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Tag: African Energy Bank

  • African Energy Bank begins operations Q2

    African Energy Bank begins operations Q2

    The African Energy Bank, a financial institution designed to mobilise capital for Africa’s energy priorities and strengthen the continent’s energy value chains, is set to commence operations in June.

    This was made known by the President, African Petroleum Producers’ Organization (APPO), Mamadou Sangafowa-Coulibaly, at the handover ceremony of the headquarters building of the African Energy Bank in Abuja by the federal government.

    Coulibaly, who spoke at the ceremony on the sidelines of the Nigeria International Energy Summit (NIES) in Abuja, commended Nigeria’s leadership in driving the initiative.

    He expressed appreciation to partners for providing the headquarters facilities, describing the Bank as a symbol of Africa’s resolve to finance, develop and secure its energy future by Africans, for Africans.

    The African Energy Bank is a joint initiative of APPO member states and the African Export-Import Bank (Afreximbank), with a mandate to mobilise domestic and regional capital for energy infrastructure, reduce dependence on external financing, and align investments with Africa’s long-term development and industrialisation objectives.

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    The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, during the ceremony said Nigeria had fulfilled all its obligations as host, noting that the headquarters is strategically located, fully equipped and ready for immediate take-off.

    He described the African Energy Bank as more than a financial institution, but a cornerstone of Africa’s quest for economic independence and long-term energy security, marking the beginning of a new era in which Africans finance, produce and sustain their own energy future.

    The ceremony reflected a shared African commitment to taking greater ownership of the continent’s vast natural resources, with speakers highlighting that the Bank will deploy targeted financial instruments to support projects across the energy value chain — including exploration, refining, renewable energy integration and local content development — to drive economic value and job creation.

    The African Energy Bank is a pan-African institution jointly established by APPO member states and Afreximbank, aimed at strengthening regional energy markets, boosting value addition and supporting sustainable development through improved access to capital.

  • Nigeria hands over African Energy Bank to promoters

    Nigeria hands over African Energy Bank to promoters

    The Federal Government has handed over the African Energy Bank (AEB) Corporate Head Office to its promoters: the Afrexim Bank and the African Petroleum Producers Association (APPO).

    The launch of the AEB has been scheduled for June 2026.

    APPO President, who is also Ivory Coast’s Minister of Mines and Energy,  Mamadou Colibaly, broke the news in Abuja during the handover ceremony of the bank to the promoters.

    He said: “We are all committed to launch this bank as soon as possible, no later than June this year. And we may be happy to do it earlier. I would like to say thanks because to allow this bank to take off, we need a headquarter, an office.”

    He said all is now set for the operation of the bank, stressing that what is left is the proceed to the Assembly General of APPO to launch it.

    After an inspection of the bank, he described it as a critical milestone.

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    “And as we were visiting this beautiful location, I was talking to myself and say, This is a critical milestone,” said the Ivorian minister.

    Asked what the bank would be doing between now and June, the Minister of State for Petroleum Resources (Oil) Senator Heineken Lokpobiri said there are procedures for the establishment and take-off of a bank.

    He also said in preparation for commencement of operation, the bank needs to call a shareholder meeting, appoint the presidency of the bank and recruit its staff.

    The bank, he said, is being set up by 18 APPO member country.

  • African Energy Bank ready for APPPO, Afreximbank commissioning, says Lokpobiri

    African Energy Bank ready for APPPO, Afreximbank commissioning, says Lokpobiri

    Arising from the inspection of the furnishing of the African Energy Bank (AEB) corporate head office in Abuja yesterday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, expressed satisfaction at the completion, noting that the bank is now ready for commissioning by the African Petroleum Producers Association (APPO) and the Afrexim Bank.

    He described the promoters as the drivers of the AEB, insisting that Nigeria has fulfilled its obligations as the host country, furnishing the bank to taste in the best location.

    His words, “I came to inspect the headquarters furnishing of the Africa Energy Bank, and I am happy to disclose to the world and Nigerians, and Africans that Nigeria has delivered on all the obligations made for us to fulfill as host country.

    “The headquarters is ready, tastefully furnished in the best location, and so we are ready for the bank to take off. So we are waiting for, you know, APPO and African Exim Bank, which are the drivers of this process, to facilitate the take-off.”

    He reiterated that it is noteworthy to say that the building is set, and the next thing is to invite the promoters, Afriexim and APPO, to declare it open.

    He said, “But what Nigerians, you know, and the world need to know today is that as a host country, we have met all our obligations and the building is ready. The bank is ready to go.

    “But we’re trying to invite, you know, the APPO, you know, ministers, you know, to come to Nigeria so that we can show them and say, look, this is what we promised. We fulfilled it. The building is ready.”

    Continuing, Lokpobiri said, “The important point is that we have met our obligation.

    “As a host country, we provided, you know, everything that is expected of us as a host country, you know, to provide. So is this an indication that the bank is well on its way? Yes, absolutely.”

