Global investors are reviewing their portfolios of funding with shifts within regions and project types. There is now a significant shift towards investments in renewable energy away from oil and gas.

However, oil and gas production and demands will continue for a long while in Africa. Oil and gas still remain the dominant strategic assets in most African economies.

This has put pressure on project managers in Africa. Previously the expectation is that project managers will deliver projects within schedule and budget.

Now the additional pressure is that project managers have to find funding mostly within Africa. So what should be the new model that will make projects more attractive to small investors?

Prior experience in project management

For an over 4-year period, I had an exciting experience of being a project finance manager to 7 project managers (upstream gas business - with a headline size of $8bln) in a Fortune-100 multinational oil and gas company.

We delivered on the projects in a challenging operating environment with demands from global leaders and host communities.

Thus we regularly developed innovative approaches to project management, risk management, project finance, governance, internal controls, cost reduction, contract management, and revenue growth.

I will be sharing some thoughts on milestone management and attempt to stimulate discussion on the question: Can milestones management be the answer to early project delivery?

Projects are delivered when planned milestones are achieved. Interestingly the bigger picture is always on the project management.

The performance is measured at the project level and reported to senior leaders. Milestones that have challenges are highlighted with solutions being processed and worked.

However, could projects be delivered faster, if projects resources are pulled together to delivered milestones by milestones especially milestones on the critical path?

Can projects come more on stream if there is more focus on milestones management rather than the level of energy being placed on project management?

Milestone management model

Just as you appoint a project manager, allocate milestones to specific members of the project team and designate them as Milestone Leaders.

Identify specific challenges relating to each milestone and what is to be done to unblock the issues. Hold the milestone leader responsible.

Identify related technical risks and non-technical risks. Put in place the mitigation plans and ensure they are well funded. Track action. Hold the milestone leader responsible.

Identify the specific resources e.g. the contributions/actions expected of the different support teams (e.g. Finance, Contracting and logistics).

On a monthly basis, celebrate success. Also, hold accountable the action parties for failures. Encourage learning and cascade across the project.

Can we begin to have new project teams made up of project managers and milestones leaders?

Working the methodology can be intriguing but it can lead to faster decision making, better information being available.

This is an opportunity to start glooming milestones leaders with the soft skills, experience, social perceptiveness and behavioural flexibility necessary to operate at the level of the project manager.

The goal is getting projects early on stream and developing the next generation of project managers.

Caring for the trees (milestones) rather than just the forest (project) - the new thinking.

Project Financing

Usually, the capital expenditure required for the lifecycle of major projects is usually huge. This often requires loans syndication and reliance on global investors.

This means small investors are never in the play for major projects. Yet Africa is continent with a large base of small investors and when aggregated will be significant funding base at least in the short-term.

Because we had in past focused on foreign investors for African projects, the market for African venture and private equity did not develop.

Now is the time to start attracting the small investors all over Africa. Presenting projects at milestones level will be attractive to them.

There are other innovative funding solutions that bring major contractors, sub-contractors, banks and consultants into play.

I have developed similar innovative funding solution while working at SHELL and it was a huge success. These insights can be deployed to help African companies at this critical time of the impending funding crisis.

How Gabriel Domale Consulting creates value for clients

At Gabriel Domale Consulting, we help companies to grow, provide insights to leaders and transform institutions.

We leverage our deep hands-on industry experience to provide consulting services including project finance, funding options, strategy, corporate governance, transformation, due diligence, cost reduction strategy, training, financial modelling, valuation,  business model innovation, performance monitoring and reporting.

Read more: https://www.www.gabrieldomale.com/blog/how-to-make-companies-in-africa-to-grow-by-consulting

We provide support to business and finance leaders to help them to identify growth opportunities and create value.

Using excellence in strategy implementation, capital efficiency, building strategy, planning frameworks and the crafting of innovative cost-saving solutions. Also, we deliver projects within costs.

The growth of our firm is hinged on the strategic perspective of growing a strong relationship with our clients and working with them to achieve competitive advantage and viable market growth.

We are committed to continuously engage with clients to develop innovative solutions and to collaboratively implement business decisions to achieve sustainable outcomes.

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Author

Dr Leesi Gborogbosi

CEO, Gabriel Domale Consulting – Dr Leesi Gborogbosi

Dr Leesi Gborogbosi is the CEO of Gabriel Domale Consulting, a management consulting firm based in Nigeria, that helps companies in Africa to grow, provides insights to leaders and transforms institutions.

He has about three decades of leadership experience in the oil and gas industry (Shell Nigeria). He is an expert in finance, strategy, corporate governance, transformation, cost management, leadership development and due diligence.

Dr Leesi Gborogbosi was Project Finance Manager of Upstream Oil & Gas Projects (7 projects - Headline size: $8 bln) - Southern Swamp Associated Gas System, Forcados Yokri Integrated Project, Otumara, Adibawa, Agbada and Assa North/Ohaji South Projects.

He provided advisory services namely, strategic planning, budget management, funding strategy, risk management, governance, due diligence and investment plan covering the full life cycle of the seven major upstream oil/gas projects, power facilities and export pipelines.

He collaboratively works with business leaders and their organizations to identify growth opportunities and create value through operational excellence in strategy implementation and capital efficiency by delivering projects within costs, building strategy and planning frameworks and crafting of innovative funding solutions.

Dr Leesi Gborogbosi provides support to finance leaders to make crucial decisions and optimize performance through financial excellence in finance systems and accounting operations, budgeting, finance transformation, cost reduction, governance, risk, and compliance.

He has doctoral degrees in strategy and business studies and MSc (Research Methodology in Management) from IE Business School, Madrid and an MBA (Finance and Banking) from the University of Port Harcourt, Nigeria; and BSc (Accountancy) from the University of Nigeria, Nsukka. He had his secondary education at Federal Government College, Jos, Nigeria.

His doctoral dissertation focuses on strategy implementation, collaboration, the role of middle managers, and the dynamics of social movements (host communities).

Dr Leesi Gborogbosi leverages his professional experience as a Certified Management Consultant (CMC); Fellow, Institute of Chartered Accountants of Nigeria; and The Institute of Management Consultants. He is member of the Chartered Institute of Procurement & Supply, London; Nigerian Institute of Management (Chartered); and Strategic Management Society, Chicago, United States.

He was nominated by the Strategic Management Society, Chicago for "Best International Conference Paper Prize Awards" in 2017 and 2015. He was appointed the Chair for the Session on “Leading change implementation processes” at the Strategic Management Society conference in Denver, United States in 2015.

Dr Leesi was a member of the Strategic Management Society “Special Committee on Diversity and Inclusion”, Chicago, USA, with the responsibility of providing the Strategic Management Society Board of Directors with a good audit of where the Strategic Management Society stands with respect to inclusiveness in its activities.