(Togo First) - As Togo refines its development model through strategic investments, Togo First interviewed Arthur Lilas Trimua, the outgoing CEO of KIFEMA Capital. Trimua, a Togolese expert, departs after four years, leaving behind an operational and structured institution poised for expansion.

A lawyer and finance professional, Arthur Lilas Trimua is a graduate of HEC Paris, where he serves as Vice President of the alumni association in Togo. He also holds a doctorate in public law from the University of Poitiers. This is not his first institutional endeavor. Prior to KIFEMA Capital, he worked on high-impact projects in energy, infrastructure, and development finance across France, Côte d’Ivoire, Senegal, and Togo. A seasoned expert in Public-Private Partnerships (PPPs), Trimua was instrumental in developing the WAEMU PPP Directive adopted in September 2022. He is also a key figure in connecting public institutions with impact finance.

During his tenure at KIFEMA Capital, he transformed what was once an idea into an agile entity with an expanding portfolio and a clear mission. The institution aims to invest where private capital is hesitant and to catalyze projects that bolster economic sovereignty. KIFEMA Capital's strategy combines patient capital with public-private leverage, evident in its co-financing of the Kekeli Efficient Power thermal plant, equity participation in IB Bank-Togo, the structuring of the Alea Park sports complex, and the incubation of a green fund dedicated to the energy transition.

As he transitions, Dr. Trimua advocates for a demanding yet bold vision of economic development. This vision emphasizes energy sovereignty, the mobilization of long-term savings, and building private equity in the agriculture and industry sectors. In this exclusive interview, he reviews the challenges addressed, ongoing initiatives, and strategic partnerships, including those with STOA and Togo Invest. He also outlines priorities for a fund he hopes will remain closely aligned with a strategic state.

Togo First: Nearly Four Years After Its Launch, How Is KIFEMA CAPITAL Doing Today?

Arthur Lilas Trimua: KIFEMA Capital is in a strong position. We have progressively established our role within Togo’s institutional framework as a strategic investment vehicle, complementing existing public resources.

As the first leader of this institution, I was in a unique pioneering position. I laid the groundwork for an entity that, at its beginning, was merely a concept. Everything had to be built from the ground up. We created a strategic investment tool for Togo by establishing its legal framework, operational processes, and a robust initial partnership structure.

Like any new fund, we faced budgetary and structural challenges. We had to build credibility, assemble a small yet dedicated team, define a strong governance model, and crucially, demonstrate our ability to mobilize resources for high-impact projects through our actions.

We adopted a pragmatic financing model. For each project, we bring together institutional shareholders, including CNSS, INAM, Togo Invest, and CCIT, around a customized funding structure. This is a "common pool" approach, with a project investment cap of approximately €10 million. This ceiling helps us manage exposure while maximizing leverage on transformative projects.

To summarize, I would say we have planted the seeds of a larger ambition. My hope is that this ambition will continue to yield positive results for the national economy.

To summarize, I would say we have planted the seeds of a larger ambition. My hope is that this ambition will continue to yield positive results for the national economy.

Togo First:  What have been KIFEMA Capital’s main achievements since its creation?

Arthur Lilas Trimua: I can now say that KIFEMA Capital is succeeding in its mission. In less than four years, we have reached key milestones while remaining true to our core objective: catalyzing high-impact investments in Togo. Our achievements are built around three pillars: energy, the banking sector, and infrastructure with economic and social purpose.

In the energy sector, KIFEMA Capital became the first Togolese private company to produce electricity. That may seem surprising, but it is a fact. We co-financed the Kekeli Efficient Power thermal plant and are investing in Sokodé Énergie, a 62 MWp solar plant located in Salimdè. KIFEMA Énergie currently holds 30% of this company’s share capital.

This is a strategic step toward securing energy sovereignty. Simply put, every time a Togolese citizen accesses electricity, some of that power comes from projects we are involved in.

KIFEMA Capital became the first Togolese private company to produce electricity

In the banking sector, our equity investment in IB Bank-Togo (formerly BTCI) aims to strengthen national ownership. It also equips the country with tools capable of intervening during critical phases of a bank’s life cycle. Lomé aspires to be a sub-regional banking hub, and a credible financial center must be able to support bank restructurings, stabilize assets, and maintain stakeholder confidence. That is what we have begun with IB Bank, and what we could replicate with other institutions in the future.

