Nigeria has formally handed over a fully furnished headquarters for the Africa Energy Bank (AEB) in Abuja, a key step toward launching the institution aimed at securing financing for oil and gas projects across the continent.
The handover ceremony on Monday marked Nigeria’s completion of its commitments as host nation. The facility, located on the third floor of the Afreximbank African Trade Centre, was delivered to the Association of African Petroleum Producing Countries (APPO), which will oversee the bank alongside financial partner Afreximbank.
Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, stated that all prior delays have been resolved and affirmed Nigeria’s determination to see the bank operational. “Nigeria is committed to doing everything necessary for the bank to take off because of its strategic importance to oil and gas investment in Africa,” he said. The minister indicated a target for operations by June 2026.
APPO President Mamadou Sangafowa-Coulibaly, who is also Côte d’Ivoire’s Minister of Mines, Petroleum and Energy, praised the facility’s suitability and expressed optimism for a faster timeline. “We are all committed to launching this bank as soon as possible, no later than June this year,” he said, noting that securing headquarters and shareholders had been final hurdles.
The Africa Energy Bank is a joint initiative by APPO and Afreximbank. It is designed to address a critical financing gap for upstream, midstream, and downstream projects as global capital increasingly shifts away from fossil fuels. Officials emphasise the bank will support energy security and help African nations monetise hydrocarbon resources amid persistent energy poverty.
According to APPO Secretary-General Farid Ghezali, the institution will mobilise capital for members and the broader continent, with the Afreximbank partnership lending credibility to the enterprise.
Following the handover, steps include shareholder meetings, board and management appointments, and staff recruitment. The formal launch will occur at a subsequent General Assembly.
The development provides concrete momentum for the AEB, positioning it to reshape energy financing and bolster Africa’s resource development amid a complex global energy transition.
