LOKPOBIRI CONFIRMS AFRICAN ENERGY BANK(AEB) SET TO TAKE OFF

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said that the African Energy Bank (AEB) is almost ready for launch, as final preparations are being concluded to get the institution running.

Speaking after a high-level stakeholders’ meeting in Abuja, Lokpobiri stated that the legal, financial, and operational frameworks required for the bank’s take-off have been “successfully completed.”

He described the AEB as a “transformative financing platform” that will provide funding for energy infrastructure projects and drive development across the continent.

“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,” he said.

The meeting was attended by prominent stakeholders including the President of Afreximbank, Professor Benedict Oramah, and the Secretary General of the African Petroleum Producers’ Organisation (APPO), Dr Omar Farouk Ibrahim.

Lokpobiri appreciated the support of President Bola Ahmed Tinubu, noting that:

“President Tinubu’s unwavering support and commitment has been instrumental in moving the project forward.”

He added that Nigeria’s position as host country for the bank underscores the nation’s leadership role in the African energy sector.

“Nigeria’s role as the host country underscores our leadership within the continent’s hydrocarbon space,” he said.

He also disclosed that capital mobilisation efforts have been successful, saying:

“We have received encouraging commitments from member countries and private sector investors alike.”

Speaking at the event, Dr Ibrahim commended Nigeria’s leadership, stating:

“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.”

Also speaking, Prof. Oramah reaffirmed Afreximbank’s commitment to supporting the AEB with its financial and technical expertise.

“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.

It was further revealed that a definitive launch date and the first board meeting of the AEB have already been agreed upon and will be announced soon.

In his closing remarks, Lokpobiri emphasized the commitment of all partners involved:“Our goal is to deliver a bank that will catalyse investment, strengthen energy security, and drive economic growth across the African continent.”

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