity funds, domestic pension managers, and local retail investors a common platform on which to participate without exposure to the regulatory volatility that has stalled projects across the continent for a generation.
The financing pathway is streamlined: due diligence burdens shrink, incentives align between public and private participants, and patient long-term capital, the kind infrastructure actually requires, finds a credible home. The KSh 5 trillion pipeline of dams, roads, and urban transit becomes financeable not because Kenya has borrowed more, but because the NIF makes the risk profile legible and acceptable to capital that previously had nowhere in Kenya to go.
This matters beyond Kenya’s borders. Rwanda built a competitive economy from near-zero after 1994. Botswana converted diamond revenues into one of Africa’s most stable development trajectories through the Pula Fund. Mauritius became a continental financial hub through regulatory design alone. These nations did not succeed by waiting for the global financial architecture to serve them. They engineered their own conditions for growth. Kenya is now doing the same, at greater scale, and with instruments far more sophisticated than anything its predecessors had available.
The human dimension of this architecture is equally significant. The recently executed 65 percent IPO of the Kenya Pipeline Company, targeting KSh 100 billion on the Nairobi Securities Exchange, was the largest state offering since Safaricom’s landmark 2008 listing. When an ordinary Kenyan in Kisumu or Eldoret can hold shares in the pipeline that carries fuel to their town, development stops being something administered from above and becomes something people own, a democratisation of sovereign wealth. A proposed Sovereign Wealth Fund, with an intergenerational component anchored in the Kenyan laws, extends the same logic forward in time: today’s resource revenues become tomorrow’s infrastructure, rather than today’s debt service.
None of this works without legal ingenuity. The legal profession across Africa must stop treating transformative legislation as a courtroom opportunity and start treating it as architecture to be designed soundly from the outset; an opportunity to co-create with an intention of catalysing and not curtailing growth. Innovation in finance and innovation in law must move together, or neither moves fast enough. In this journey, perfection ought to be modelled in a kaizenian fashion; incremental. Waiting for perfection may altogether kill the opportunities and ultimate achievements.
As Mohammed bin Rashid Al Maktoum, the architect of Dubai’s own transformation from desert outpost to global financial hub, once observed: “Time is too precious to waste on postponing our people’s dreams and expectations.” Africa’s legal community would script history to take that as its mandate.
The World Bank estimates that a 10 percent increase in infrastructure investment can raise long-term GDP growth by one to two percentage points in emerging economies. Those numbers translate into jobs, hospitals, schools, and the material improvement of lives. Kenya’s new framework will not automatically deliver them. Discipline, transparency, and governance that is genuinely insulated from political interference will determine whether the architecture performs or corrodes.
Africa does not need to borrow its way to prosperity. It needs to build its way there—using the assets it already owns, the savings it already holds, and the institutions it must now have the courage to build.
The opportunity is not merely economic. It is civilisational.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has cautioned the public against fake recruitment offers and fraudulent employment letters circulating in the agency’s name.
Eniola Akinkuotu, head of Media and Corporate Communications of the Commission, stated that NUPRC has received reports of counterfeit and AI-generated appointment letters bearing names not known to the regulator.
The Commission also said fraudsters have been extorting money from jobseekers by promising placement within the agency.
NUPRC has reported the incidents to law enforcement and said investigations are underway.
The regulator reiterated that there is no ongoing recruitment exercise and warned members of the public not to make any payments for supposed job offers.
“Whenever the Commission decides to recruit, the process will be conducted strictly in accordance with extant laws and government regulations,” the statement said.
The Commission urged jobseekers to verify any purported offer and to rely only on official NUPRC communications for recruitment information.
The warning follows growing concerns about the misuse of digital tools, including artificial intelligence, to fabricate apparently authentic documents that can deceive the public.
General News
Africa50 Secures Fresh Capital, Strategic Partnerships to Accelerate African Infrastructure
Africa50, the pan-African infrastructure investment platform, has secured new investment commitments and strategic partnerships with international investors and Tanzanian institutions aimed at mobilising capital for infrastructure development across Africa.
The agreements, announced at the 2026 Infra for Africa Forum in Dar es Salaam, include a US$20 million commitment from British International Investment (BII) to Africa50’s Infrastructure Acceleration Fund (IAF), as well as partnerships covering natural gas, electricity transmission and healthcare infrastructure in Tanzania.
The latest commitments bring the IAF’s total capital commitments to approximately US$330 million.
Under one of the major agreements, Africa50, Tanzania Petroleum Development Corporation (TPDC) and TAQA Arabia will develop the first phase of a small-scale liquefied natural gas (LNG) project designed to distribute domestic natural gas to industrial and transportation customers across Tanzania.
Africa50 is partnering with TAQA Arabia and TPDC on the project, providing project development, investment and financial structuring expertise to develop a bankable model that could be replicated in Tanzania and other markets.
Mussa M. Makame, Managing Director of TPDC, said the partnership demonstrated Tanzania’s commitment to leveraging its natural gas resources to support national development.
“As a gas supplier to this project, TPDC will work with the project partners to broaden domestic access to cleaner, reliable energy and create greater value for the Tanzanian economy,” he said.
Pakinam Kafafi, CEO of TAQA Arabia subsidiary Rosetta Energy Solutions, said the LNG project would convert Tanzania’s gas resources into reliable energy for industry, communities and transportation.
