A new report is alleging a substantial outflow of capital, estimated at $130 billion, from Africa's energy sector. The report, published on January 17, 2026, points to infrastructure arbitrage as a key factor driving this alleged capital flight, raising questions about the financial practices within the sector.

The report specifically highlights concerns that some of Africa's energy elite are exploiting infrastructure arbitrage opportunities to move capital out of the continent. Infrastructure arbitrage refers to the practice of taking advantage of price differences in infrastructure assets or services between different markets.

While the report doesn't directly accuse individuals of wrongdoing, it mentions prominent business leaders such as Femi Otedola, Tony Elumelu, and Aliko Dangote, framing them within the broader context of African business and leadership. Their names are invoked as examples of influential figures whose actions and business models are subject to scrutiny in discussions about the continent's economic development.

The allegations come at a time when many African nations are striving to attract foreign investment and develop their energy infrastructure. Capital flight of this magnitude could significantly hamper these efforts, potentially slowing down economic growth and hindering access to reliable energy for millions of Africans. This comes as Nigeria and other African nations are seeking to ramp up power generation and distribution to spur economic activity.

Market watchers believe the report could trigger increased regulatory scrutiny of energy companies operating in Africa. The development follows growing calls for greater transparency and accountability in the sector. It remains to be seen what specific actions, if any, governments and regulatory bodies will take in response to these allegations. Further investigations and analysis are expected to shed more light on the matter in the coming months.