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- The majority of Africa's power is generated from fossil fuel-based energy sources— this needs to be supplemented with sustainable renewable alternatives
- Cenfura is a blockchain-based, decentralized payments platform that solves the issue of costly cross-border payments and energy security.
- Cenfura has recently announced the appointment of Dr. Albert Okorogu as the CEO of Cenfura Nigeria.
Blockchain technology has allowed businesses to facilitate fast, secure, and low-cost international payment processing services as well as other transactions via the utilization of encrypted distributed ledgers. These ledgers provide safe real-time validation of transactions while mitigating any requirements for intermediaries such as traditional banks and clearing processes.
Since its inception, the blockchain has expanded its reach to the world of renewable energy by incorporating the latest in technology. By means of streamlining, cryptocurrencies and digital tokens have the potential to allow a significant drop in carbon emissions. Cenfura has utilized this model to employ efficient systems that have allowed for a drastic increase in the efficiency of their platform. The company has also created partnerships to build microgrid facilities for gated communities, servicing more than 1900 units in Gqeberha, South Africa. This is in addition to the 1600+ units also in Gqeberha—bringing the total units to over 3000. As a move to fortify their passion for sustainability, energy production, and energy poverty reduction– Cenfura recently announced the appointment of Dr. Albert Okorogu to the position of CEO at Cenfura Nigeria.
According to Pasi Nieminen, Founder, and Chairman of Cenfura,“The appointment of Dr. Okorogu makes perfect sense at this point in Cenfura's growth, and we expect he will have an immediate impact for our organization.” Nieminen continued,“Dr. Okorogu's work across the energy and related sectors is second to none,” and it is very clear that he is the right choice to lead Cenfura Nigeria.”
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The vast majority of countries in Africa generate the majority of their power from fossil fuel-based energy sources. However, this, without a doubt, should be complemented with renewable energy sources to help meet the demand of each country and address the global interest with regard to climate change.
Countries such as Nigeria, Cameroon, Ghana, and South Africa are among the leading African countries that are rich in renewable energy resources —this provides them with the potential to improve their respective energy generation. Thereby contributing to socio-economic growth, promoting industrialization, reducing the effects of global warming, and creating“green” eco-friendly jobs.
Academics have stated that“Despite the abundant renewable energy sources in these countries, they are yet to fully harness the potentials, therefore, resulting in their deficiencies in contributing to the electrical power generation per country. The bulk of the problems associated with renewable energy in African countries are: little interest and lopsided policy on renewable energy, enforcing existing policies, high renewable energy tariff, and lack of adequate infrastructure.”
Cryptocurrency the Energy and Payment Solution of the Future
There are numerous parts of the world where energy security has proven to be a big issue– payments are also tricky. Cenfura provides a digital payment solution that solves both of these issues. The company has emphasized making energy transactions as well as other types of payments faster and more efficient– with their XCF tokens.
As it stands, the vast majority of payment methods are slow and have proven to be prone to failure. It can be said that transaction settlements are time-consuming and can prove to be rather costly. Cenfura's business solution works so that once energy is produced by a partner asset on the company's platform, it is then diverted to exactly where it is required. The amount of energy is then recorded digitally— this is used for billing and any other important details. All transactions and payments take place automatically and are governed by predefined rules.
Dr. Okorogu is a good fit for Cenfura– he has over 28 years of technical and management experience spanning Alternative/Renewable Energy, Energy Efficiency, Transmission Management, Power Generation, Energy Economics, and other related industries. He was a key strategic coordinator and conceptualized, designed, and implemented the Operation Light-up Rural Nigeria (OLRN) initiative– a Sustainable Alternative Energy Rural Electrification Program of Nigeria's Federal Ministry of Power.
The operation was based primarily on solar technology to provide affordable and reliable access to electricity of up to 1 megawatt (MW) per rural community with no connectivity to the national grid. As the National Coordinator of the Initiative, he managed the challenges of implementing Renewable Energy/Energy Efficiency in Nigeria, changing concepts into reality.
The Bottom Line
Africa is rich in fossil fuels; however, this nonrenewable energy source is not sustainable. This is why it is important for countries in Africa and across the globe to supplement their current electricity systems with eco-friendly options such as green microgrids.
Cenfura is aiming to change the narrative by aiding the fight against environmental problems through the use of green energy. The company is decreasing energy poverty by bringing green energy to communities that otherwise would not have access. Dr. Albert Okorogu– an experienced business leader with a wealth of knowledge, particularly in the renewable energy industry– will prove valuable to this fight as the newly appointed CEO of Cenfura Nigeria.
Updated on Jan 25, 2022, 1:44 am
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