KEY POINTS
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Tein Jack-Rich says Africa must finance its own energy growth.
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Nigeria holds one-third of Africa’s 620 trillion cubic feet of gas.
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Belema Oil’s projects show African firms can deliver complex energy infrastructure.
Belema Oil & Gas founder Tein Jack-Rich has called on African governments to stop treating the continent’s energy sector as a donor project and instead mobilise domestic capital and policy to fund a self-reliant future.
Africa energy independence needs local capital
Speaking at the ENGICE 2025 forum in Abuja, the Nigerian oil executive said Africa had “run out of excuses” given its abundant natural resources, young population, and vast landmass spanning 30 million square kilometres. He noted that the continent’s estimated 620 trillion cubic feet of natural gas, with Nigeria holding roughly a third, could underpin industrialisation and power access if channelled into long-term investment.
Jack-Rich said Nigeria’s position as Africa’s leading gas holder makes it the continent’s natural hub for regional development in gas-to-power, fertiliser, and industrial feedstock. But he warned that Africa’s dependency on crude exports and refined fuel imports, alongside reliance on external funding, exposes its economies to price shocks and foreign exchange pressure.
Belema Oil’s model shows what’s possible
To address this, Jack-Rich laid out a three-part plan for Africa’s energy independence. First, he said, parliaments and regulators must enact clear laws to attract investors and allow cross-border energy projects to advance without bureaucratic delays. Second, governments and national oil companies should tap local pension and sovereign wealth funds to invest alongside international financiers. Third, he called for accelerated infrastructure development, from pipelines and export terminals to gas processing and distribution facilities, to turn resources into revenue.
According to Billionaire Africa, Jack-Rich cited Belema Oil’s indigenous export terminal and its strong local content policy as examples of African firms proving their technical and financial capabilities. He said greater collaboration between producers, investors, and offtakers would accelerate the shift from dependency to self-determination.
Delegates at the forum agreed that poor transmission systems, fragmented markets, and weak regulation continue to slow energy progress. Jack-Rich warned that without decisive coordination, Africa risks meeting future demand through imports, deepening dependence for another generation.
Jack-Rich, 50, founded Belemaoil Producing Ltd, a Nigerian-owned company based in Port Harcourt. It operates Oil Mining Lease 55 in the Niger Delta, managing fields including Idama and Inda, which were previously owned by Chevron Nigeria.