The third pillar involves territorial development. With Alea Park, we launched an investment model in multipurpose sports infrastructure, creating a true community space. This project, designed for replication in other Togolese cities, reflects our desire to go beyond traditional investments. Here, sport is not an end in itself; it is a driver of cohesion, local vitality, and well-managed profitability. We also contributed to the renovation of educational infrastructure, such as at Lycée Moderne d’Adidogomé 2.

On another front, we are currently structuring our involvement in agro-food processing. Several Togolese companies are under review. The idea is to support national champions, led by local entrepreneurs, who produce and sell within the Togolese market. Our ambition is not just to invest, but to embed a productive and sovereign economy wherever value is being created.

KIFEMA Capital has not yet raised funds on the markets, but we are working on it. We are also moving forward with international partners like STOA, Averi Finance, and the Abu Dhabi sovereign wealth fund. Our aim is not to publicize partnerships for appearances, but to activate them on concrete projects.

Our ambition is not just to invest, but to embed a productive and sovereign economy wherever value is being created.

Togo First: Is the KIFEMA CAPITAL model financially autonomous now?

Arthur Lilas Trimua: KIFEMA Capital was designed with a clear ambition: to achieve progressive autonomy without depending indefinitely on public support. We are not yet fully autonomous, but we've already met important milestones.

We still receive occasional support from our institutional shareholders, but that support is now targeted and project-specific. Our model relies on a blend of resources: returns from our equity investments, especially in energy and finance, and direct fundraising from public or private investors, depending on the nature of each operation.

We've also started discussions to bring new partners into the capital of certain thematic areas, particularly in the energy transition sector. Ultimately, our goal is to make KIFEMA Capital a truly strategic holding fund, capable of structuring, investing, and exiting with enough return to reinvest elsewhere. The path is still ahead, but we're well on our way.

Togo First: Could KIFEMA Capital eventually evolve into a Togolese-style Caisse des Dépôts et Consignations (CDC)?

Arthur Lilas Trimua: That's a legitimate question, and I'd even call it a strategic one. Currently, Togo does not have a centralized vehicle capable of capturing, securing, and sustainably managing excess liquidity. I am referring particularly to unclaimed funds, dormant accounts, or certain forms of public savings. In many countries, a CDC, a deposit and consignment fund, fulfills that role.

KIFEMA Capital was designed with that kind of anticipation. We structured the institution as a fund with thematic compartments, a strong governance framework, strict compliance mechanisms, and the capacity to hold strategic assets. Operationally, we already function like a mini-CDC. The only difference is that we do not yet have the legal basis to manage consignment flows or collect certain dormant resources.

However, if the State were to decide to establish a national CDC, KIFEMA Capital would be prepared to assume that role. This could happen either by evolving or by serving as the founding platform. The key is that public investment tools must develop in line with the country’s needs, and we are preparing for that.

Togo First: KIFEMA Capital serves as the state's financial arm for certain energy projects, like Kekeli. When the Kekeli plant was announced, it was suggested that Togo's energy challenges were close to being resolved. Given KIFEMA Capital's involvement, how do you explain the ongoing energy crisis in Togo?

Arthur Lilas Trimua: We must first be direct: it would be unrealistic to believe that one or two projects, no matter how strategic, can compensate for three decades of underinvestment and incomplete reforms. The energy crisis affecting Togo and other countries in the sub-region is primarily systemic. It stems from a deep structural imbalance between local production, which only covered 48% of Togo's demand in 2023, and a historical reliance on regional imports from Ghana, Côte d’Ivoire, and Nigeria, which are themselves subject to significant uncertainty.

Our country remains dependent on energy imports, particularly through interconnections with Côte d’Ivoire, Ghana, and Nigeria. However, these partners also face internal pressures, including technical failures, national policy decisions, and sometimes regional debt issues that make deliveries unreliable.

Consider a specific example: in 2023, the Akosombo dam, our main external supplier, experienced breakdowns in three of its six turbines. Simultaneously, Nigeria reduced its deliveries, largely due to accumulated payment arrears from the sub-region. As a result, Togo suddenly found itself exposed, with no immediate alternative, leading to load-shedding during the first six months of 2023. This occurred despite the presence of efficient plants like Kekeli Efficient Power, which actually exceeded its contractual performance thresholds. The issue was not the plant or its technology; it was the fuel, whose supply had not been properly anticipated and remained erratic.

We must first be direct: it would be unrealistic to believe that one or two projects, no matter how strategic, can compensate for three decades of underinvestment and incomplete reforms.

