The Africa Energy Bank (AEB) is set to begin operations in Nigeria in April.
Minister of state for petroleum resources (oil), Heineken Lokpobiri, disclosed this during the handover ceremony of the bank’s headquarters to the African Export-Import Bank (Afreximbank) and the African Petroleum Producers’ Organisation (APPO).
The AEB is meant to address the looming funding crisis in the African oil and gas industry, driven by the global energy transition as traditional financiers continue to reduce support for fossil fuels due to climate change concerns and Nigeria has fulfilled all obligations required to host the bank.
Announcing the milestone in a statement on Tuesday, the Nigerian Content Development and Monitoring Board (NCDMB) said Nigeria has completed its final obligations for the launch of the Africa Energy Bank, paving the way for the institution to commence operations.
Speaking at the event, Lokpobiri said the bank is expected to start operations “by April at the latest”, as all factors causing delays, including the headquarters, have now been resolved.
The minister said the federal government had completed the procurement, construction, and furnishing of the bank’s headquarters.
“We are now formally handing over this furnished Africa Energy Bank to APPO and Afreximbank,” he said.
Lokpobiri said the country has “fulfilled all her commitments, and the last commitment was this bank”.
“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,” he said.
“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.
“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.”
In November 2024, the ministry of petroleum resources said the bank would commence operations on January 28, 2025, but the deadline was later shifted to the first quarter (Q1) of the year.
In May 2025, the NCDMB also said the bank would be open for business before the end of the second quarter (Q2) of 2025 — but the deadline was missed.