  • Lokpobiri confirms top gear preparations for African Energy Bank launch 

    Lokpobiri confirms top gear preparations for African Energy Bank launch 

    Preparations for the launch of the African Energy Bank (AEB) have entered the final phase following a high-level review meeting in Abuja as the Minister of State Petroleum Resources (Oil), Heineken Lokpobiri, hosted the President of Afreximbank, Prof. Benedict Oramah and the Secretary General of the African Petroleum Producers’ Organization (APPO), Dr Omar Farouk Ibrahim. 

    Senator Lokpobiri said, “The AEB is poised to become a transformative financing platform for energy projects across the continent. This review confirms that every critical milestone is either completed or on schedule, and we remain fully aligned with our continental partners. Many thanks to President Bola Ahmed Tinubu, for his supports and commitment to seeing this project to fruition.”

    Lokpobiri’s Special Adviser on Media and Communication, Nneamaka Okafor disclosed this in a press statement on Sunday.

    According to the press statement, the 

    Minister added that key legal and governance frameworks have been concluded, while capital mobilisation discussions have recorded “encouraging commitments from both member nations and private investors.” 

    He emphasised that Nigeria’s role as host country reflects its long-standing leadership within Africa’s hydrocarbon sector.

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     Ibrahim commended the pace of work: “We are impressed by Nigeria’s dedication to meeting the stringent requirements for bank establishment. The collaboration we witnessed today signals a unified resolve to deliver affordable, sustainable energy to Africans.”

    Echoing this sentiment, Prof Oramah noted that Afreximbank is “ready to deploy its structuring expertise and capital base to ensure the AEB launches with the strength and credibility required to attract global co-investors.”

    During the briefing, the parties confirmed that a definitive launch timeline and inaugural board meeting date have been fixed and are expected to be announced shortly.

    The Minister reiterated the stakeholders commitment to transparency and efficiency throughout the final preparatory stages. “Our collective focus is on delivering a bank that catalyses investment, accelerates energy security, and drives economic growth across Africa,” Senator Lokpobiri added. 

  • $5b African Energy Bank gets 2025 date

    $5b African Energy Bank gets 2025 date

    The Federal Government of Nigeria has set January 28, 2025, as the deadline for the operationalisation of the $5billion Africa Energy Bank (AEB).

    The bank would be domiciled in Abuja, Nigeria’s capital city. 

    Permanent Secretary, Ministry of Petroleum Resources and Executive Board Member, Amb. Nicholas Ella, who led a delegation representing Nigeria at the African Petroleum Producers Organisation (APPO), spoke at APPO’s 19th Executive Board meeting.

    The meeting which had representatives of 13 member countries was held in Yaoundé, Cameroon. Ella, in a statement, reiterated the country’s commitment to the ideals of APPO and the immediate setting up of the AEB in Abuja.

    Nigeria won the hosting right for the establishment of the AEB Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic. The AEB which is being established by APPO in collaboration with the Afriexim Bank, aims to bridge financing gaps in the continent’s oil and gas industry.

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    “The headquarters building (of the Africa Energy Bank) was inspected by the Technical Team in May 2024, and renovation works for its completion is ongoing. Nigeria is fully committed to delivering the building with furnishing to the bank in good time.

    “We have the full support of President Bola Tinubu and our National Assembly to actualise this project in Nigeria,” Ella said.

    Giving further insights, Ella said the Federal Executive Council (FEC), on June 25, 2024, approved the hosting of the bank while the ratification of the Charter and Headquarter’s Agreement are in advanced stage.

    He said FEC also approved and endorsed the Establishment Document of the AEB, and instructed the Attorney General and Minister of Justice, to commence with the process of ratification. “The Attorney General concluded the process on Sept. 9, 2024 and transmitted the AEB Establishment Documents, currently with the President for his assent. Once that is done, it will be forwarded to APPO,” he added.

    On equity contribution to the AEB, Ella said Nigeria was making efforts to complete its share of the equity contribution to the AEB. He said apart from the earlier payment of $59.1 million, an additional $10 million was paid into APPO Account by the Federal Government last week, with the intention to make full payment before the bank’s takeoff.

    “Nigeria wishes to advocate for the establishment and funding of the Africa Energy Bank as part of APPO’s budgetary plans. This initiative would not only address the financial needs of the energy sector but also provide a platform for mobilising investments in oil and gas projects, which are vital for Africa’s economic growth and development,” he said.

    In reaction to Nigeria’s update on preparations for the bank’s operationalisation, the Secretary-General of APPO, Dr Farouk Ibrahim, said 50 per cent of the funds needed for the AEB take off was available. Ibrahim, who urged APPO member countries to keep up the tempo for the bank’s take off, explained that it would have three classes of shareholders with APPO and Afrexim occupying the priority shareholder position.

    Responding to Nigeria’s presentation, the APPO Executive Board member from Egypt, Hisham Selim, described the country’s explanation concerning preparations for the bank’s take off as “encouraging.”

    The date for the AEB’s takeoff coincides with the 38th anniversary of the establishment of APPO, an 18-member country bloc that drives the development of the African energy industry.