tially monetising the nation’s immense gas reserve. “The cordial relationship with the sponsors of this project and other similar projects places us in a unique position to continue to support its expansion plans”. The Accugas Gas Pipeline Project involves the construction of a new 65km pipeline with a capacity of 100mmcf/d from Frontier Oil/Septa Energy’s Uquo gas field to Ikot Abassi in Akwa Ibom State, Nigeria. The project also involves the construction of a gas and liquids processing facility and liquids pipeline, which in aggregate will cost in excess of $250 million. The project, Business Courage was learnt, is the first phase in Accugas and Septa Energy’s development programme to bring the South East Niger Delta’s substantial discovered gas reserves to market to meet the growing energy demand from power plants and industrial users in the region. “This has been strongly supported by independent power companies, Akwa Ibom State and industrial companies that require reliable gas supply for their operations”, our source added. Kola’s Septa Energy, besides striving to improve gas supply to Nigerians is also playing a major role in making power available to the people. At the moment, Septa Energy in alliance with Frontier Oil Limited and Gulf Energy Limited are working on a 1,000 megawatts power station in Akwa Ibom State to boost power generation in the country. The project is expected to be commissioned by the end of this year. A strong advocate for development of infrastructure in Africa, Kola believes that the African continent has an abundance of energy resources that must be judiciously used to generate power for social economic development. He argued that domestic energy demand in sub-Saharan Africa is rising due to growth in manufacturing and mining along with an increasing number of middle class consumers. “For many years, however, growth in population and output has far outstripped growth in generation capacity, with the result that large parts of the region now face an energy crisis. Kenya, Burundi and Uganda have all endured periods of power rationing, and the pain is not confined to East Africa”, he said. “Nigeria, Africa’s largest oil producer, is the world’s largest importer of diesel gen-
Business Courage
Monday, October 28, 2013
Aluko
erators – around two million units per year. To maintain production at profitable levels, Nigerian firms are unable to depend solely on state power capacity and are forced to use generators as back-up, usually at around two or three times the cost. The fact that they are continuing to expand despite this burden gives us a glimpse of what might be possible once the power infrastructure gap starts to close”, he added. But beyond the oil and gas industry, Kola Aluko is also a major investor in the private aviation sector. He recently struck a deal with VistaJet, a Swiss luxury aviation company where he is a partner. Interestingly, Aluko grew from being a loyal client of Vistajet to becoming a shareholder in the business. According to Thomas Flohr, founder and chairman of VistaJet, “Kola has been a loyal client with VistaJet for many years, and is now helping us drive our expansion throughout West Africa. His expertise and knowledge as an entrepreneur has already helped us establish a major presence in the region”. VistaJet, the world’s premier luxury aviation company, started the expansion of its global network into West Africa following strong demand for its services two years ago. But the expansion is being aggressively driven by Kola Aluko-its partner in Nigeria. Kola was appointed to the company’s Advisory Board which was formed in 2010. Vistajet, according to the chairman, is now the world’s fastest growing private aviation company. “Our fleet of Bombardier aircraft are based
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Kola’s Septa Energy, besides striving to improve gas supply to Nigerians is also playing a major role in making power available to the people. At the moment, Septa Energy in alliance with Frontier Oil Limited and Gulf Energy Limited are working on a 1,000 megawatts power station in Akwa Ibom State to boost power generation in the country
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National Mirror www.nationalmirroronline.net
across Europe, the Middle East, Asia, and West Africa, ready to take you wherever you choose. Our multilingual staffs are based in offices across the globe, ready to arrange every aspect of your flight” he said. Flohr who was full of praises for the role which Kola Aluko had hitherto played in the success of VistaJet in the West African coast proudly disclosed that the company is “delighted to be working in close co-operation with Kola Aluko, who has unparalleled knowledge of the region. This will enable us to realize the major potential we see there, particularly among business leaders and entrepreneurs in the energy and government sectors who fly frequently within West Africa and between West Africa and Europe.” Apparently delighted with his involvement with VistaJet, Kola himself said that he “very
excited to be VistaJet’s partner in West Africa. In a very short time, VistaJet has provided the Nigerian and West African community with an alternative and reliable solution for travelling both within the region and internationally. I’m looking forward to working with Thomas and his team in the future development and success of VistaJet’s growth in the West African region’. Besides making gains through business, Kola is a strong proponent of development of infrastructure in Africa and his foundation- Made In Africa Foundation (MIAF), co-founded with Ozwald Boateng, Africa’s foremost designer and David Miliband, former UK’s Secretary of State for Foreign and Commonwealth Affairs is making a meaningful impact in this direction. The Made in Africa Foundation was set up to provide finance for feasibility studies
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for African businesses and projects involved in the development of major infrastructure projects across Africa. MIAF is also set out to introduce a funding mechanism to assist successful businesses in Africa to transform their existing investments and prospects besides giving Africa Independence through development and infrastructure. Made in Africa Foundation is a UK Foundation whose mission is to fund masterplans, feasibility studies and other project preparation works for successful infrastructure projects in Africa. Business Courage learnt that Kola and his partners at MIAF set out primarily to bridge the projects funding gap in Africa. “Far too often a lack of ‘First Mile’ finance is the missing key to allow successful infrastructure projects in Africa to raise construction finance and reach completion. Despite increasing efforts from governments and DFIs to fill this gap, this type of risk capital remains scarce”, MIAF lamented. It added that “The Tipping Point” is a seminal white paper setting out the Made in Africa Foundation manifesto and establishing MIAF as the first “activist for African infrastructure” - the first non-governmental group to recognise its significance for growth in Africa. Therefore, as an independent foundation, MIAF has the ability to work with promoters, governments, multilaterals such as the World Bank and African Development Bank as well as Commercial Banks and private sector investors. Recently, the African Development Bank (AfDB) disclosed a plan to float Africa’s first infrastructure Bond for member nations to raise up to $22 billion for investments in infrastructure in response to MIAF’s initiative on Growth Corridors, hosted in 2009. For Kola Aluko, it is not all about working and making money, he still finds time to unwind and one of the ways he relaxes is by engaging himself in car racing. As a passionate car racing enthusiast, Aluko has competed in major European races with the Swiss team Kessel racing. The young Nigerian oil magnate also lives in luxury. In June this year, he was reported to have purchased two luxury ultra-modern estates in Beverly Hills for a whooping $40 million. He is believed to have business ties with Minister of Petroleum Resources, Diezani Alison-Madueke. BC