“This project will turn Tanzania’s abundant gas resources into reliable energy for industry, communities and transport, strengthening energy security and accelerating industrialization,” she said.
Africa50 also signed a Memorandum of Understanding (MoU) with Tanzania Electricity Supply Company (TANESCO) to collaborate on electricity transmission Public-Private Partnerships (PPPs).
The partnership is expected to facilitate Tanzania’s first Independent Power Transmission (IPT) project, drawing on Africa50’s experience with its IPT project in Kenya.
Engineer Timoth Mgaya, Acting Managing Director of TANESCO, said the partnership would help Tanzania attract private capital and strengthen its transmission infrastructure.
“Partnering with Africa50 provides Tanzania with strategic project-development and financing expertise as we unlock private capital for Africa’s transmission infrastructure,” he said.
The agreement, he added, would contribute to the development of East Africa’s power market while supporting industrialisation, economic integration and inclusive growth.
In the healthcare sector, Africa50 and Tanzania’s Ministry of Health signed an MoU to expand access to renal care and dialysis services for patients suffering from kidney diseases.
The partnership is expected to provide healthcare infrastructure, reliable medical equipment, experienced operators and long-term investment to strengthen the country’s capacity to deliver life-saving renal services.
Meanwhile, BII’s US$20 million investment in the IAF makes the UK development finance institution the latest Limited Partner in the fund.
BII and Africa50 also signed an MoU to deepen cooperation and identify opportunities for co-investment and further mobilisation of capital into African infrastructure.
The IAF invests in equity and quasi-equity opportunities across power, transport and logistics, water and sanitation, digital infrastructure and social infrastructure.
The fund leverages Africa50’s relationships with African governments, corporates and project developers to deploy capital into infrastructure projects with strong commercial and development potential.
Leslie Maasdorp, Chief Executive Officer of BII, said the partnership would help mobilise additional capital into sustainable infrastructure across Africa.
“Africa’s infrastructure needs are significant, but so are the opportunities,” Maasdorp said. “By combining our expertise, networks and capital, we can help unlock investment that drives growth, creates jobs and improves lives.”
Alain Ebobissé, Group CEO of Africa50, said the new partnerships reflected the organisation’s evolution from a project development institution into a major infrastructure investment platform.
“Africa50 was created to develop bankable projects, mobilize finance for investments in Africa’s infrastructure and accelerate delivery,” he said.
According to Ebobissé, the organisation is now positioned to scale up infrastructure investment by translating the vision of African leaders into commercially viable projects capable of attracting capital from both African and international investors.
The agreements were announced as Africa50 marked its 10th anniversary under the theme, “A Decade of Economic Impact: From Vision to Delivery.”
MTN Nigeria, leading technology company, recently hosted undergraduates from the University of Lagos (UNILAG) and Yaba College of Technology (YABATECH) for an immersive career engagement session, at the MTN Rooftop Plaza, Ikoyi, Lagos.
MTN
The event exposed students to career opportunities across cybersecurity, finance, internal audit and forensic investigations while providing practical insights into the skills required to succeed in today’s workplace.
The session was designed to bridge the gap between academia and industry by helping students better understand the diverse career paths available within the telecommunications and technology sector.
The engagement brought together students studying Economics, Banking and Finance, Cybersecurity and Accounting, providing an opportunity to interact directly with professionals from various business functions.
Through presentations and discussions, participants gained a deeper understanding of the competencies, experiences and continuous learning required to build successful careers in a rapidly evolving business environment.
The engagement comes at a time when technology-related roles, including cybersecurity specialists, are among the world’s fastest-growing occupations, according to the World Economic Forum’s Future of Jobs Report 2025.
During the visit, the students met with senior cybersecurity and forensic professionals who shared insights into their respective fields and discussed emerging trends shaping the future of work.
The sessions also highlighted the wide range of career opportunities available across different fields, demonstrating that success in the industry is not limited to any particular course of study.
Undergraduates were also introduced to the evolving nature of the audit profession, as data analytics, artificial intelligence and cybersecurity are becoming increasingly important areas of focus for internal auditors.
During a session on building a meaningful career in Internal Auditing, undergraduates were encouraged to approach their professional journeys with purpose, continuous learning and a commitment to personal growth.
The session emphasised that career success extends beyond securing employment and involves developing relevant skills, understanding one’s strengths and intentionally pursuing opportunities that align with personal values and long-term goals.
Speaking during the engagement, Chief Internal Audit and Forensic Services Officer, Ibe Kalu Etea, represented by the General Manager, Internal Audit and Forensics, Wasiu Ibrahim, encouraged the undergraduates to remain open to opportunities beyond their academic backgrounds and focus on developing transferable skills. “Students can take any career path they want to. You can upskill and transition into a different career, even if it is not what you studied in school.
“Do not let your course of study determine your career path. Focus on building relevant skills, staying curious and continuously learning because opportunities exist across many fields,” he said.
The Undergraduates also participated in an interactive question-and-answer session, where they sought guidance on career development, workplace expectations and professional growth.
The initiative reflects MTN Nigeria’s commitment to nurturing future talent by connecting young people with industry leaders and equipping them with the knowledge, exposure and confidence needed to navigate their career journeys.
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