From driving industrial growth and digital infrastructure to underpinning national security, energy is at the core of today’s economic and geopolitical agenda. At the heart of this evolution is energy finance—the capital, strategy and structuring that determines how and where energy systems are developed, scaled and sustained. Tobi Adejuyitan is one of the professionals at the forefront of this. His journey from world of public accounting to advising on multi-billion-dollar transactions at a top-tier Wall Street firm reflects rising influence of finance professionals shaping the future of global energy. In this interview with JOHN SALAU, he unpacked his professional path, breaks down the forces driving energy investment flows, and offers a perspective on how Africa can position itself in the evolving global landscape. Excerpts:
Kindly share your career journey and what drew you specifically to energy investment banking?
I began career at PricewaterhouseCoopers (PwC), one of the world’s leading professional services firms, where I was trained and immersed in technical rigor of public accounting. My work exposed me to complex financial reporting under IFRS and U.S. GAAP as well as domestic and cross-border corporate tax structuring for high-profile multinational clients. Over time, I became increasingly drawn to the strategic side of finance—how capital is raised, structured, and deployed to drive growth or reposition entire industries.
That curiosity led me to obtain an MBA at Rice University with a finance concentration and ultimately pivot to investment banking, where I could apply same analytical skills I’d honed in public accounting to far more dynamic and high-stakes challenges—such as evaluating merger implications or advising on how to finance a billion-dollar infrastructure projects.
Today, I work in the energy investment banking group of one of the largest financial institutions on Wall Street, helping to raise capital, structure and execute transactions across energy verticals including energy transition-aligned infrastructure projects. Energy is one of the few sectors where financial structure, technical complexity, and global policy or geopolitics are so deeply intertwined. This is a space undergoing profound transformation—essential to global development, yet being rapidly redefined by climate imperatives, technology, and geopolitical risk. It’s a sector where every transaction carries systemic impact—shaping not just balance sheets, but national energy security and the global pace of decarbonisation.
What do you really do in energy investment banking?
My role involves advising corporate entities—energy companies i.e. the strategics, as well financial sponsors (private equity firms, institutional investors, infrastructure funds etc.)—on mergers and acquisition transactions, debt and equity raise, as well as advising them on structuring and strategic alternatives. These transactions in the energy space could be at corporate level, project or asset level—think about energy assets like oil and gas acreages, gathering and long-haul transmission pipelines, storage facilities, LNG infrastructure or projects, including energy transition projects. These assets are foundational, capital-intensive, and increasingly tied to both traditional energy and the energy transition. Among other transactions I’ve worked on is the recent pricing of inaugural bond offering for a natural gas company—the company is focused on developing low-cost, environmentally responsible energy assets, with a clear path to monetization through sales to LNG terminals and has long-term offtake agreements.
What do you think is the driver of energy infrastructure investment today?
Energy infrastructure investment today is being propelled by a convergence of factors. At the forefront is energy security—now a top priority for both governments and corporations. In advanced economies, we’re also seeing a massive demand surge driven by the rapid growth of AI technologies and the data center boom, which require unprecedented levels of power capacity additions and reliable supply. Add to that the influence of government policies, shifting geopolitical dynamics, evolving macroeconomic conditions, and the global push for decarbonization. It’s not just one trend, but a layered, high-stakes transformation that is reshaping the investment landscape.
Many natural gas midstream infrastructure companies are strategically positioning to capture next wave of opportunities, investing in projects connected to key data center locations as well connections to LNG facilities—both existing, planned, and those under construction. There is growing momentum for LNG projects sanctioning or Final Investment Decisions (FID) as well as offtake agreement announcements, owing to current U.S government support for LNG as backed by executive orders issued on day 1 of assuming office.
Capital costs are a critical determinant of capital flow into the energy sector. In today’s elevated interest rate environment, borrowing cost is a key gating factor in investment decisions—directly impacting return thresholds and project margins. Investors are recalibrating risk-adjusted returns and seek resilient projects, those with strong cash flow visibility and efficient capital structures. At the same time, commodity prices play an equally pivotal role, particularly in upstream M&A and capital raises. When prices are stable or trending favorably, it reduces the valuation disconnect between buyers and sellers, making deal-making far more executable.
When it comes to energy transition, the destination is clear: a net-zero future. But getting there will require immense capital deployment, a mix of proven and emerging clean energy technologies, and crucially, policy stability to make many of these technologies bankable. The pace of transition, however, won’t be uniform. Certain sectors, like land transportation, are already on a faster path thanks to the growing adoption of battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs). There’s also a strong case for hydrogen as a fuel in heavy-duty transport, where electrification is less feasible. In contrast, harder-to-abate industries will require a more measured, balanced strategy—one that prioritises progress without compromising operational resilience.
Energy reliability remains non-negotiable, especially as global power demand surges. In this context, natural gas continues to play a vital role as a transition fuel, offering a practical, lower-carbon bridge to meet energy security needs in an efficient and economically viable way.
Meanwhile, institutional investors are increasingly directing capital toward assets that not only perform today but are also strategically positioned for a decarbonizing future. Whether it’s infrastructure with embedded transition elements or platforms enabling clean energy scale-up, the market is clearly favoring forward-looking investments.
To conclude, energy investments are driven by the interplay of these multiple factors and it’s essential for investors to strategically navigate this complexity to unlock long-term value.
How do you think Africa should position itself in the evolving energy landscape?
Energy self-sufficiency—and where achievable, energy sovereignty—is a strategic imperative for many African countries. The continent has yet to fully unlock its energy potential and industrialise.
As such, immediate focus is not energy transition but building robust and reliable energy systems that can power sustained economic growth. Take Nigeria for example—a country that ranks among the world’s top 20 in commercial oil and gas reserves according to data from Wood Mackenzie.
The resource base is not the question but translating these resources to create tangible economic value and industrial capacity.
With the right mix of policy support, capital deployment, and available technological advancement, including AI, African countries can harness their natural resources in a more environmentally responsible, efficient, and economically viable way, positioning the continent as a competitive force in the global energy landscape.
