The Federal Government has completed essential legal and governance structures necessary for launching the African Energy Bank, moving the project into its final preparation stage.
During a meeting in Abuja, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, hosted Afreximbank President Prof. Benedict Oramah and APPO Secretary General Omar Farouk Ibrahim to review progress.
A statement released Sunday by Nneamaka Okafor, the Minister’s Special Assistant on Media and Communications, confirmed that the meeting evaluated the bank’s development and found key benchmarks either achieved or on track.
Lokpobiri emphasized that the African Energy Bank is on course to become a major funding hub for energy initiatives across Africa, noting that progress remains consistent and well-coordinated with continental partners.
He thanked President Bola Tinubu for backing the initiative and driving its momentum.
The Minister also highlighted that, in addition to completing regulatory groundwork, the capital mobilization effort has received strong pledges from both governments and private investors.
He reaffirmed that hosting the bank solidifies Nigeria’s leadership in Africa’s oil and gas sector.
APPO Secretary General Ibrahim applauded Nigeria’s commitment to fulfilling the rigorous conditions required to establish the bank.
He added that the collaboration at the meeting reflected a shared determination to deliver sustainable, accessible energy to African communities.
Prof. Oramah assured that Afreximbank stands ready to support the bank’s rollout with both its expertise in financial structuring and its capital resources.
He stressed that Afreximbank will help ensure the bank launches with the credibility needed to attract international co-investors.
According to the statement, the parties have agreed on a fixed timeline and launch date for the inaugural board meeting, with a public announcement to follow.
Lokpobiri reiterated the stakeholders’ pledge to maintain transparency and effectiveness throughout the bank’s final setup phase.
He noted that the overarching goal is to establish a financial institution that drives investments, secures energy access, and supports Africa’s economic growth.
The African Energy Bank aims to fill the continent’s energy funding gap by backing both fossil and renewable energy ventures aligned with Africa’s development goals.
Although the bank was originally scheduled to open in March, that deadline passed without a launch.
In February, the Minister reported that construction work on the bank’s Abuja headquarters was nearing completion.
He also revealed that the bank had already secured $19 billion to support its operational launch.
source:championnews.com.ng
African Energy Council