It is precisely in response to this complexity that KIFEMA CAPITAL chose to act as a catalyst, not as a substitute for public authority. We structured strategic projects, including gas and solar, and took equity stakes in operators to reduce financing risks and make the projects bankable. However, we are not producers or grid managers. Our role is to establish the groundwork, attract capital, and ensure sound governance.

But to be clear: the energy crisis in Togo requires a comprehensive reform of the ecosystem. It also calls for citizens to view energy as a factor of economic production and for more proactive coordination among the Ministry of Energy, technical operators, investors, and users. Energy is a cross-cutting input, as strategic as human capital. If it is not sustainably structured, it becomes a bottleneck for the entire economy.

Finally, we must also discuss the economic model. Currently, the distribution company sells electricity below its purchase cost. Balancing subsidies, which have long been used as temporary solutions, are no longer sustainable. It is time for a necessary and unavoidable debate on pricing, taxation, energy efficiency, and above all, on the role that the State and its financial arms, such as KIFEMA CAPITAL, must play in a long-term energy sovereignty strategy.

The issue was not the plant or its technology; it was the fuel, whose supply had not been properly anticipated and remained erratic.

Togo First : There are rumors that the Kekeli power plant is not operational. As a shareholder, can you confirm this?

Arthur Lilas Trimua: No, that is absolutely false. The Kekeli power plant is operational; at times, it even runs above capacity. We have exceeded the contractual performance benchmarks set for 2024. The actual issue is not the plant’s technical performance, but fuel supply. The concession agreement states that the Togolese side is responsible for providing the gas or substitutes like DDO (Distillate Diesel Oil) or propane. When this fuel is unavailable, the plant is forced to shut down, which has occurred several times. Therefore, it is not a technological or operational problem.

It is important to understand that running a power plant is not as simple as flipping a switch. It requires foresight, a robust logistics chain, and crucially, the ability to secure supply. Those who claim that Kekeli is a failure are simply overlooking these essential factors.

The Kekeli power plant is operational; at times, it even runs above capacity. We have exceeded the contractual performance benchmarks set for 2024. The actual issue is not the plant’s technical performance, but fuel supply.

Togo First: What solutions is KIFEMA CAPITAL considering to contribute sustainably to resolving the energy crisis?

Arthur Lilas Trimua: We firmly believe the solution lies in a shift in both scale and approach. It is no longer enough to add a few megawatts of capacity here and there. We need to rethink the financing, governance, and structuring of energy projects with a long-term perspective. This is why we launched a dedicated vehicle for renewable energy, Kifema Énergie, to ring-fence "green" investments and improve their visibility for international financiers.

We also advocate for targeted intensification of investment in electricity production and distribution, while supporting self-generation projects, especially in off-grid areas. Togo’s solar potential remains underexploited, and self-consumption can play a strategic role in easing pressure on the national grid.

Beyond individual projects, our broader ambition is to help establish a national green sovereign fund, backed by extra-budgetary resources. This includes mining royalties, public dividends, or earmarked concession fees. This fund would enable sustainable financing of the energy transition without increasing public debt or relying solely on external aid.

Lastly, we want to continue playing our role as a catalyst by entering projects early, de-risking operations, and mobilizing domestic savings. The long-term objective is clear: to build a more resilient, low-carbon, and financially sustainable energy ecosystem.

Togo First: Kifema Capital already invests in the energy sector, so why create Kifema Énergie? Is it truly necessary? You're entering a fairly specific fund of funds management activity here.

Arthur Lilas Trimua: That is a question we anticipated from the outset when designing our strategy. It is important to understand that the energy sector today faces significant regulatory, geopolitical, and financial tensions, particularly concerning the energy transition. Increasingly, certain institutional investors, especially in Europe, impose strict conditions on the types of projects they are willing to fund. Gas, for example, which we consider a transition energy here, is excluded from some so-called "green" portfolios.

Creating Kifema Énergie is, therefore, primarily a strategic response to the growing segmentation of the sustainable investment market. It is a specialized fund, dedicated exclusively to "pure" renewable energies, such as solar and wind. The goal is to avoid mixing carbon-based assets with greener ones in the same vehicle. This separation is essential for attracting new partners, including industrial players, cement producers, and even public institutions, who want to align with strict ESG standards.

It also serves as a lever to strengthen our local equity base, which is a prerequisite for accessing more competitive international financing. Finally, Kifema Énergie gives us greater visibility on our commitments to the energy transition, while Kifema Capital maintains the ability to invest in broader energy projects, including gas-based initiatives, when these align with the country’s energy sovereignty goals.

