Mkpoikana Udoma
Port Harcourt — Nigeria has completed its final obligations for the launch of the Africa Energy Bank, AEB, clearing the way for the pan-African financial institution to commence operations and support oil and gas investments across the continent.
At a handover ceremony in Abuja, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, announced that the Federal Government had concluded the procurement, construction and furnishing of the bank’s headquarters, which has now been formally transferred to the African Petroleum Producers’ Organisation, APPO, and Afreximbank.
“Nigeria has fulfilled all her commitments, and the last commitment was this bank,” Lokpobiri said.
He explained that the completion of the headquarters marked the final condition required for the bank to begin operations, noting that previous efforts to deliver the project were unsuccessful due to design and location challenges.
“Attempts were made to construct the bank three times. The first was discarded for being too enormous, and the second was not accepted because of its location. We are happy that we got this one right,” the minister said.
According to Lokpobiri, the newly completed headquarters is fully paid for, furnished and ready for immediate use by the bank’s management and staff.
“It is paid for and furnished, and Nigeria is happy to hand over this well-furnished Africa Energy Bank building to APPO and Afreximbank, who are the enablers of the bank,” he stated.
The minister reaffirmed the Federal Government’s commitment to the success of the AEB, describing the institution as critical to unlocking sustainable financing for Africa’s oil and gas industry amid global energy transition pressures.
“Because of the strategic importance of the bank to oil and gas investment in Africa, we will do everything in our power to ensure the bank takes off,” he said.
Lokpobiri disclosed that the Africa Energy Bank is expected to commence operations by April, following the resolution of all outstanding issues that had delayed its takeoff.
“We have scheduled the bank to take off by April at the latest, as all the issues that were causing delays, including the headquarters, have now been resolved,” he said.
Formally handing over the facility, the minister declared: “We are now formally handing over this furnished Africa Energy Bank to APPO and Afreximbank.”
The Africa Energy Bank is expected to play a key role in financing upstream and midstream energy projects across Africa, as international funding for fossil fuel developments continues to tighten.
