Nigeria has completed all necessary preparations to host Africa Energy Bank (AEB) and is now handing over its fully completed and furnished headquarters to its founding partners, African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organization (APPO), ahead of the bank’s operations beginning later this year.
Gatekeepers News reports that at a ceremony in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, confirmed that Nigeria has met every obligation as host nation and that all delays, particularly around the bank’s headquarters, have been resolved, clearing the way for the institution to start operations by April at the latest.
The Africa Energy Bank is a pan-African development finance institution created through a strategic partnership between APPO and Afreximbank, with an initial capital base of about $5 billion aimed at funding energy projects across the continent, especially in oil and gas where traditional global financing has been shrinking amid the energy transition.
During the handover event, Lokpobiri explained that earlier attempts to construct the headquarters were abandoned due to issues with size and location, but the current facility is now fully paid for, equipped, and ready for use.
He said Nigeria was happy to hand over this well-furnished Africa Energy Bank building to the promoters and pledged continued support to ensure the bank’s successful launch, which is seen as critical for unlocking much-needed capital for African energy development.
Leaders from APPO, including its president, Mamadou Sangafowa-Coulibaly, expressed optimism about the bank’s future and reiterated commitments to launch the institution formally, noting that the headquarters handover removes a major obstacle to operations.
Officials have emphasised the strategic role the bank will play in mobilising finance for energy infrastructure, enhancing energy security, and supporting the continent’s transition to sustainable energy sources while also strengthening intra-African investment and trade.
The bank was originally slated to begin operations in early 2025, but that timeline was delayed as deadlines were revised. With the headquarters now delivered and all commitments fulfilled, stakeholders say the institution is on track to begin full operations in 2026, offering a new channel of funding for oil, gas, and broader energy initiatives across Africa.