Togo First : You took a stake in IB Bank, a bank still in recovery. Why is KIFEMA Capital engaging in such a sensitive sector, especially when your funding partners, like CNSS, already have extensive experience in banking investments?

Arthur Lilas Trimua: That’s a fair question, and I understand why it sparks dabates. However, we need to consider the context. KIFEMA Capital is not here to compete with CNSS or INAM. We are here to fill a gap. These institutions have specific mandates, prudential constraints, and very long-term investment horizons. They operate cautiously, as they should.

That said, in certain specific situations, such as a bank in recovery, what is needed is flexibility, responsiveness, and the ability to absorb short-term risk. That is precisely where KIFEMA Capital steps in. We were designed to be agile, to move quickly, and to act within windows of opportunity where other, more structured institutions might not be able to react in time.

When the State withdrew from BTCI, now IB Bank, there had to be an entity capable of preventing Togolese interests from completely disappearing from the bank’s capital. We are talking about a systemic bank, serving 90% local clients. If a majority shareholder were to withdraw tomorrow without a guaranteed replacement, who would safeguard the deposits? Who would ensure continuity? Our investment was not a gamble. It was a targeted operation with a leverage effect.

By taking a minority stake, we gained rights to information, oversight, and early warning capabilities. That is the role of an impact investor. We do not manage the bank; we help secure its national presence.

And let’s not forget: KIFEMA Capital is also a signal of trust. When we commit funds, others often follow. That was the case in the restructuring of IB Bank, which has since returned to positive results. Yes, the recovery remains delicate, but we helped create the conditions for a credible turnaround in a sector that is vital for the country’s economic stability.

Togo First: You often speak about economic sovereignty, yet we see little of KIFEMA Capital in industrial zones like the PIA or in directly supporting local entrepreneurs. Why this absence?

Arthur Lilas Trimua: I understand that perception, but it doesn't fully reflect the reality of our direction or our strategy. KIFEMA Capital was designed to intervene primarily where traditional markets are hesitant. This means key high-stakes, sovereignty-driven projects in sectors like energy, infrastructure, and finance. Our first years were dedicated to building a strong foundation, proving the credibility of our model, and attracting institutional partners to often complex, long-term, and high-risk ventures.

However, we absolutely do not consider local entrepreneurs a secondary priority. Quite the opposite. We are currently developing customized instruments to support them. This is because it's not just about financing; it's also about structuring, mentoring, and giving visibility to their efforts. We are exploring models such as funds-of-funds or thematic compartments. These would allow KIFEMA Capital to act as a co-investor, or even as an accelerator, within industrial or agricultural value chains.

Regarding the Adétikopé Industrial Platform (PIA), we are not yet financially involved, but that isn't the sole objective. The PIA is a powerful tool for structural transformation. If the conditions for governance, transparency, and financial structuring align, we could certainly consider targeted investments, especially to support the small and medium-sized enterprises operating there. These discussions are already underway with several partners.

We absolutely do not consider local entrepreneurs a secondary priority. Quite the opposite. We are currently developing customized instruments to support them. This is because it's not just about financing; it's also about structuring, mentoring, and giving visibility to their efforts.

Our philosophy remains consistent: we don't engage in scattershot funding. We intervene where we can create real, long-term leverage. This requires taking the time to design the right tools, properly assess the risks, and focus on impact beyond short-term returns.

Togo First : You mentioned supporting local entrepreneurs. Does that include agro-entrepreneurs, who are often excluded from formal financing channels? Also, how can private equity adapt to that sector?

Arthur Lilas Trimua: Agro-industry is a natural pillar of our impact investment strategy. It brings together key challenges for Togo: food security, rural employment, local processing, and exports. However, it is also a sector often misunderstood by traditional capital. Bank financing remains cautious, as agribusiness models are cyclical and exposed to external risks such as weather, logistics, and international markets. Well-structured private equity can fill that gap.

We are exploring hybrid mechanisms that combine equity, quasi-equity, and technical assistance. The idea is to take minority, time-bound, and clearly defined stakes in promising agro-industrial small and medium-sized enterprises (SMEs), while strengthening their management capacity, market access, and governance. That is at the core of what we do: catalyze, structure, and de-risk.

One of our medium-term goals is to create a dedicated agribusiness compartment, supported by specialized partners like agricultural banks, climate insurers, and incubators. We are not trying to duplicate existing efforts, but rather to offer an integrated approach: connecting production, processing, logistics, and distribution, all while maintaining local anchoring as our guiding principle.

