Preparations for the formal establishment of the African Energy Bank (AEB) have reached an advanced stage, following a high-level review meeting held in Abuja and hosted by Nigeria’s Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri.
Present at the briefing were the President of Afreximbank, Professor Benedict Oramah, and the Secretary General of the African Petroleum Producers’ Organisation (APPO), Dr Omar Farouk Ibrahim. The meeting marked a crucial step in finalising the legal, financial, and operational frameworks required for the bank’s take-off.
In a statement released by the Minister’s Special Adviser on Media, Nneamaka Okafor, Senator Lokpobiri described the AEB as a “transformative financing platform” that will serve as a catalyst for energy projects across the continent. He said the bank’s establishment was firmly on track, with key milestones either achieved or progressing on schedule.
He also expressed appreciation to President Bola Tinubu for his unwavering support and commitment, which he said had been instrumental in moving the project forward.
“The African Energy Bank is poised to unlock significant financing for energy infrastructure and ensure Africa can meet its growing energy needs through homegrown solutions,” the Minister said. “Nigeria’s role as the host country underscores our leadership within the continent’s hydrocarbon space.”
Senator Lokpobiri confirmed that the bank’s legal and governance frameworks have now been completed, while capital mobilisation efforts have received “encouraging commitments” from member countries and private sector investors alike.
Dr Ibrahim of APPO praised Nigeria’s handling of the project, saying, “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.”
Professor Oramah reaffirmed Afreximbank’s readiness to support the launch, citing the bank’s strong capital base and structuring expertise as crucial assets in establishing the credibility of the new institution.
“We are prepared to provide the technical and financial framework needed to ensure the African Energy Bank begins operations with the strength to attract global investment,” he said.
The parties confirmed that a definitive launch date and inaugural board meeting have been agreed and will be announced shortly.
Senator Lokpobiri concluded by stressing the commitment of all stakeholders to uphold transparency and efficiency as the final preparations are concluded. “Our goal is to deliver a bank that will catalyse investment, strengthen energy security, and drive economic growth across the African continent,” he said.
