WEST AFRICA OPPORTUNITY GROWTH FUND

Investment Strategy

A disciplined, capital-allocator model built around near-term cash flow, not exploration risk.

Request Investor Materials
The Opportunity

The Opportunity

WAOGF is entering the market at a structurally compelling moment. Nigeria’s removal from the FATF grey list in October 2025 unlocked institutional capital that compliance mandates had previously restricted. The Petroleum Industry Act delivered investor-grade regulatory clarity to Nigeria’s upstream sector for the first time.

International oil companies are divesting onshore assets at discounted valuations, and the 2025/2026 licensing round has opened 50 blocks at reduced signature bonuses. Together, these dynamics create a rare and limited acquisition window.

Where We Invest

Where We Invest

IOC-Divested OML Acquisitions
Acquiring operationally proven oil mining leases divested by international majors, in partnership with established indigenous operators with proven track records in the basin.
Brownfield Production Enhancement
Deploying capital into existing producing fields with identified, low-risk workover and recompletion opportunities, fast payback, and no greenfield exploration exposure.
Licensing Round Block Acquisitions
Selectively participating in the 2025/2026 licensing round where geological data supports near-term development at materially reduced entry costs.
Gas Monetization & Gas-to-Power
Later-stage allocation toward domestic gas infrastructure and power offtake, capitalizing on Nigeria's chronic power deficit and PIA gas incentives.

How We Generate Returns

WAOGF combines income and growth through a dual return model. Cash yield is generated from production-backed revenue, targeting 10%+ annual distributions once assets stabilize. Capital appreciation is driven by production optimization, reserve growth, and strategic exits to industry buyers.

25–28%

Net IRR

4–5x

MOIC

10%+

Annual Cash Yield

18–24 Mo.

First Distribution

Portfolio Construction

The fund targets 5–10 platform investments diversified across producing assets, IOC divestitures, brownfield enhancement, and selective licensing-round acquisitions — each engineered for first oil or production uplift within 12 months of capital deployment, with no exploration risk.

Fund Parameters

  • Target Fund Size: $1.0 billion
  • Structure: Capital allocator, not operator
  • Initial Close: Target Q3 2026
  • Minimum LP Commitment: $50 million ($100 million for Anchor LPs)
  • Preferred Return: 8% compounded
  • Carried Interest: 20% (15% for Anchor LPs)
Request the Full LP Reference Materials
Investor Inquiries

Let's discuss LP participation.

For questions regarding LP participation, partnership opportunities, or general information, please reach out using the form below. A member of our team will follow up personally on all institutional inquiries.