We are also in discussions with several regional players to pool risks and share best practices. Private equity should not be a luxury reserved for urban start-ups or large industries. It can and must reach rural areas as well, provided it is well-designed, well-calibrated, and focused on impact rather than immediate returns.

Private equity should not be a luxury reserved for urban start-ups or large industries. It can and must reach rural areas as well, provided it is well-designed, well-calibrated, and focused on impact rather than immediate returns

Togo First: KIFEMA Capital invested in Alea Park, a sports and cultural complex in Lomé. Some observers are wondering why an investment fund would get involved in this kind of infrastructure. Is it actually profitable?

Arthur Lilas Trimua: We first need to address a common misconception: profitability isn't measured solely by annual dividends or net margins. We think in terms of global value creation, encompassing financial, social, territorial, and even psychological aspects. Alea Park embodies this vision. It's not just a leisure park or a public facility; it's a platform for inclusion, a tool for urban planning, and a driver of local economic activity.

In practical terms, this type of project helps structure surrounding neighborhoods, attract visitors, and create jobs. These include direct jobs in management, maintenance, and security, as well as indirect jobs in catering, events, and transport. It also restores dignity to public spaces, which are often neglected in our cities. By doing so, we increase land value around the park, benefiting the broader urban ecosystem in the medium term.

Financially, we implemented a hybrid operating model. The park generates revenue through cultural and sporting events, memberships, space rentals, sponsorships, and even infrastructure naming rights. These are stable, capitalizable income streams, supported by private partners.

Profitability isn't measured solely by annual dividends or net margins. We think in terms of global value creation, encompassing financial, social, territorial, and even psychological aspects.

Togo First: This means you operate under a model of differentiated, even long-term, profitability. But your partners, on the other hand, have more traditional return expectations. So, how do you convince them to invest in projects like Alea Park, where profitability isn't immediate or the model is unproven?

Arthur Lilas Trimua: It would be naive to think that a project like Alea Park yields returns comparable to a power plant or an equity stake in a bank. However, the profitability here is diffuse and powerful. You reduce delinquency through inclusion, you boost public health, and you open up opportunities for young people. Most importantly, you build a collective narrative. Alea Park is not a detour; it is the beginning of an alternative urban policy, focused on well-being and resilience.

What we are doing is established private equity practice. We believe in social leverage. In ten years, Alea Park will be a structural landmark in Lomé, comparable to some iconic public facilities in Abidjan or Dakar. We fully embrace this vision because patient, intelligent capital must also serve to reconnect the economy with the city, with youth, and with the social fabric.

KIFEMA Capital acts as a strategic translator between return expectations and transformation needs. We are not asking investors to abandon their financial requirements. We are showing them that some projects, even with delayed profitability, generate value that is replicable, monetizable, and ultimately less risky than it may seem.

It is also important to understand that our partners, such as CNSS and INAM, are sensitive to the impact of their investments. These are not speculative funds. They manage social savings and long-term assets. They seek secure investments, but also meaningful ones.

In the specific case of CNSS, for instance, investing in a project like Alea Park is far from absurd; it is entirely relevant. It is also a way to improve the overall well-being of the active population and future retirees. Offering spaces for health, sport, and social connection helps prevent costly pathologies, strengthens social cohesion, and ultimately reduces structural burdens on the system. In short, it is about profitability, but expanded to include the social, the preventive, and the intergenerational impact.

What we are doing is established private equity practice. We believe in social leverage. In ten years, Alea Park will be a structural landmark in Lomé, comparable to some iconic public facilities in Abidjan or Dakar.

Togo First: How will a site like Alea Park be managed? Will KIFEMA Capital oversee it directly, or will a specialized entity be brought in? Also, how many such centers do you plan to develop in the long run? Will they all follow the same model?

Arthur Lilas Trimua: We do not manage operations directly. That is neither our role nor our comparative advantage. Our mandate is to structure, finance, and de-risk projects until they reach operational maturity. From there, we transfer management to specialized operators through public service delegation contracts or private management agreements, depending on the specific case.

For Alea Park, we have chosen a hybrid model. An operating company will be created with clear specifications, performance targets, and governance aligned with investor interests. We want to avoid the common issues of underperforming public or semi-public entities. The priority is efficiency and transparency in service delivery.

Regarding expansion, the plan is to replicate this model in several secondary cities across the country, including Sokodé, Kara, Dapaong, and potentially Tsévié or Atakpamé. However, this will not be a "copy-paste" approach. Each center will be customized to local conditions, considering urban density, social habits, and economic potential. In Sokodé, for example, the focus might be more on football infrastructure. In Kara, a university town, the emphasis could be on youth and sports training. So, we are working from a common blueprint that includes sports facilities, cultural spaces, and community services, but with flexible configurations.

