The Chairman of the Independent Petroleum Producers Group (IPPG) and CEO of Aradel Holdings, Adegbite Falade, has raised alarm over stalled energy developments across the continent.
Delivering a keynote address on behalf of IPPG members at the 2026 Africa Oil Week (AOW) in Accra, Ghana, Falade stated that while global energy demand continues to expand, international capital and traditional development finance institutions are retreating from African oil and gas projects under the agenda of accelerated global decarbonisation.
This capital retreat comes at a precarious moment for a continent grappling with severe energy poverty, despite accounting for less than 3% of global greenhouse gas emissions.
Falade noted that this withdrawal has stalled over 150 essential projects across Africa.
He emphasized that Africa must decisively explore, invest, and produce today as an opportunity to transform its economies through its vast natural wealth.
Proposing solutions to the crisis, Falade asserted that Africa must finance its own energy future through initiatives like the Africa Energy Bank.
He also urged African countries to leverage renewable energy as critical infrastructure to power the continent’s transition.
“We don’t need to choose between both. We will adopt hydrocarbons and renewables with the lowest carbon density,.
“Africa is blessed with renewable energy resources, yet we account for less than 2% of investments in the renewable space,” he stated.
Falade further highlighted that Nigeria must close existing electricity gaps by utilizing gas and expanding infrastructure, stressing that domestic gas assets must be prioritized and protected.
On divestmemt, he noted that divestment is an invitation to a new era of partnership.
“As assets are handed over, licenses to operate will not be judged by production figures alone, but by the impact on the communities we serve,” he concluded.