At its core, our goal is simple: to decentralize strategic investment. We aim to demonstrate that it is possible to create value, cohesion, and economic activity beyond Lomé, while maintaining professional standards, a return-on-investment logic, and a public good mindset. This is a model I am familiar with, having worked on similar projects in Côte d’Ivoire.

Togo First : You have significant experience as a Public-Private Partnership (PPP) expert. How do you assess the prospects for this model in Africa?

Arthur Lilas Trimua: Public Private Partnerships (PPPs) are not a trend or a quick fix. They are a sophisticated and demanding tool, yet highly effective when designed correctly. What I observe in Africa today is that PPPs are still too often used as a last resort or an opportunistic solution, rather than as a strategic lever for financing and performance.

For a PPP to succeed, projects must be rigorously prepared beforehand. This includes thorough risk assessment and, crucially, revenue streams that are viable over the long term. It is not just a matter for lawyers or bankers; it requires a comprehensive framework that combines sector-specific expertise, economic vision, and institutional strength.

However, I also believe PPPs can serve as a tool to strengthen public governance. They enforce requirements for transparency, monitoring, and clear contracting. In that sense, they also serve as a learning experience for our public administrations. The challenge for our states is to build capacity in negotiation, oversight, and planning, so we are not just undertaking projects, but genuinely leading them.

Public Private Partnerships (PPPs) are not a trend or a quick fix. They are a sophisticated and demanding tool, yet highly effective when designed correctly.

Togo First: A few years ago, you announced a partnership between KIFEMA Capital and the investment fund STOA. What have you learned from that experience?

Arthur Lilas Trimua: The collaboration with STOA marked a strategic turning point for KIFEMA Capital. It proved that our model, built on discipline, impact, and solid structuring, is credible even to top-tier international players. STOA is backed by France’s Caisse des Dépôts and the French Development Agency (AFD).

We also developed a less publicized but equally strategic partnership with Averi Finance, a Dubai-based investment firm. Averi Finance received approval from the White House and the government of the United Arab Emirates to manage a $5 billion U.S.-UAE co-investment platform focused on Africa’s energy sector.

In addition, KIFEMA Capital is now recognized by Private Equity International, a global provider of information, analysis, and data for the private equity industry. This recognition validates our governance and compliance framework and positions us as a credible counterpart for global investors operating within the Togolese jurisdiction. These partnerships, beyond the capital they bring, have reinforced our legitimacy in institutional investment circles.

However, this success should not overshadow the challenges. International partners demand high standards, particularly in terms of governance, transparency, and the stability of state-backed projects. We comply with these standards, but they require deep groundwork: solid documentation, strict adherence to procedures, and a clear strategic vision.

We have also learned that a project or country's reputation precedes any fundraising effort. This means building a strong, transparent, and credible image. This comes through partnerships like those with STOA and Averi Finance, which create real leverage. In short: once a trusted, high-profile actor backs you, others are far more likely to follow.

The collaboration with STOA marked a strategic turning point for KIFEMA Capital. It proved that our model, built on discipline, impact, and solid structuring, is credible even to top-tier international players

Togo First: What significant challenges remain for your successor to tackle?

Arthur Lilas Trimua: I prefer to speak of ambitions rather than challenges.

First, there is the need to maintain the trust of our shareholders, especially that of the State, which remains our strategic partner. This means continuing to demonstrate rigor, transparency, and consistency in vision.

Second, the goal of financial autonomy remains a work in progress. KIFEMA Capital is moving toward a hybrid model of funding sources, but the objective of full viability, independent of public budget resources, has not yet been fully achieved. The next step will be to further diversify fundraising efforts, strengthen local equity capital, and enhance our ability to generate value.

The third priority is internal: it concerns human capital. I've always maintained that a strategic vehicle can only be sustainable if it rests on strong expertise. More investment will be needed in continuous training, talent attraction and retention, and building a culture of impact and excellence.

The third priority is internal: it concerns human capital. I've always maintained that a strategic vehicle can only be sustainable if it rests on strong expertise.

Lastly, my successor will carry the responsibility of consolidating our position as the first Togolese private company to invest in energy production. We've paved the way; it will be up to them to deepen that trajectory, with the same focus on energy sovereignty and innovation in project structuring.

Interview by Fiacre E. Kakpo